NEW YORK (TheStreet) -- Shares of YRC Worldwide (YRCW) - Get Report were gaining 22.4% to $16.95 with heavy trading volume Friday after the trucking company beat analysts' estimates for earnings in the third quarter.
YRC Worldwide reported earnings of 61 cents a share for the third quarter, above analysts' estimates of 43 cents a share for the quarter. Revenue fell 5.3% year over year to $1.25 billion for the quarter, in line with analysts' estimates.
"During the third quarter of this year, we continued to stay committed to our strategy of placing pricing improvements and profitability ahead of tonnage growth," CEO James Welch said in a statement. "We stayed focused, we stayed disciplined, we invested in our people and we invested in the business. As a result, operating, financial and safety performance improved."
The company said that tonnage shipper per day fell 6.2% at YRC Freight and 3.5%on the Regional segment.
Worker compensation expense fell by $4.5 million in the third quarter due to decreased claim frequency in 2015 as a results of the company's safety initiatives.
About 2.6 million shares of YRC Worldwide were traded by 11:05 a.m. Friday, above the company's average trading volume of about 831,000 shares a day.
YRCW data by YCharts