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10990 Roe Avenue
Overland Park, KS66211
Phone 913 696 6100 Fax 913 696 6116
YRC WORLDWIDE REPORTS 2013 FOURTH QUARTER AND FULL YEAR EARNINGS
OVERLAND PARK, Kan., February 27, 2014 YRC Worldwide Inc. (NASDAQ: YRCW) today reported financial results for the fourth quarter and full year 2013.
Full Year Results
Consolidated operating revenue for the year ended December 31, 2013 was $4.865 billion, 0.3% higher than 2012 and consolidated operating income increased $4.3 million to $28.4 million, which included a $2.2 million gain on asset disposals. Comparatively, the company reported consolidated operating revenue of $4.851 billion for the year ended December 31, 2012 and a consolidated operating income of $24.1 million, which included a $9.7 million gain on asset disposals.
The company reported, on a non-GAAP basis, adjusted EBITDA for the year ended December 31, 2013 of $257.7 million, a $16.5 million improvement over the $241.2 million adjusted EBITDA during 2012 (as detailed in the reconciliation below).
Our 2013 operating performance was slightly improved compared to 2012, and though better, we were hampered by execution challenges of the YRC Freight network optimization in the second and third quarters of 2013, driver shortages during the summer months and tough winter weather late in the fourth quarter, said YRC Worldwide CEO James Welch. While YRC Freight stumbled during 2013, our Regional carriers delivered a solid performance with a 5.4% increase in revenue from increases in both tonnage and revenue per hundredweight, stated Welch. The Regional carriers reported $79.9 million of operating income, an increase of $9.9 million over the same period in 2012, and increased adjusted EBITDA by $10.3 million, from $140.2 million in 2012 to $150.5 million in 2013. With an operating ratio of 95.4 for 2013, the Regional carriers produced results that were more than competitive within the industry.
As we move into 2014, we will be focusing our efforts and attention on implementing the changes in our recently ratified Memorandum of Understanding (MOU) with the International Brotherhood of Teamsters (IBT), solidifying YRC Freights regimented service cycle, more aggressively managing our yield across our operating companies, investing in our technology and revenue equipment and reengaging our workforce, continued Welch. Today, we have an experienced team, a more competitive union contract, a strong customer base and, for the first time in the last five years, we do not have the overhang of any near-term debt maturities. Going forward, we will be adhering to a strict set of fundamental freight processes that will allow us to improve our on-time service performance at YRC Freight much like we have at our Regional companies. These changes will enable us to provide our customers the best possible service for their specific freight needs, Welch said.
The following information was filed by Yrc Worldwide Inc. (YRCW) on Thursday, February 27, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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