Please wait while we load the requested 10-Q report or click the link below:
10990 Roe Avenue
Overland Park, KS 66211
Phone 913 696 6100 Fax 913 696 6116
YRC Worldwide Reports Second Quarter 2018 Results
Results include Operating Income of $50.9 million and Adjusted EBITDA of $100.8 million
OVERLAND PARK, Kan., August 2, 2018 YRC Worldwide Inc. (NASDAQ: YRCW) reported consolidated operating revenue for second quarter 2018 of $1.326 billion and consolidated operating income of $50.9 million, which included a $2.2 million net loss on property disposals. As a comparison, for the second quarter 2017, the Companys results included operating revenue of $1.261 billion and consolidated operating income of $53.2 million, which included a $1.0 million net gain on property disposals.
In second quarter 2018, net income was $14.4 million compared to net income of $19.0 million in second quarter 2017.
On a non-GAAP basis, the Company generated consolidated Adjusted EBITDA of $100.8 million in second quarter 2018, an increase of $9.7 million compared to $91.1 million for the same period in 2017 (as detailed in the reconciliation below). Last twelve month (LTM) consolidated Adjusted EBITDA was $286.4 million compared to $277.5 million a year ago.
The total debt-to-Adjusted EBITDA ratio for second quarter 2018 improved to 3.18 times compared to 3.61 times for second quarter 2017.
Purchased transportation expense increased $17.6 million in second quarter 2018 when compared to the same period last year. The increase was primarily due to a $10.2 million increase in equipment lease expense of which $8.4 million was attributable to long-term rentals in conjunction with the Companys strategy to reinvest in its fleet. The purchased transportation results also include a $9.1 million increase in third-party costs for customer specific logistics solutions. These increases were partially offset by a $2.7 million decrease from reduced usage of local purchased transportation.
Reinvestment in the business continued with $23.0 million in capital expenditures and new operating leases for revenue equipment with a capital value equivalent of $38.6 million, for a total of $61.6 million, which is equal to 4.6% of operating revenue for second quarter 2018. The total represents a $32.0 million increase over the $29.6 million investment in second quarter 2017. The majority of the investment was in tractors, trailers and technology.
The consolidated operating ratio for second quarter 2018 was 96.2 compared to 95.8 in second quarter 2017. The operating ratio at YRC Freight was 96.8 compared to 96.1 for the same period in 2017. The Regional segments second quarter 2018 operating ratio improved by 50 basis points to 94.1 compared to 94.6 a year ago.
The following information was filed by Yrc Worldwide Inc. (YRCW) on Thursday, August 2, 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.
View differences made from one quarter to another to evaluate Yrc Worldwide Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Yrc Worldwide Inc..