Trucking operator YRC Worldwide Inc. cut some of its losses the first quarter of the year, but was still $21.6 million in the red.
This compares to a net loss a year earlier of $32.4 million. Net loss per diluted share in the most recent quarter was 70 cents compared to $3.95 a year earlier.
Revenue for the first quarter of 2015 was $1.186 billion, slightly less than the $1.211 billion for the first quarter of 2014
Operating income at YRC Freight, the company’s national less-than-truckload business, increased $32.7 million, from an operating loss of $32.5 million, to $200,000.
"During the first quarter of 2015, YRC Freight's continued pricing discipline and active freight mix management delivered year-over-year yield improvements of 2.6% including fuel surcharge and 8.2% excluding fuel surcharge," said James Welch, chief executive officer of YRC Worldwide. "This yield performance contributed to a 430 basis point improvement in operating ratio at YRC Freight as compared to the first quarter 2014.”
Partially offsetting the yield and mix improvements was a decline in volume as the company said YRC Freight prioritized yield and profitability improvements over tonnage growth to ensure that it had the right freight at the right price in the network.
Operating income for the first quarter of 2015 for YRC Worldwide’s regional carriers decreased $3.3 million, from $7.9 million a year ago to $4.6 million in the first quarter of this year.
"The regional segment was able to maintain its adjusted earnings levels on a year-over-year basis despite 2.5 fewer workdays in the first quarter 2015 as compared to the first quarter 2014 and despite an additional $7.7 million of expense related to adverse development of prior year liability and workers' compensation claims," said Welch. "Much of the first quarter results can be attributed to the emphasis on strategic yield growth throughout the quarter at each of the regional carriers as they were able to achieve yield growth on a year-over-year basis of 0.8% including fuel surcharge and 5.8% excluding fuel surcharge."