YRC Worldwide posts 1Q loss, lower revenue

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YRC Worldwide reported a first-quarter 2008 loss of $45.9 million, compared with a year-ago profit of $1.3 million. Revenue declined 4 percent to $2.23 billion, from $2.33 billion a year earlier.

“The soft economy, severe winter weather and record fuel prices created a very difficult operating environment in the first quarter,” said Bill Zollars, chairman, president and chief executive officer of Overland Park, Kan.-based YRC Worldwide. “With that said, we have taken a number of actions that address the areas within our control, and we are seeing benefits from those efforts.”

The company said its first-quarter results included 13 cents per share in charges related to service-center closures at its USF Holland and USF Reddaway units and 11 cents per share for insurance claim adjustments. “Despite the macroeconomic challenges that we are facing, we believe that we have turned the corner and expect meaningful earnings improvement starting with the current quarter,” Zollars said.