YRC Worldwide Inc. is still working to haul in a profit.
The Overland Park, Kan.-based less-than-truckload company on Tuesday reported it lost money for the fourth quarter and 2011 fiscal year even as revenue rose from 2010.
YRC said it lost $84.3 million, or $12.40 a share, on revenue of $1.21 billion for the fourth quarter ending Dec. 31. A year ago, YRC showed a profit of $15.8 million on revenue of nearly $1.1 billion.
The trucking company’s fourth quarter revenue, up 11.1 percent from a year ago, beat industry analyst expectations.
For all of 2011, YRC reported it lost $409.3 million, or $196.12 a share, on revenue of $4.87 billion. In 2010, YRC lost $325.8 million, or $2,468.17 a share, on revenue of $4.33 billion. The earnings per share figures reflect a reverse stock split that YRC did in December as part of its ongoing financial restructuring. The 1-to-300 reverse stock split reduced outstanding common shares from about 2 billion to about 6.8 million.
Shares of YRC on Tuesday fell $1.57, or 13.2 percent, to $10.31. Shares are up 3.4 percent since Jan. 1 and are down 98.7 percent from a year ago. YRC is the parent of the former Akron-based Roadway company.
“I am pleased with the renewed focus on customer service, but obviously not satisfied with our consolidated operating results,” James Welch, chief executive officer, said in a statement. “However, I am encouraged that our performance trends over the fourth quarter are consistent with or exceeding the consolidated operating plan created by our now autonomous operating companies.”
YRC said excluding items that include a loss on asset disposals, restructuring of professional fees and more, it had a fourth-quarter operating loss of $12 million. The fourth-quarter profit a year ago included an $87 million income tax benefit from a favorable IRS ruling, the company said.
YRC said it had positive operating cash flow of $27 million for the fourth quarter.
Welch said YRC executives have been restructuring company operations.
“Our plans to streamline and simplify the YRC Freight network during 2012 are designed to enable fewer touches of the freight, expedite delivery to our customers, reduce costs by network optimization, and allow YRC Freight to return to its core competency of handling [less-than-truckload] shipments moving in the 2-day to 5-day transit lanes which are generally between 500 and 3,500 miles,” he said.
Customer satisfaction remains high at YRC’s regional operating companies Holland, Reddaway and New Penn, Welch said.
“We expect their operating momentum to continue to improve in 2012,” he said.
YRC in December sold most of its Glen Moore trucking subsidiary and said it continues to look into selling what it considers non-core assets. The company also is working to sell 62 of what it says are surplus properties.
Jim Mackinnon can be reached at 330-996-3544 or firstname.lastname@example.org.