YRC Worldwide announces improved revenue but losses increase

YRC Worldwide Inc. has reported its financial results for the third quarter of 2011. Consolidated operating revenue for the third quarter of 2011 was $1.276bn, up 12.3% over 2010, however its consolidated operating loss was $24m, which included $12m of restructuring professional fees and a $15m non-cash charge for union employee equity awards. As a comparison, the company reported consolidated operating revenue of $1.137bn for the third quarter of 2010 and a consolidated operating loss of $19m, which included $7m of restructuring professional fees.

At September 30, 2011, the company’s cash and cash equivalents were $163m and availability under its new multi-year, $400mn asset-based loan (ABL) was $116m for total liquidity of $279m. As a comparison, the company’s cash, cash equivalents and unrestricted availability under its lending facilities was $173m at June 30, 2011. Jamie Pierson, chief financial officer of YRC Worldwide stated, "The unused availability from the new $400m ABL facility provides important liquidity to support our working capital needs which are driven by seasonality and our year-over-year revenue growth."

In addition, the company reported a net loss of $120m for the third quarter of 2011 compared to a net loss of $62m for the third quarter of 2010.

YRC National Transportation operating revenues up 11.5% to $841.6m, adjusted operating ratio improved by 70 basis points to 100.9, tons per day up 4.2%, shipments per day up 5.5%, revenue per hundredweight up 7.5% and revenue per shipment up 6.2%.

Regional Transportation operating revenues up 14.3% to $404.8m, adjusted operating ratio improved by 180 basis points to 95.2, tons per day up 5.6%, shipments per day up 3.6%, revenue per hundredweight up 8.2% and revenue per shipment up 10.4%.

Quelle: eyefortransport
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