Trucker YRC loses $274 million in 1st quarter, as winter storms hurt already-weak shipments

YRC Worldwide posts 1Q loss as revenue drop

NEW YORK — Trucking company YRC Worldwide Inc. on Tuesday reported a slightly wider first-quarter loss as harsh winter weather in January and February hurt shipments in the weakest quarter of the year.

Looking ahead though, YRC said shipping volume in April at the company’s national and regional units increased from March levels. The company, which merged its Yellow and Roadway brands and also operates trucks under the Holland and New Penn names, said both trends were slightly better than normal seasonal patterns.

The company lost $274.1 million, or 53 cents per share, in the first three months of the year, compared with a loss of $273.8 million, or $4.61 per share, in the first quarter of 2009. YRC had about 521,216 shares outstanding at the end of the most recent quarter, compared with just 59,373 a year earlier, which reduced per-share losses. The Overland, Kan., company issued thousands of shares to raise capital in an effort to stave off a bankruptcy filing.

Excluding a charge related to union employee equity awards, the first-quarter loss would have totaled 33 cents per share.

Revenue fell 30 percent to $1.06 billion. Total daily shipments at YRC’s National Transportation segment were down 34 percent, while regional total shipments per day fell 13 percent.

Analysts polled by Thomson Reuters, who generally exclude one-time items from their estimates, had predicted a wider loss of 48 cents per share on $1.11 billion in revenue.

Shares fell 6 cents to 54 cents in afternoon trading.