This Day On The Street
Continue to site
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 Reports Third Quarter Results

OVERLAND PARK, Kan., Nov. 12, 2013 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (Nasdaq:YRCW) today reported financial results for the third quarter 2013.

Consolidated operating revenue for the third quarter ended September 30, 2013 was $1.253 billion, or $15.9 million (1.3%) higher than the $1.237 billion reported in the third quarter of 2012. At the same time, consolidated operating income decreased from $27.3 million to $5.8 million, a $21.5 million decrease from the third quarter of 2012. Operating income in 2013 included a $1.3 million loss on asset disposals compared to a $2.3 million gain on asset disposals in 2012. The company also reported adjusted EBITDA, on a non-GAAP basis, for the third quarter of 2013 of $62.4 million, a $16.4 million decrease from the $78.8 million adjusted EBITDA reported for the third quarter of 2012 (as detailed in the reconciliation below).

"The decline in year-over-year consolidated operational performance for the third quarter is primarily attributed to YRC Freight," said YRC Worldwide CEO and recently-appointed YRC Freight President James Welch. "Our third quarter performance was hindered by declines in service, manpower shortages and declines in yield. During the quarter, the YRC Freight network was 'out of cycle,' which caused our service to decline in certain lanes. Additionally, due to summer vacations and the movement of drivers resulting from the network optimization, we were short drivers in certain terminals which obviously impacted service in those areas. The shortage also resulted in higher than expected overtime pay, increased purchased transportation in certain lanes, and lower productivity. Finally, yield was negatively impacted by increases in our weight per shipment, loss of volume from higher yielding channels and declines in weight and inspection revenue."

"As a consequence of YRC Freight's performance, we made leadership changes in late September. Our renewed objective is to increase process discipline, execution and accountability at YRC Freight. Going forward, our focus will be on growing the business by aggressively pursuing new and profitable accounts while controlling our costs and improving our service levels," continued Welch.

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.99 0.00%
FB $99.54 0.00%
GOOG $678.11 0.00%
TSLA $148.25 0.00%
YHOO $26.82 0.00%


Chart of I:DJI
DOW 16,014.38 -12.67 -0.08%
S&P 500 1,852.21 -1.23 -0.07%
NASDAQ 4,268.7630 -14.99 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs