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.
|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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV