YRC posts $309 million second quarter loss
The trucking company YRC Worldwide reported a second quarter loss of $309 million compared to net profit of $35.8 million in the same period last year.
Revenue was $1.33 billion, down 45 percent from the same period the prior year.
YRC National Transportation, formed through the merger of Yellow and Roadway, saw total shipments per day down 37.1 percent and total tonnage per day was down 39.4 percent. It said at its regional companies such as Holland, Reddaway, and New Penn, total shipments per day were down 22 percent and total tonnage per day down 26.4 percent.
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| Zollars |
Bill Zollars, YRC chairman, president and chief executive officer said, “As a result of the March integration of Yellow and Roadway, the further rightsizing of our networks in relation to volumes and the overall economic environment, we recorded some significant charges that we believe are not reflective of the underlying operating results of our company. We do not expect to record charges of this magnitude going forward.
“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,” he said. “Although misinformation about our financial stability creates noise in the marketplace, many of our key customers stand firmly behind our plans and show their support.”
