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Weak freight demand, job-cut costs to blame
Published on Friday, Apr 25, 2008
Bloomberg News
YRC Worldwide Inc., the largest U.S. trucking company by sales, said it lost $45.9 million in the first quarter as it closed terminals and cut jobs amid a drop in freight demand.
YRC's deficit was 81 cents a share, more than three times wider than analysts estimated. The loss compared with a year- earlier profit of $1.3 million, or 2 cents, the Overland Park, Kansas-based company said in a statement. Revenue dropped 4.1 percent to $2.23 billion.
YRC and other U.S. trucking companies are struggling with a freight slump as weakness among U.S. home builders, automakers and consumer-goods manufacturers damps shipping demand. The reorganization expenses include YRC's moves to shut 27 trucking terminals and eliminate about 1,100 jobs at its regional unit.
YRC is the parent corporation of Akron-based trucking company Roadway. YRC also has other affiliates that maintain a presence in the greater Akron area.
''The soft economy, severe winter weather and record fuel prices created a very difficult operating environment in the first quarter,'' Chief Executive Officer William Zollars said in the statement.
Analysts had projected a loss of 25 cents a share.
Get the full article here.
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