YRC announced a loss of $415 million for the first quarter 2009, with revenues down 32.7% compared with the prior year period.
Excluding significant charges for network integration, Holland footprint adjustments and other items, the loss was $251 million.
Bill Zollars, chairman, president & CEO of YRC Worldwide, said that while the company made significant investments during the first quarter, the progressively weakening economy made getting ahead of the volume declines a challenge. However, the March 1st integration of the company's national networks enabled it to remove substantial capacity.
"Our volumes were impacted by multiple factors, most notably the economy and business diversion due to customer anxiety surrounding the integration of Yellow and Roadway," said Zollars. "Some customers have already returned business, which was temporarily diverted, but it is difficult to predict at what levels or how quickly the rest will come back."
YRC National Transportation's total tonnage per day was down 29.5%. YRC Regional Transportation's total tonnage per day was down about 22%.
Consolidated results:
- Q1 2009 operating revenue down 32.7% to $1.5 billion (Q1 2008: $2.23bn)
- Q1 2009 operating loss $415.17 million (Q1 2008: $53.44m loss)
YRC National Transportation
- Q1 2009 operating revenue down 34.4% to $1.02 billion (Q1 2008: $1.56bn)
- Q1 2009 operating loss $299.77 million (Q1 2008: $7.24m loss)
YRC Regional Transportation
- Q1 2009 operating revenue down 30.7% to $355.17 million (Q1 2008: $512.45m)
- Q1 2009 operating loss $74.12 million (Q1 2008: $37.63m loss)
YRC Logistics
- Q1 2009 operating revenue down 25.1% to $112.12 million (Q1 2008: $149.75m)
- Q1 2009 operating loss $3.44 million (Q1 2008: $1.08m loss)
YRC Truckload
- Q1 2009 operating revenue down 1.7% to $25.97 million (Q1 2008: $25.54m)
- Q1 2009 operating loss $2.25 million (Q1 2008: $5.05m loss)
