Less-than-truckload giant YRC Worldwide narrowed its loss in the third quarter to $158.7 million, compared to a net loss of $720.9 million in the year-ago quarter.
In the second quarter, the company posted a loss of $300 million.
The company's operating revenue fell to $1.3 billion, versus $2.38 billion in the third quarter of 2008.
Despite the still weak numbers, the company says its improvement over the second quarter is a sign that its comprehensive plan is paying off.
"We gained significant momentum in the third quarter as we executed on our comprehensive plan to improve operating efficiencies, restore financial strength and position our company for future success," said Bill Zollars, chairman and CEO of YRC Worldwide. "We achieved significant sequential improvement from the first half of the year. In fact, YRC Regional Transportation and YRC Logistics were profitable for the quarter, and our operating cash flow trends improved sequentially during the quarter despite the continued economic downturn."
Total shipments per day for YRC Regional Transportation were down 22.7 percent, while revenue per hundredweight was down 12.2 percent. For YRC National Transportation, total shipments per day were down 39.9 percent, and total revenue per hundredweight was down 11.5 percent.
"Our third quarter sequential shipment trends have dramatically stabilized as compared to the trends from the first half of the year, while we continue to maintain pricing discipline in an increasingly competitive marketplace," said Tim Wicks, president and chief operating officer of YRC Worldwide.
During the third quarter, the company has continued with its plan to get its finances back in line, including securing a new contract with the Teamsters involving a 5 percent pay cut, an 18-month termination in pension contributions and a reduction in health and welfare contributions. Most recently, the company's Teamsters at New Penn voted to accept the new labor contract.
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