• ITVI.USA
    15,909.400
    -330.930
    -2%
  • OTLT.USA
    2.776
    0.014
    0.5%
  • OTRI.USA
    21.610
    -0.170
    -0.8%
  • OTVI.USA
    15,915.300
    -318.010
    -2%
  • TSTOPVRPM.ATLPHL
    3.520
    0.380
    12.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.DALLAX
    1.610
    0.250
    18.4%
  • TSTOPVRPM.LAXDAL
    3.340
    -0.130
    -3.7%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.LAXSEA
    3.860
    -0.220
    -5.4%
  • WAIT.USA
    126.000
    -2.000
    -1.6%
  • ITVI.USA
    15,909.400
    -330.930
    -2%
  • OTLT.USA
    2.776
    0.014
    0.5%
  • OTRI.USA
    21.610
    -0.170
    -0.8%
  • OTVI.USA
    15,915.300
    -318.010
    -2%
  • TSTOPVRPM.ATLPHL
    3.520
    0.380
    12.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.DALLAX
    1.610
    0.250
    18.4%
  • TSTOPVRPM.LAXDAL
    3.340
    -0.130
    -3.7%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.LAXSEA
    3.860
    -0.220
    -5.4%
  • WAIT.USA
    126.000
    -2.000
    -1.6%
Company earningsLess than TruckloadNewsTrucking

YRC sees improvement in Q4, still lagging competitors

October revenue decline turns positive in November

Less-than-truckload carrier YRC Worldwide (NASDAQ: YRCW) reported Monday that shipments were flat year-over-year through the first two months of the fourth quarter, with revenue per shipment up slightly at 0.3%.

The Overland Park, Kansas-based company showed improving trends in the quarter, albeit at a slower pace than competitors. Tonnage increased 1.9% year-over-year in October, up 2.2% in November.

Last week, Old Dominion Freight Line (NASDAQ: ODFL) noted tonnage increases of 2.2% year-over-year in October and 5.2% in November. Saia’s (NASDAQ: SAIA) results were seen as even stronger by some analysts, with the carrier reporting tonnage increases of 5.7% and 7.3%, respectively, over the same two months. Analysts believe Saia has been successful increasing tonnage while implementing price increases at the same time.

YRC’s revenue per hundredweight, or yield, fell 3.5% year-over-year in October but improved 0.6% in November. Declines in fuel surcharge revenue continued to be an overhang.

By comparison, yield for Old Dominion was 0.5% higher year-over-year through the first two months of the quarter and up 3.8% excluding fuel surcharges.

A rising tide may lift all boats, however, as the industrial segment appears to be looking up. The Purchasing Managers’ Index remained in expansion territory for the sixth consecutive month in November at 57.5%, and industrial production increased 1.1% during October. Manufacturing activity can represent more than 80% of total tonnage for some LTL carriers.

On Thursday, the congressional committee tasked with overseeing the distribution of federal loans made to businesses negatively impacted by the pandemic plans to hold a hearing over “serious concerns” with the national security loan program and the $700 million relief loan made to YRC. Treasury Secretary Steven Mnuchin is expected to testify.

Click for more FreightWaves articles by Todd Maiden.

Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.

One Comment

  1. If anyone wants a true picture of YRC all you have to do is drive past their old break bulk in Bridgeview,Illinois. A decrepit rundown building,crumbling down. Will the last person walking out the door please turn out the lights ?

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