Troubled truck-transportation provider YRC Worldwide slowed its fiscal losses in 2010 while increasing freight revenues, according to the carrier’s year-end earnings report. Though the company reported a net loss of $322 million last year on $4.3 billion in revenue, it’s far less than the net loss of $622 million on revenues of $4.9 billion it recorded in 2009.
YRC added that it posted net income of $23 million in the fourth quarter last year, although that was largely due to a $52-million benefit from an income tax settlement. It also posted 3.9% higher operating revenue in the same period last year of $1.092 billion and generated positive net cash flow from operating activities of $10 million as well.
“We are pleased with the stability we have seen in our absolute business volumes at YRC over the last three quarters and the growth across our regional companies leading to continued year-over-year improvement in our operating results,” said Sheila Taylor, YRC executive vp, CFO &treasurer in the company’s year-end report.
“Our business is generating positive cash flow and our ability to continually improve our days to collect should provide the needed liquidity as we move through the seasonally slower first quarter,” Taylor stated.
The company added that, while tonnage slipped quarter-over-quarter at the end of 2010, revenues per hundredweight continued to climb.
Though its YRC National Transportation subsidiary recorded a decline in tons per day of 7.7% from the third to fourth quarters last year, revenue per hundredweight increased 4.2%.
At YRC Regional Transportation, though, tons per day were up 13.9% and revenue per hundredweight jumped 1.6% in from the third to fourth quarters in 2010.