YRC Worldwide posts higher revenue and operating income for 2018
US holding company of freight shipping brands YRC Worldwide has reported consolidated operating revenue for fourth quarter 2018 of US$1
US holding company of freight shipping brands YRC Worldwide has reported consolidated operating revenue for fourth quarter 2018 of US$1.25 billion compared to $1.21 billion in Q4 2017.
The company said consolidated operating income for the Q4 2018 totalled $59.4 million, which included a $28.1 million net gain on property disposals, compared to a consolidated operating income of $22.1 million, which included a $3.6 million net gain on property disposals in Q4 2017.
Consolidated operating revenue for the year ended December 31, 2018 was $5.09 billion with consolidated operating income of $147.2 million, which included a $20.8 million net gain on property disposals. This compares to full-year 2017 consolidated operating revenue of $4.89 billion with consolidated operating income of $119.0 million, which included a $0.6 million net gain on property disposals.
Chief executive officer of YRC Worldwide, Darren Hawkins, said: '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.
'Pricing discipline and favourable economic trends remained strong in the fourth quarter, resulting in year-over-year growth in operating revenue, operating income, revenue per hundredweight and revenue per shipment, both including and excluding fuel surcharge.'
The company's consolidated fourth quarter operating revenue growth of 3.2 per cent was largely attributed to the increase in revenue per hundredweight, excluding fuel surcharge, of 6.5 per cent for YRC Freight and 6.8 per cent for Regional Transportation, respectively, which marks the most significant year-over-year yield improvement in nearly four years for YRC Freight and more than ten years for Regional Transportation, reports AJOT.
'YRC Freight reported its highest fourth quarter operating income in four years and the Regional Transportation segment reported its highest fourth quarter operating income in five years, after excluding the $29.3 million operating gain associated with the partial sale of one of our YRC Freight Facilities,' Mr Hawkins explained.
'Throughout 2019, we will continue our intense focus on yield and investments in revenue equipment as we are committed to improving consolidated operating margins. The progress on our overall liquidity and leverage position provides a strong backdrop for our growth story in 2019 and beyond.'