YRC takes $46 million 1st quarter hit
Overland Park, Kan.-based YRC Worldwide Inc. today reported first quarter net loss of $45.9 million, compared to a profit of $1.3 million in the same quarter 2006.
The company posted an operating loss in the quarter of $53.4 million, while revenue declined 4.1 percent to $2.23 billion.
'The soft economy, severe winter weather and record fuel prices created a very difficult operating environment in the first quarter,' said Bill Zollars, YRC's chairman, president and chief executive officer. 'With that said, we have taken a number of actions that address the areas within our control and we are seeing benefits from those efforts. Despite the macroeconomic challenges that we are facing, we believe that we have turned the corner and expect meaningful earnings improvement starting with the current quarter.'
The company stopped providing earnings guidance's last year mainly due to economic uncertainty, but did say that it expects to earn between 30 cents and 40 cents per share in the second quarter of 2008.
The company's list of brands include Yellow Transportation, Roadway, Reimer Express, YRC Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen Moore.
YRC takes $46 million 1st quarter hit
