Trucking company YRC Worldwide Inc. (Nasdaq: YRCW) reported Friday that it had $9.9 million in operating income for its first quarter ended March 31. The company said it marked the first time that had happened in the first quarter in six years.
YRC, which has operations in Summit County, said operating revenue was $1.162 billion, which was about 3 percent lower than the $1.194 billion a year earlier. The company’s operating loss a year ago was $48.8 million.
Operating income in 2013 included a $4.5 million gain on the sale of assets, YRC said.
YRC shares shot up 41 percent, rising $3.19 to $10.95.
“Despite more difficult winter weather conditions in the first quarter of 2013 as compared to an unusually mild winter in 2012, our year-over-year operating results continue to improve,” said James Welch, chief executive officer, in a prepared statement.
Welch added that the company still has “significant opportunity for further improvements, and as we move throughout 2013, we will continue to focus on providing premium services to both the regional and long-haul segments” of the trucking market.
Welch also noted that workers’ compensation claims continue to decline. He said YRC was focusing on “settling more claims than are filed.”
The company said its YRC Freight division had $2.4 million in operating income, marking its first positive result since 2007.
That figure compared with a loss of $56.1 million a year earlier.
YRC said it has implemented a plan called “network optimization” aimed at cost savings from “fewer touches of shipments” and a reduction in “empty mileage.”
YRC said the annual savings would total $25 million to $30 million.