The Overland Park, Kan.-based less-than-truckload holding company more than doubled its full-year operating income in 2015, despite a $28.7 million settlement charge that resulted in a net loss for the fourth quarter.
YRC Worldwide Inc. posted a consolidated operating loss for the fourth quarter of 2015 of $15.3 million, a 149 percent decline from the fourth quarter of 2014, according to the less-than-truckload holding company’s most recent unaudited financial statements.
The fourth quarter results were impacted by a $28.7 million non-union pension settlement charge, which was the result of an increase in lump sum benefit payments under YRC Freight’s non-union pension plans.
Consolidated operating revenues for the quarter totaled $1.1 billion, a 6.2 percent year-over-year decline.
For the full year, YRC’s consolidated operating income totaled $93 million, a 104.4 percent surge from 2014. However, consolidated operating revenues fell 4.7 percent year-over-year to $4.8 billion.
YRC’s Freight segment posted an operating income of $18 million in 2015, compared to $500,000 in 2014 despite division revenues falling 5.6 percent year-over-year in 2015 to $3.1 billion.
Operating income for the company’s regional transportation division totaled $85.4 million in 2015, a 29.2 percent increase from 2014, while the division’s revenues fell 3 percent year-over-year to $1.8 billion.
“In 2015, we successfully executed our strategy of improving price, freight mix and profitability over volume and market while lowering our consolidated operating ratio to 98.1,” YRC Worldwide CEO James Welch said in a statement.
YRC posts operating loss in Q4
