Please wait while we load the requested 10-K report or click the link below:
YRC WORLDWIDE REPORTS 2014 FOURTH QUARTER AND
FULL YEAR EARNINGS
OVERLAND PARK, Kan., February 5, 2015 YRC Worldwide Inc. (NASDAQ: YRCW) today reported financial results for the fourth quarter and for the full calendar year of 2014.
Fourth Quarter Results
Consolidated operating revenue for the fourth quarter of 2014 was $1.218 billion, a $10.0 million increase over the $1.208 billion reported for the fourth quarter of 2013. At the same time, consolidated operating income increased $32.8 million, from an operating loss of $1.6 million, to operating income of $31.2 million. Operating income in 2014 included a $5.8 million gain on asset disposals compared to a $0.3 million gain on asset disposals in 2013.
The company also reported, on a non-GAAP basis, adjusted EBITDA of $77.0 million for the fourth quarter of 2014, a $18.2 million increase from the $58.8 million of adjusted EBITDA reported for the fourth quarter of 2013 (as detailed in the reconciliation below).
YRC Freight Fourth Quarter Results
Operating revenue for the fourth quarter of 2014 for YRC Freight was $795.5 million, an $18.8 million increase over the $776.7 million reported in the fourth quarter of 2013. At the same time, operating income increased $39.9 million, from an operating loss of $15.4 million, to operating income of $24.5 million, and adjusted EBITDA increased $26.6 million, from $17.4 million in the fourth quarter of 2013 to $44.0 million in 2014.
During the fourth quarter of 2014, YRC Freight experienced yield growth compared to the prior year of 5.7% including fuel surcharge and 7.3% excluding fuel surcharge, said James Welch, chief executive officer of YRC Worldwide. On a year-over-year basis during the quarter, YRC Freight achieved total revenue per hundredweight (including fuel surcharge) increases of 4.8% in October, 6.9% in November and 5.7% in December. The year-over-year increase in yield continued the trend that began in the third quarter and continued to pick up momentum, especially when compared to the results excluding fuel surcharge and is a testament of improving base rates and fundamental pricing. Additionally, on a year-over-year basis, YRC Freight reported tonnage per day decreases of 1.6% in October, 3.2% in November and 3.2% in December. The decreases in tonnage were a result of prioritizing yield improvement and profitability over volume.
YRC Freight continues to improve profitability by executing on its operational initiatives and significantly increasing technology investments, continued Welch. In 2015, the lower price of diesel and the resulting lower fuel surcharge revenue will be a headwind for the entire LTL industry. Going forward, we will continue growing base rates and getting paid for the service we provide while continuing to realize the benefits of investments already made in technology, safety, driver recruitment and employee engagement, stated Welch.
The following information was filed by Yrc Worldwide Inc. (YRCW) on Thursday, February 5, 2015 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.
View differences made from one year to another to evaluate Yrc Worldwide Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Yrc Worldwide Inc..