YRC Worldwide's profits fell 10 percent in the third quarter on a 3.3 percent drop in revenue as weak volume and competitive pricing took a toll on operations.
The nation's largest freight trucking company posted net income of $36.6 million in the quarter, down from $40.7 million in third quarter 2007. Revenues decreased from $2.46 million to $2.38 million.
Operating income at YRC National Transportation, which includes long-haul carriers Yellow Transportation and Roadway, was down 31 percent. Operating income at YRC Regional Transportation increased from $531,000 in third quarter 2007 to $1.66 million in the current quarter. YRC Truckload posted a $1.43 million loss in operating income in the quarter, compared with a loss of $1.78 million in the same period last year.
"Although the economy slowed more than we expected during the quarter, we still generated solid free cash flow and paid down debt, in addition to removing significant cost from our business," said YRC Chairman, President and CEO William D. Zollars.
The company said third quarter results do not reflect potential impairment charges that may result from weak market conditions.