YRC Worldwide inched back into the black in the third quarter with a $3 million net profit on $1.237 billion in consolidated revenue.
However slim, it’s the company’s first quarterly net profit not related to debt-for-stock swaps in four years.
The less-than-truckload holding company increased its operating profit from $15.5 million in the second quarter to $27.3 million, compared with a $26.1 million operating loss a year ago.
“We were able to increase profitability through a combination of pricing discipline, customer mix management and an unrelenting focus in the areas of safety, costs, and operational fundamentals,” said James Welch, CEO of YRC Worldwide.
The $4.9 billion company’s long-haul LTL subsidiary, YRC Freight, also reported its first profit in four years, a $2.8 million operating profit, despite lower volumes.
YRC Freight’s revenue declined 2.6 percent to $819.5 million as tonnage dropped 4.6 percent and shipments 4.5 percent. Yield rose 3.4 percent from a year ago.
YRC Worldwide’s regional carrier group more than doubled its profit year-over-year to $27.2 million, while regional revenue rose 3.1 percent to $417.3 million.
Regional freight volume was relatively flat year-over-year, with tonnage per day up 0.3 percent and shipments per day down 0.4 percent.
Combined revenue per hundredweight or yield at the three regional carriers — Holland, Reddaway and New Penn — rose 2.9 percent.