Heavy Duty Trucking Logo
MenuMENU
SearchSEARCH

YRC Worldwide's Quarter Lacking Despite Efforts

YRC Worldwide said it lost $309 million, or $5.20 a share, during the second quarter, despite efforts to restore the less-than-truckload giant's financial healt

by Staff
July 30, 2009
2 min to read


YRC Worldwide said it lost $309 million, or $5.20 a share, during the second quarter, despite efforts to restore the less-than-truckload giant's financial health
. This compares with the second quarter of 2008, which saw a profit of $35.8 million, or 62 cents per share.

The company announced today an amendment to its credit agreement with its lender to eliminate their third-quarter target on earnings before interest, taxes, depreciation and amortization. The agreement establishes a fourth-quarter covenant requiring $15 million in EBITDA and a first-quarter 2010 covenant of $20 million.

"We have continued to receive support from our lenders as we manage through this severe economic downturn and the implementation of our recovery plan," said Tim Wicks, executive vice president and CFO of YRC Worldwide.

Excluding the company's charges associated with the integration of its Yellow and Roadway national LTL networks, the company's loss per share was $3.53, or $255 million.

The company's regional transportation unit saw total shipments per day drop 22 percent and total tonnage per day drop 26.4 percent. Total revenue per hundredweight, including fuel surcharge, was down 11.9 percent.

"We continue to win new business, and customers have returned shipments to our networks, though it has not happened as quickly or at the levels we were initially expecting," said Bill Zollars, chairman, president and CEO of YRC Worldwide.

During the second quarter, the company has been working on a plan to gets its finances back in line, including 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, as well as a deal with its pension funds to use part of its real estate assets as collateral in lieu of pension contribution payments during the second quarter. The Teamsters are currently voting on the proposed contract.

"The second quarter was focused on executing our comprehensive plan to realize efficiencies from the YRC integration, restore financial strength and position our operating companies for future success," Zollars said.

More Drivers

Photo of truck driver at podium holding award
Driversby News/Media ReleaseMarch 27, 2026

Best Fleets to Drive For: Two Carriers Earn Overall Award for First Time

CarriersEdge announced the 2026 Best Fleets to Drive For overall winners, with Crawford Trucking, Fortigo Freight Services, and FTC Transportation receiving top awards.

Read More →
Illustration of Department of Labor building, diesel technician at a computer, and driver training semi trailer
Driversby Deborah LockridgeMarch 10, 2026

Federal Proposal Would Allow Pell Grants for Shorter-Term Job Training

The Department of Labor plans to expand Pell Grant eligibility to some shorter workforce training programs, a move the American Trucking Associations said will help strengthen commercial driver training schools and diesel technician training programs.

Read More →
Illustration of truck owner operator and magnifying glass with the word "regulations"
Driversby Deborah LockridgeFebruary 26, 2026

Owner-Operator Model Gets Boost as DOL Proposes 2024 Independent Contractor Definition Reversal

For an industry that has watched this issue go back and forth for years, the independent contractor proposal marks the latest swing in the regulatory pendulum.

Read More →
Ad Loading...
 Truck with door open and enforcement officer talking to driver about ELD
DriversFebruary 26, 2026

FMCSA Reinstates Field Warrior ELD to Registered Device List

One electronic logging device has been reinstated to the FMCSA's list of registered ELDs.

Read More →
Photo of truck driver in yellow safety vest walking alongside tractor-trailer
Driversby Deborah LockridgeFebruary 25, 2026

How One Company is Using Smart Suspension Technology to Reduce Driver Injuries and Improve Retention

America’s Service Line adopted Link’s SmartValve and ROI Cabmate systems to address whole-body vibration, repetitive strain, and driver turnover. The trucking fleet is already seeing measurable results.

Read More →
Illustration with photos from some of the 2026 Best Fleets to Drive For honorees
Driversby News/Media ReleaseFebruary 24, 2026

CarriersEdge Announces 2026 Best Fleets to Drive For

The 18th annual contest recognizing the best workplaces for truck drivers sees changes to Top 20, Hall of Fame

Read More →
Ad Loading...
Illustration of driver students around trucks with distressed graphic elements and safety cones
Driversby Deborah LockridgeFebruary 19, 2026

FMCSA Targets 550+ ‘Sham’ CDL Schools in Nationwide Sting Operation

The Federal Motor Carrier Safety Administration issued more than 550 notices of proposed removal to commercial driver training providers following a five-day nationwide enforcement sweep. Investigators cited unqualified instructors, improper training vehicles, and failure to meet federal and state requirements.

Read More →
 Illustration showing a driver behind the wheel, DOT offices, and examples of problematic non domiciled CDL
Driversby Deborah LockridgeFebruary 18, 2026

DOT Alleges Illinois Issued Illegal Non-Domiciled CDLs

Illinois is the latest state targeted and threatened with the loss of highway funding by the U.S. Department of Transportation in its review of states' non-domiciled CDL issuance procedures. The state is pushing back.

Read More →
 Illustration showing a driver behind the wheel, DOT offices, and examples of problematic non domiciled CDL
Driversby Deborah LockridgeFebruary 12, 2026

FMCSA Locks in Non-Domiciled CDL Restrictions

After a legal pause last fall, FMCSA has finalized its rule limiting non-domiciled commercial driver's licenses. The agency says the change closes a safety gap, and its revised economic analysis suggests workforce effects will be more gradual than first thought.

Read More →
Ad Loading...
Photo of Stone's Truck Stop
Driversby News/Media ReleaseFebruary 5, 2026

Trucker Path Names Top Truck Stops for 2026

Truck driver ratings reveal the best chain and independent truck stops in the country.

Read More →