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10990 Roe Avenue
Overland Park, KS 66211
Phone 913 696 6100 Fax 913 696 6116
YRC Worldwide Reports First Quarter 2018 Results
OVERLAND PARK, Kan., May 3, 2018 YRC Worldwide Inc. (NASDAQ: YRCW) reported consolidated operating revenue for first quarter 2018 of $1.215 billion and a consolidated operating loss of $4.3 million, which included a $3.2 million loss on property disposals. As a comparison, for the first quarter 2017, the Companys results included operating revenue of $1.171 billion and consolidated operating income of $0.3 million, which included a $2.7 million loss on property disposals.
|||In first quarter 2018, the net loss of $14.6 million improved by $10.7 million compared to a net loss of $25.3 million in first quarter 2017.|
|||On a non-GAAP basis, the Company generated consolidated Adjusted EBITDA of $45.7 million in first quarter 2018 compared to $43.2 million in the prior year comparable quarter (as detailed in the reconciliation below). Last twelve month (LTM) consolidated Adjusted EBITDA was $276.7 million compared to $277.8 million a year ago.|
|||The total debt-to-Adjusted EBITDA ratio for first quarter 2018 was 3.32 times compared to 3.62 times for first quarter 2017.|
|||Purchased transportation expense increased $20.9 million in first quarter 2018 when compared to the same period last year. The increase was primarily due to a $16.2 million increase in third party costs for logistics solutions and rail purchased transportation from increases in rail rates and rail miles. The purchased transportation results also include a $9.9 million increase in equipment lease expense of which $5.5 million was attributable to long-term leases in conjunction with the Companys strategy to reinvest in its fleet. These increases were partially offset by a $4.0 million decrease from reduced usage of local and over-the-road purchased transportation.|
|||Reinvestment in the business continued with $23.5 million in capital expenditures and new operating leases for revenue equipment with a capital value equivalent of $73.7 million, for a total of $97.2 million, which is equal to 8.0% of operating revenue for first quarter 2018. The total represents a $72.5 million increase over the $24.7 million investment in first quarter 2017. The majority of the investment was in tractors, trailers and technology.|
|||For the period beginning January 1, 2018, YRC Worldwide Inc. updated its presentation of net periodic pension cost associated with its plans for non-union employees due to the adoption of a new accounting standard, with retrospective application. For first quarter 2017, the amount reclassified from Salaries, wages and employee benefits in operating expenses to nonoperating expenses is $3.3 million. As a result, this reclassification changed the first quarter 2017 reported operating loss of $3.0 million to operating income of $0.3 million.|
The following information was filed by Yrc Worldwide Inc. (YRCW) on Thursday, May 3, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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