A surge in freight in March and higher prices buoyed YRC Worldwide in the first quarter but couldn’t bring the troubled less-than-truckload giant back to profitability.
The nation’s second-largest trucking operator lost $102 million in the first quarter, compared with $274 million a year earlier. Revenue rose 13.8 percent to $1.1 billion.
YRC National’s revenue increased 10.1 percent from a year earlier to $730 million. The long-haul unit cut its operating loss to $51.3 million from $185.1 million.
Revenue at YRC Regional rose 18.4 percent to $366.1 million. The regional LTL unit cut its operating loss from $39.6 million in 2010’s first quarter to $1.2 million this year.
The national unit, which includes YRC in the United States and YRC Reimer in Canada, improved its revenue per shipment 3.3 percent year-over-year, while shipments were up 6.3 percent.
Shipments jumped 9.8 percent and revenue per shipment increased 7.7 percent at the regional unit, which includes Holland, New Penn and Reddaway.
The national and regional units only improved yield — revenue per hundredweight — by 1.8 percent, including fuel surcharges.
The financial statement came a week after YRCW, which has lost more than $2.5 billion since 2006 and has been fighting to stay out of bankruptcy, reached debt-restructuring agreements with lenders and pension funds.
Contact William B. Cassidy at firstname.lastname@example.org. Follow him on Twitter at @wbcassidy_joc.