Trucking company YRC Worldwide Inc. (YRCW) said Tuesday it slipped to a loss for the fourth quarter, hurt by lower margins and absence of one-time tax benefit of last year. Following the results, the company's shares slid more nearly 12 percent on the Nasdaq morning session.
Results for the quarter were impacted by a rise in operating costs when compared to the prior year. Further, the year-ago quarter was benefited from a tax gain of $86.8 million due mainly to a favorable IRS settlement.
Revenue for the Overland Park, Kansas-based company improved 11 percent from last year. YRC Freight revenue was up 11 percent, and Regional Transportation grew 12.6 percent, compared to the prior year.
YRC Freight tons per day during the quarter rose 6.7 percent, shipments per day improved 6 percent, and revenue per shipment was up 5.5 percent. Regional Transportation tons per day gained 4.7 percent, shipments per day was up 2.5 percent, and revenue per shipment increased 7.9 percent.
Net loss to common shares for the fourth quarter was $84 million, compared to a profit of $15.8 million last year. Loss per share for the quarter was $12.40 on higher number of commons shares outstanding, in comparison with a profit of $99.61 a year ago.
On average, six analysts polled by Thomson Reuters expected a loss of $6.55 per share for the quarter. Analysts' estimates typically exclude special items.
The company posted revenue of $1.2 billion, up from $1.09 billion last year. Analysts expected revenue of $1.20 billion for the quarter.
Consolidated operating ratio for the quarter was 103.1 percent, compared to 102.6 percent in the prior year. Adjusted operating ratio remained unchanged at 101 percent.
The company has hired Chicago-based NRC Realty & Capital Advisers LLC to coordinate the auction of 62 surplus properties which have high maintenance costs.
YRCW is trading on the Nasdaq at $10.46, down $1.42 or 11.95%.
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