YRC Worldwide Inc. on Thursday, Oct. 23, announced third quarter 2008 earnings of $36.6 million compared with earnings of $40.7 million during the year-ago period. Revenue was $2.38 billion, down from $2.46 billion.
“Throughout the third quarter, the operating environment progressively weakened, resulting in lower-than-expected volumes and more competitive pricing,” said Bill Zollars, chairman, president and chief executive officer of Overland Park, Kan.-based YRC Worldwide. “Although the economy slowed more than we expected during the quarter, we still generated solid free cash flow and paid down debt, in addition to removing significant cost from our business.”
Key segment information for the third quarter included:
“We are focused on adapting to weaker economic conditions while still providing quality service to our customers,” Zollars said. “Although improved efficiencies and enhanced service are the key drivers of the Yellow and Roadway integration, the expected cash flows from additional facility sales and further reducing capital expenditures are incremental benefits that should significantly improve our liquidity. We also remain confident in our ability to deliver a run rate of at least $200 million of operating income improvement by the end of 2009 from the integration.”
