Shares of trucking company YRC Worldwide (YRCW) are down 3 cents, or 5%, at 58 cents after the company this morning reported a 29% drop in revenue, to $1.06 billion, missing the average $1.11 billion estimate, yielding a net loss per share of 33 cents, 15 cents better than expected.
YRC CEO Bill Zollars has promised to get the struggling freight hauler back to pre-tax profitability this quarter, and Q1 showed some signs of improvement in that direction. Adjusted Ebitda loss narrowed each month, from $27 million in January to $21 million in February to $5 million in March.
YRC’s total tons of freight hauled fell by 35% while revenue per hundredweight rose 0.4% including a fuel surcharge. The company’s volume rose in April from March, it said, both in national and regional freight hauling.
YRC has “stabilized its customer base,” said Zollars in the statement, and its “Regional companies have a lot of momentum.”
The company said it yesterday reset certain debt covenants, including a requirement to deliver $5 million in Ebitda this quarter, and $100 million cumulatively for Q2 through Q4, and to maintain $25 million in cash on the books.
YRC had $18 million in cash from operations during the quarter, leaving it with $130 million in cash and equivalents at the end of the quarter.
No comments:
Post a Comment