Trucking company YRC Worldwide Inc. reported it lost $22.6 million, or $3.21 a share, for its second quarter ending June 30, while its top executive said the firm was performing slightly better than predicted.
The loss reported Friday is an improvement from a year ago, when the Overland Park, Kan.-based company with operations in Summit County lost $43 million, or $267.33 a share, for the same period a year earlier.
The per-share difference totals reflect a financial restructuring that has taken place over the last year. A 1-to-300 reverse stock split took effect Dec. 1, 2011. YRC is the parent of the former Akron-based Roadway.
The soft economy caused revenue to drop slightly from a year ago, the company said. YRC said it took in $1.251 billion, down 0.5 percent from $1.257 billion from the second quarter of 2011.
“Our focused approach to pricing discipline, customer mix management and cost initiatives has driven year-over-year improvement in our business, which is reflected in our operating income,” James Welch, YRC chief executive officer, said in a statement. “We are producing results slightly ahead of our forecast, despite the recently softening economy, and remain focused on executing our operations and sales strategies at all operating companies.”
Shares of YRC closed down 34 cents to $5.43. Shares are down 45.5 percent since Jan. 1 and are down 97 percent from a year ago.
YRC’s second-quarter finances came in slightly below industry analyst consensus estimates.
YRC said operating income totaled $15.5 million, up from a loss of $5.6 million a year earlier.
The company said the $15.5 million total included a $6.5 million gain from the sale of assets.
The company noted that it was the second time since the third quarter of 2008 that it had positive income from operations.
It also said that the operating loss of $5.6 million in 2011 included a $7.3 million gain from the sale of assets.
YRC said its regional carriers — Holland, New Penn and Reddaway — had operating revenues 7 percent higher than a year ago to $430 million.
Welch also said an effort begun in the first quarter of 2012 to bring down workers’ compensation claims was continuing. He said claims “had grown rapidly” during the combination of the Yellow Transportation and Roadway networks, but the company was now seeing “favorable trends.”
YRC also noted that a lawsuit brought by ABF Freight System Inc. against YRC, the Teamsters union and others was dismissed. ABF in 2010 sued for $750 million, claiming that a Teamsters-YRC contract violated a national labor agreement.