YRC second quarter loss down from $309m to 9.5m

YRC Worldwide's second-quarter loss narrowed on lower expenses, while the ailing trucking company still reported lower revenue and shipments again fell for its national and regional businesses, reported Dow Jones Newswires.

The company has been struggling under a heavy debt load, compounded in recent years by once-surging fuel costs, then a slump in shipments due to the recession and fears about the company's ability to remain in business.

But last month, YRC said volume rebounded strongly in the second quarter from early this year, as it benefits from the ongoing US economic recovery.

YRC, the largest independent less-than-truckload carrier in the US, posted a loss of US$9.5 million, compared with a year-earlier loss of $309 million.

The latest results included a $83 million equity-based compensation expense related to the company's March union equity-based awards.

Revenue declined 8.7 percent to $1.12 billion on a 15 percent decline for the company's national segment. Revenue grew four percent in the regional business and was up 2.4 percent for truckload.

Total operating expenses declined 30 percent.

Per-day shipments for the company's national segment were down 19 percent, with the regional business seeing a 3.1 percent decrease. Shipments slumped by 37 percent and 22 percent, respectively, a year ago.

In June, YRC said it agreed to sell a portion of its logistics business to private-equity firm Austin Ventures for $37 million. The transaction was part of an effort to focus on its core trucking operations.
(Source:www.cargonewsasia.com)