YRC Worldwide Q3 Loss Widens Despite Higher Revenues - Update
(RTTNews) - Transportation company YRC Worldwide Inc. (YRCW) on Friday reported a net loss for the third quarter that widened from last year as an increase in revenues were offset by a non-cash charge and higher operating expenses.
The company's third-quarter net loss was $177.87 million, wider than net loss of $61.74 million in the prior-year period. However, loss per share narrowed to $0.51 from $1.33 in the same period last year on higher number of average common shares outstanding in the latest quarter.
The latest quarter's results include a non-cash charge of $79 million related to fair value adjustments for the derivative instruments embedded in the company's $140 million Series A notes and $100 million Series B notes due 2015.
On average, 7 analysts polled by Thomson Reuters expected the company to report a loss of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.
However, operating revenue for the quarter increased 12.3 percent to $1.28 billion from $1.14 billion in the prior-year quarter and topped analysts' consensus estimate of $1.27 billion.
Operating expenses for the quarter were $1.30 billion, up from $1.16 billion in the same period last year. This includes losses on property disposals of $10.79 million, up from $3.43 million a year ago.
During the quarter, YRC National Transportation adjusted operating ratio improved 70 basis points to 100.9 percent, and shipments per day improved 5.1 percent from the prior year. Tons per day were up 4.2 percent, and revenue per shipment were higher by 6.2 percent. The segment's operating revenues grew 11.5 percent to $841.6 million.
YRC Regional Transportation adjusted operating ratio improved by 180 basis points to 95.2 percent, while shipments per day rose 3.6 percent, tons per day increased 5.6 percent, and revenue per shipment climbed 10.4 percent. The segment's operating revenues rose 14.3 percent to $404.8 million.
On Thursday, YRC Worldwide named Jamie Pierson, 42, as its executive vice president and chief financial officer effective immediately. Pierson recently served as the company's interim chief financial officer since August 2011.
In Friday's regular session, YRCW is trading at $0.05, down $0.01 or 16.95 percent on a volume of 5.07 million shares.
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