YRC Worldwide reports full year results for 2018

YRC Worldwide has reported results for the 2018 financial year. Total revenue for the year ended December 31, 2018 was $5.092bn, which compares to $4.891bn in 2017, an increase of 4%. 2018 saw operating income increase by 23% to $147.2m from $119.0 and net income was $24.5m.

In terms of key segments, both YRC Freight and Regional Transportation performed well with revenue increases of 4.2% to $3,197bn and 3.9% to $1,895bn, respectively. Operating income for YRC Freight has increased to $89.3m, up 42.7% from 2017, whilst Regional Transportation has increased by 4% to $70.7m. Both segments saw a reduction in volumes. Total tonnage per day decreased by 2.7% for YRC Freight and 3.4% for Regional Transportation. Price increases can explain the rise in the revenues, despite the drop in volumes.

Darren Hawkins, Chief Executive Officer of YRC Worldwide, stated, “Our results in the fourth quarter and over the course of 2018 demonstrate successful execution against a plan focused on yield achievement, capital investment of our revenue equipment and the reduction of short-term rental costs and expensive local purchased transportation.”

Hawkins concluded, “Throughout 2019, we will continue our intense focus on yield and investments in revenue equipment as we are committed to improving consolidated operating margins.”

Source: YRC Worldwide