YRC posts net income in Q4
Despite quarterly gain, trucker reports net loss for 2010.
YRC Worldwide Inc. said today that it posted fourth-quarter net income of $23 million, a figure that included a $52 million gain from an income tax settlement.
For the year, YRC, the nation's largest less-than-truckload (LTL) carrier by sales, reported a net loss of $322 million and a per-share loss of $8.13.
As a comparison, in the fourth quarter of 2009, the company reported net income of $120 million, a number that included a $177 million after-tax gain on the redemption of debt. For 2009, it reported a net loss of $622 million.
"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," stated Sheila Taylor, YRC's executive vice president, CFO, and treasurer, in a statement.
In the fourth quarter of 2010, the company's YRC National unit, the amalgam of the former Yellow Transportation and Roadway Express, reported a 5.2-decline in tonnage from third-quarter results. Yields, as measured by revenue per hundredweight, rose 2.9 percent, the company said.
In the same period, YRC's regional LTL unit reported a 1.9-percent drop in tonnage and a 2.4-percent rise in revenue per hundredweight, the company said.More articles by Mark B. Solomon
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