NEW YORK (TheStreet) -- Shares of YRC Worldwide (YRCW) were gaining 29.1% to $19.72 on heavy trading volume Friday after the trucking company beat analysts' estimates for earnings in the second quarter.
YRC Worldwide reported earnings of 80 cents a share for the second quarter, easily beating analysts' estimates of 25 cents a share. Revenue fell 4.5% year over year to $1.26 billion for the quarter, compared to analysts' estimates of $1.31 billion.
"During the second quarter of this year, we continued to see success in executing our freight mix and yield improvement strategy and equally important improving our safety performance which in turn increased our operating income by $36.9 million to $56.9 million," CEO James Welch said in a statement.
Welch continued, "Additionally, we continued to reinvest in our fleet, make incremental investments in high return technology projects and are nearing completion of the in-cab safety solutions pilot for our existing fleet."
About 3 million shares of YRC Worldwide were traded by 11:30 a.m. Friday, well above the company's average trading volume of about 504,000 shares a day.