YRC Worldwide has announced its financial results for the third quarter of 2014. It reported revenue of $1.32bn, 5.6% higher than the third quarter of 2013. The company also recorded operating income of $26.7m, a year-on-year increase of 360.34%.
“During the third quarter of 2014, we experienced solid yield increases while maintaining tonnage levels at YRC Freight,” said James Welch, Chief Executive Officer of YRC Worldwide. “As previously reported, YRC Freight achieved total revenue per hundredweight increases of 2.8% in July, 3.3% in August and an additional 3.9% increase in September on a year-over-year basis. They also reported tonnage per day increases of 2.4% in July, 0.8% in August and 0.2% in September on a year-over-year basis.”
“In addition to increases in yield throughout the quarter, YRC Freight continued to perform on their operational initiatives which also increased profitability,” continued Welch. “As we move forward, we will focus on technology investments that we believe will optimize our network freight flow and provide favourable yield improvement opportunities.”
“Momentum continued for the Regional segment during the third quarter of 2014 as they reported total revenue per hundredweight increases of 1.5% in July, 0.6% in August and 3.8% in September and reported tonnage per day increases of 4.2% in July, 3.7% in August and 2.5% in September, all on a year-over-year basis,” said Welch. “During the quarter, the Regional operating companies focused on pricing improvements to manage capacity and reduce short-term revenue equipment rentals. This strategy decelerated tonnage growth throughout the third quarter, but increased profitability,” concluded Welch.
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