YRC Worldwide announces lower 1Q earnings, revenue

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YRC Worldwide announced Thursday, April 26, that its first-quarter income was $1.3 million, down from $42.1 million a year earlier. Operating income fell to $20.4 million from $87.8 million. Operating revenue for the quarter dropped slightly to $2.3 billion from $2.4 billion a year ago.

“Our results were impacted by a weaker economy and extremely difficult operating conditions during the first quarter,” said Bill Zollars, chairman and chief executive officer of the Overland Park, Kan.-based company. This year’s quarter included charges related to property losses and the previously announced combination of units USF Bestway and USF Reddaway.

“The economy grew more slowly than anticipated in the first quarter, and the general consensus of economists appears to be pushing out an improving economy by one quarter, which will continue to impact us as we move through 2007,” Zollars said.