Transportation company YRC Worldwide, Inc. (YRCW) Friday reported a narrower-than-expected loss for its first quarter, as operating ratio improved, despite a decline in revenues. The shares are up about 39 percent in the morning trade.
James Welch, chief executive officer of the company stated, "Despite more difficult winter weather conditions in the first quarter of 2013 as compared to an unusually mild winter in 2012, our year-over-year operating results continue to improve."
The company said its operating ratio improved 500 basis points due to a rational pricing environment for both YRC Freight and the Regional segment, and productivity improvements.
For the recent quarter, the company posted an operating income of $9.9 million, compared to a loss of $48.8 million in the preceding year. According to the company, this is the first time in six years that it reported consolidated positive first quarter operating income.
Net loss attributable to the company narrowed to $24.5 million or $2.93 per share from $85.5 million or $12.40 per share last year.
On average, six analysts polled by Thomson Reuters expected the company to report a loss of $5.75 per share for the quarter. Analysts' estimates typically exclude special items.
Operating revenues decreased 2.7 percent to $1.16 billion from $1.19 billion in the preceding year. Analysts expected revenue of $1.20 billion for the quarter.
In YRC Freight, operating revenues declined 4.5 percent to $753.8 million. Regional Transportation revenues were $408.7 million, up 1.7 percent from a year earlier. .
Total operating expenses were $1.15 billion, lower than $1.24 billion reported in the prior-year quarter.
YRCW is currently trading at $10.75, up $2.99 or 38.53 percent, on a volume of 815 thousand shares, against a three-month average volume of 177 thousand shares.
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