YRC Worldwide has reported results for the second quarter ended June 30, 2020. Total revenue decreased by $257.2m to $1.0bn compared to $1.3bn in Q2 2019. Operating loss was $4.6m, which included a $6.0m net gain on property disposals. Operating income was $14.3m, which included a $6.2 m net gain on property disposals. Adjusted EBITDA was $37.9m, a $29.4m decrease compared to $67.3m during the same period in 2019.
In terms of key segments, LTL revenue per hundredweight including fuel surcharge decreased 5.7%; however, weight per shipment increased 1.4% resulting in an LTL revenue per shipment decrease of 4.4%, totalling $929.8m, when compared to the same period in 2019. Excluding fuel surcharge, LTL revenue per hundredweight was down 2.6% and LTL revenue per shipment was down 1.2%. Total LTL tonnage per day decreased by 14.8% year-on-year.
“On an operational basis, for the quarter, volumes declined year-over-year. However, after bottoming out in April, volumes have steadily improved through the quarter with the rate of improvement slowing since late June. I would like to say the worst is behind us, but this virus and the spread thereof is too unpredictable. To that end, when we started to feel the impact of the economic slowdown and subsequent decline in our volumes, we took immediate and swift action to build liquidity which allowed us to improve our cash position and end the quarter to just over $300m in liquidity,” said Darren Hawkins, Chief Executive Officer.
Source: YRC
