YRC Worldwide Inc., the nation's largest less-than-truckload (LTL) carrier by sales, on May 4 reported a first-quarter loss of 33 cents per share, including a 53-cent-a-share loss for the cost of what the company termed "employee equity-based awards." YRC reported a $4.61 per share loss in the recession-ravaged first quarter of 2009.
At the same time, however, YRC continues to have trouble keeping market share. At its YRC National long-haul LTL unit, average daily shipments declined by 34 percent from 2009 levels, while revenue fell 35 percent over the same period. The unit's volumes contracted at a faster pace than its publicly traded rivals', though the company's yields, measured in revenue per pound, were slightly higher than its competition's.
At its regional LTL unit, YRC Regional, revenue fell 13 percent year over year, while average daily volumes declined by 9 percent and yields fell by 2 percent, the company said.
Volumes in April at both units rose over March's results and were ahead of normal season patterns. This led one analyst, Jon A. Langenfeld of Milwaukee-based Robert W. Baird & Co., to comment that trends at the company seem to be "firming."
In a statement, William D. Zollars, YRC's chairman, president, and CEO, said the company was "pleased with the sequential operating improvement during the quarter and the traction we achieved in the month of March." Zollars added that the regional unit has "a lot of momentum, and that the company has stabilized its customer base and is "poised for growth going forward."
