This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

YRC Worldwide on Solid Footing: CEO

OVERLAND PARK, Kan. ( TheStreet) -- YRC Worldwide (YRCW) CEO Bill Zollars said the trucking company has entered 2010 on a more solid financial base with good momentum.

Zollars' comments came as YRC Worldwide posted an operating loss in the fourth quarter of $95.4 million, which narrowed on a year-over-year basis and also shrank from the previous quarter.

Bill Zollars
YRC Worldwide CEO Bill Zollars

The trucking company did not offer earnings on a per-share basis as it was still calculating its income-tax provision following its recent $464 million debt-for-equity exchange.

A sharp decline in YRC Worldwide's quarterly revenue was troubling, though. Average shipments per day were down 40%, and revenue dropped to $1.15 billion from $1.93 billion in the year-ago quarter. That was below the Thomson Reuters average estimate for revenue of $1.22 billion.

YRC Worldwide's liquidity position has been a major concern for investors. Cash and equivalents decreased by roughly $228 million during the fourth quarter, YRC Worldwide said in its release. The company ended the quarter with cash and equivalents of $98 million and $160 million left in its $950 million revolving credit facility.

"With our significantly improved balance sheet and additional liquidity resulting from our debt-for-equity exchange, we entered 2010 on a more solid financial base with good momentum," Zollars said in a statement Friday.

YRC Worldwide President and COO Tim Wicks spoke with TheStreet in a post-earnings interview, in which he said customers are returning to the trucking company after a tense fourth quarter.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
YRCW $16.72 0.91%
FB $80.74 -1.40%
GOOG $553.67 -0.31%
TSLA $230.44 -0.48%
YHOO $44.34 -0.04%

Markets

DOW 18,110.14 +72.17 0.40%
S&P 500 2,114.76 +5.84 0.28%
NASDAQ 5,055.4220 -4.8240 -0.10%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs