William B. Cassidy | Feb 04, 2011 9:29AM EST
YRC Worldwide broke into the black in the fourth quarter, reporting a $23 million net profit on $1.09 billion in revenue, and cut its full-year loss to $322 million.
For the full year, YRC Worldwide reported $4.3 billion in revenue, a 12 percent drop from $4.9 billion in revenue in 2009. It lost $622 million that year.
Higher pricing and revenue per hundredweight, as well as a stronger performance by its regional carriers, helped YRC Worldwide break a chain of quarterly losses.
It reported a $120 million net profit in the 2009 fourth quarter, but that was attributed to a $177 million after tax gain on debt redemption.
The company lost $62 million in the third quarter on $1.13 billion in revenue.
Revenue per hundredweight, or yield, rose 2.9 percent from the third quarter at YRC National despite a 5.2 percent decline in tons per day, a sign of rising rates.
Tonnage also dropped from the third quarter at Holland, New Penn and Reddaway, falling 1.9 percent, but yield improved 2.4 percent quarter-to-quarter.
Year-over-year, tonnage dropped 7.7 percent at YRC National, while yield increased 4.2 percent. Tonnage rose 13.9 percent at YRC Regional, and yield rose 2.4 percent.
The company ended the year with $267 million in liquidity, down from $284 million a year ago. YRC plans $150 million to $170 million in capital expenditures for 2011.
-- Contact William B. Cassidy at wcassidy@joc.com.