ôWeaker economic conditions” see YRCÆs profit drop in quarter, year
Overland Park, Kan.-based YRC Worldwide Inc.'s fourth quarter net income slumped 39.5 percent to $46.5 million, compared to $76.8 million in the final quarter of 2005.
YRC's quarterly operating income was down 29.9 percent to $107.7 million from $153.7 million a year ago. Revenue in the quarter dipped 3 percent to $2.40 billion from $2.48 billion.
The company's list of brands include Yellow Transportation, Roadway, Reimer Express, Meridian IQ, New Penn, USF Holland, USF Reddaway and USF Glen Moore.
'We delivered a solid quarter despite weaker economic conditions,' said Bill Zollars, YRC's chairman, president and chief executive officer. 'Our operating companies continued to execute well and responded aggressively to lower volumes.'
After 12 months, YRC's net income dropped 4 percent to $276.6 million. Operating income rose 1.7 percent to $545.4 million while revenue improved 13.5 percent to $9.92 billion.
'We delivered solid results in 2006, but below our expectations,' Zollars said. 'With that said, the economy is growing at a much slower pace and that impacted our fourth quarter and will impact us as we head into 2007.'
?Weaker economic conditions” see YRC’s profit drop in quarter, year
