Less-than-truckload holding company YRC Worldwide saw operating income during the first quarter rise compared to a year prior, while operating revenues declined.
YRC Worldwide Inc.’s consolidated operating income skyrocketed 262.2 percent year-over-year for the first quarter of 2016 to $13.4 million, according to the company’s most recent unaudited financial statements.
The Overland Park, Kan.-based less-than-truckload holding company’s earnings per share for the quarter totaled -$0.37 per share, compared to -$0.70 per share for the first quarter of 2015.
On the flip side, consolidated operating revenues for the quarter did not improve, falling 5.6 percent year-over-year to $1.12 billion.
Analysts polled by Thompson Reuters projected YRC’s earnings for the quarter would total -$0.38 per share on revenues of $1.14 billion.
YRC Freight, the carrier’s less-than-truckload division, posted an operating income of $4.1 million for the first quarter of 2016, a sharp increase from $0.2 million for the first quarter of 2015. The division’s operating revenues for the quarter fell 5.7 percent year-over-year to $695.7 million.
Excluding fuel surcharges, revenues per shipment at YRC freight for the quarter inched up 1.8 percent from the first quarter of 2015, while revenues per hundredweight grew 3.7 percent.
YRC’s regional transportation division saw operating income surge 169.6 percent year-over-year for the quarter to $12.4 million despite revenues falling 5.3 percent year-over-year to $424.8 million.
Excluding fuel surcharges, revenues per shipment at YRC’s regional transportation division for the quarter rose 0.8 percent from the first quarter of 2015, while revenues per hundredweight increased 2.4 percent.
During the quarter, YRC’s consolidated adjusted earnings before interest, tax, depreciation and amortization improved by 7 percent year-over-year and 20 percent over the last 12 months, YRC Worldwide CEO James Welch said in a statement.
“These results were driven by consistent and improved customer service, base rate increases, tightly managed costs and productivity gains,” said Welch. “Additionally, our ongoing focus to improve price, freight mix and profitability has contributed to higher year-over-year revenue per hundredweight, excluding fuel surcharge, for 8 consecutive quarters at YRC Freight and 20 consecutive quarters at the Regional segment.”
YRC posts mixed Q1 results
