YRC Worldwide has reported results for the third quarter ended September 30, 2020. Operating revenue decreased by $74m to $1.2bn compared to $1.3bn in Q3 2019; while operating income was $19.4m, compared to $23.8m in Q3 2019, which included a $1m net loss on property disposals.
Adjusted EBITDA was $62m in Q3 2020, a $3.9m decrease from $65.9m in Q3 2019.
In terms of key segments, LTL revenue per hundredweight including fuel surcharge decreased 4.0%; however, weight per shipment increased 2.2% resulting in an LTL revenue per shipment decrease of 1.9%, when compared to the same period in 2019. Excluding fuel surcharge, LTL revenue per hundredweight was down 1.4% and LTL revenue per shipment was up 0.8%. Total LTL tonnage per day decreased by 4.1% year-on-year.
“During the quarter we transitioned to managing our business in a tighter capacity environment and setting the stage for 2021. Improving tonnage trends late in Q3 has allowed LTL pricing to firm up with less volatility expected moving forward” said Darren Hawkins, Chief Executive Officer. “We ended the quarter with just over $450m in liquidity with a reaffirmed focus on managing our operations through the changes we’ve seen over the past 6 months, which has put us in a position to invest back into our business as we move forward. At the beginning of the quarter we secured a commitment with the US Treasury, and in October we received the first $75m of the $400m in Tranche B funds. These funds are dedicated for investment in our fleet”, continued Hawkins.
Source: YRC Worldwide
