Transportation company YRC Worldwide, Inc. (YRCW) reported Friday a loss for the fourth quarter that narrowed from last year, as improved operational ratio helped offset the decline in revenues. Loss per share for the quarter came in wider than analysts' expectations, and quarterly revenues missed their estimates.
"During the fourth quarter of 2012, our Regional group continued to deliver solid results. Our Regional group consistently produces results that are competitive within the industry and each successive quarter they continue to build on their profitability with operational improvements and efficiencies," CEO James Welch said.
The Overland Park, Kansas-based company reported a net loss attributable to common shareholders of $35.3 million or $4.53 per share for the fourth quarter, compared to a net loss of $84.2 million or $12.40 per share in the prior-year quarter.
The results for the quarter were calculated on 7.8 million outstanding shares, compared to 6.8 million outstanding shares in the year-ago quarter.
On average, analysts polled by Thomson Reuters expected the company to report a loss of $2.82 per share for the quarter. Analysts' estimates typically exclude special items.
Consolidated operating revenues for the quarter declined 3.6 percent to $1.17 billion from $1.21 billion in the same quarter last year, and missed five Wall Street analysts' consensus estimate of $1.18 billion by a whisker.
YRC freight revenue for the quarter declined 3.4 percent to $777.2 million, while regional transportation revenues grew 2.5 percent to $391.4 million in the year-ago quarter.
YRC freight tonnage per day during the quarter declined 5.5 percent and shipments per day decreased 5.4 percent, while revenue per shipment rose 3.1 percent from last year.
Regional transportation tonnage per day declined 1.5 percent, and shipments per day edged down 0.9 percent, while revenue per shipment increased 2.7 percent from a year ago.
The operating ratio for the quarter improved 600 basis points over the prior-year quarter to a six-year, fourth quarter low of 97.3, reflecting primarily the "intense focus on productivity improvements at each individual terminal."
Consolidated operating income was $30 million, which included a $9.2 million gain on asset disposals, compared to an operating loss of $38.1 million, which included a $12.9 million loss on asset disposals.
For fiscal 2012, the company reported a net loss attributable to common shareholders of $140.4 million or $19.20 per share, compared to a net loss of $345.8 million or $196.12 per share in the prior year. Consolidated operating revenues for the full year edged down 0.4 percent to $4.85 billion from $4.87 billion in the previous year.
Street was looking for full-year 2012 loss of $15.50 per share on annual revenues of $4.86 billion.
"We are entering 2013 from a position of strength, and we will continue building on our momentum by executing on our operational plans and strategies this year. I can feel the confidence of our team, and it is bolstered by the positive feedback we have received from our customers," President Jeff Rogers noted.
In Friday's regular trading session, YRCW is currently trading at $7.02, up $0.59 or 9.18% on a volume of 0.18 million shares. In the past 52-week period, the stock has been trading in a range of $4.56 to $13.40.
by RTT Staff Writer
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