YRC Worldwide Cuts Yearly Losses, Names New President of YRC Freight
February 27, 2014
The parent to several trucking companies, including YRC Freight, managed to squeeze out a profit in the final quarter of last year, but still lost money for all of 2013.
Kansas-based YRC Worldwide reported a profit of $400,000 in the final three months of last year compared to a loss of $35.3 million during the same time in 2012. Total revenue increased to $1.2 from $1.17 billion.
For all of 2013 he company lost $83.6 million after posting a loss of $140.4 million in 2012, while revenue was $4.865 billion compared to $4.851 a year earlier.
"Our 2013 operating performance was slightly improved compared to 2012, and though better, we were hampered by execution challenges of the YRC Freight network optimization in the second and third quarters of 2013, driver shortages during the summer months and tough winter weather late in the fourth quarter," said YRC Worldwide CEO James Welch.
He said while YRC Freight stumbled during 2013, it regional carriers delivered “a solid performance” with a 5.4% increase in revenue from increases in both tonnage and revenue per hundredweight.
"As we move into 2014, we will be focusing our efforts and attention on implementing the changes in our recently ratified Memorandum of Understanding with the International Brotherhood of Teamsters, solidifying YRC Freight's regimented service cycle, more aggressively managing our yield across our operating companies, investing in our technology and revenue equipment and reengaging our workforce," Welch said.
YRC Worldwide also announced that Darren Hawkins has been appointed as YRC Freight president and will report directly to Welch.
"I am very pleased with the changes Darren has made with our sales organization and momentum that he has been able to build, and the strength he and his team displayed throughout the MOU and refinancing effort," said Welch. "Darren brings a wealth of knowledge and experience to the position as he has over 24 years of experience in the national LTL industry in both sales and operations.”
Previously, Hawkins was senior vice president of sales and marketing for YRC Freight. Prior to holding that position, he served for four years at rival Con-way in a major operations role before rejoining YRC Freight in January 2013. In the 18 and half years he previously spent with the company, Hawkins held various roles with increasing responsibility in operations and sales.
More details on the company's financial performance are on the YRC Worldwide website.