YRC Worldwide Provides Quarter-To-Date Operating Data for Third Quarter 2018
12 September 2018 - 2:30PM
YRC Worldwide Inc. (NASDAQ: YRCW) reported certain operating
metrics for the first two months of third quarter 2018.
At YRC Freight, July 2018 tonnage per day
decreased approximately 3.8% compared to July 2017 and August 2018
tonnage per day decreased approximately 3.1% compared to August
2017. Quarter-to-date through August 2018, revenue per
hundredweight increased approximately 7.0% compared to a year ago.
Revenue per shipment increased approximately 7.8% quarter-to-date
through August 2018, compared to the same period last year.
At the Regional segment, July 2018 tonnage per
day decreased approximately 6.3% compared to July 2017 and August
2018 tonnage per day decreased approximately 3.4% compared to
August 2017. Quarter-to-date through August 2018, revenue per
hundredweight increased approximately 8.3% compared to a year ago.
Revenue per shipment increased approximately 11.3% quarter-to-date
through August 2018, compared to the same period last year.
Additionally, as previously reported, third
quarter results will include a non-union pension settlement charge
of $7.2 million at YRC Freight. The non-cash settlement charge is
related to the payment of lump sum benefits in 2018, which are paid
from plan assets and therefore do not impact the Company’s cash
balance or liquidity. The non-cash pension settlement charge is
excluded from operating income and Adjusted EBITDA, consistent with
the Company’s term loan agreement.
“Our results are consistent with our strategy to
focus on yield improvements and secure the optimal freight mix for
our network. While our revenue per hundredweight statistics remain
strong at each of our operating companies, they are being offset by
the impacts of additional heavier-weight shipments in our network.
We believe our ongoing commitment to reinvest in our equipment will
position us to effectively deliver quality solutions to our
customers and continue to meet the sustaining demand for freight
services in this strong economic environment,” commented Darren
Hawkins, chief executive officer of YRC Worldwide Inc.
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act. Words such as “will,”
“expect,” “intend,” “anticipate,” “believe,” “could,” “should,”
“may,” “project,” “forecast,” “propose,” “plan,” “designed,”
“estimate,” “enable,” and similar expressions which speak only as
of the date the statement was made are intended to identify
forward-looking statements. Forward-looking statements are
inherently uncertain, are based upon current beliefs, assumptions
and expectations of Company management and current market
conditions, and are subject to significant business, economic,
competitive, regulatory and other risks, uncertainties and
contingencies, known and unknown, many of which are beyond our
control. Our future financial condition and results could differ
materially from those predicted in such forward-looking statements
because of a number of factors, including (without limitation):
general economic factors; business risks and increasing costs
associated with the transportation industry; competition and
competitive pressure on pricing; the risk of labor disruptions or
stoppages; increasing pension expense and funding obligations
subject to interest rate volatility; increasing costs relating to
our self-insurance claims expenses; our ability to finance the
maintenance, acquisition and replacement of revenue equipment and
other necessary capital expenditures; our ability to comply and the
cost of compliance with, or liability resulting from violation of,
federal, state, local and foreign laws and regulations including
(without limitation) labor laws and laws and regulations regarding
the environment; impediments to our operations and business
resulting from anti-terrorism measures; the impact of claims and
litigation expense to which we are or may become exposed; failure
to realize the expected benefits and costs savings from our
performance and operational improvement initiatives; our ability to
attract and retain qualified drivers and increasing costs of driver
compensation; a significant privacy breach or IT system disruption;
risks of operating in foreign countries; our dependence on key
employees; seasonality; shortages of fuel and changes in the cost
of fuel or the index upon which we base our fuel surcharge and the
effectiveness of our fuel surcharge program in protecting us
against fuel price volatility; our ability to generate sufficient
liquidity to satisfy our cash needs and future cash commitments,
including (without limitation) our obligations related to our
indebtedness and lease and pension funding requirements, and our
ability to achieve increased cash flows through improvement in
operations; limitations on our operations, our financing
opportunities, potential strategic transactions, acquisitions or
dispositions resulting from restrictive covenants in the documents
governing our existing and future indebtedness; our failure to
comply with the covenants in the documents governing our existing
and future indebtedness; fluctuations in the price of our common
stock; dilution from future issuances of our common stock; our
intention not to pay dividends on our common stock; that we have
the ability to issue preferred stock that may adversely affect the
rights of holders of our common stock; and other risks and
contingencies, including (without limitation) the risk factors that
are included in our reports filed with the SEC, including those
described under “Risk Factors” in our annual report on Form 10-K
and quarterly reports on Form 10-Q.
About YRC Worldwide
YRC Worldwide Inc., headquartered in Overland
Park, Kan., is the holding company for a portfolio of
less-than-truckload (LTL) companies including YRC Freight, YRC
Reimer, Holland, Reddaway, and New Penn. Collectively, YRC
Worldwide companies have one of the largest, most comprehensive LTL
networks in North America with local, regional, national and
international capabilities. Through their teams of experienced
service professionals, YRC Worldwide companies offer
industry-leading expertise in flexible supply chain solutions,
ensuring customers can ship industrial, commercial and retail goods
with confidence.
Please visit our website at www.yrcw.com for
more information.
Investor Contact: |
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Brianne Simoneau |
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913-696-6108 |
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investor@yrcw.com |
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Media Contact: |
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Mike Kelley |
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916-696-6121 |
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mike.kelley@yrcw.com |
SOURCE: YRC Worldwide
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