YRC Worldwide 1st-quarter loss narrows

Associated Press

OVERLAND PARK, Kan. (AP) -- YRC Worldwide said Friday that its first-quarter loss narrowed, bolstered by a large gain from asset sales.

The trucking company's quarterly loss was smaller than analysts expected, and its operating profit was the first for the period in six years.

Shares hit their highest level in more than a year.

For the three months ended March 31, YRC lost $21.4 million, or $2.93 per share. That compares with a loss of $79.8 million, or $12.40 per share, a year earlier.

The current quarter included a $4.5 million gain on asset sales.

Analysts predicted a loss of $5.80 per share, according to a FactSet survey.

Operating revenue fell 3 percent to $1.16 billion from $1.19 billion. Wall Street expected $1.19 billion in revenue.

YRC's operating income was $9.9 million, compared with an operating loss of $48.8 million a year earlier. It was the first time since 2007 that it reported operating income for the first quarter.

CEO James Welch said in a statement that the company's operating results improved even as it contended with tough winter weather compared with a much milder winter a year ago.

YRC Worldwide Inc.'s stock jumped $2.58, or 33.3 percent, to $10.34 in afternoon trading. The shares reached a new 52-week high of $11.60 earlier in the session.