New York Shares of trucking company YRC Worldwide Inc. tumbled almost 11 percent Friday after the company reported a narrower third-quarter loss.
The company, one of the nation's largest truckers, has lost money in every quarter for nearly two years. It has negotiated with its lenders to ease the terms of its debt, asked workers to take pay cuts and sold real estate to stay afloat. Last week, it sealed a deal with the Teamsters union to maintain 15 percent wage cuts that were accepted last year through 2015.
In the wake of its latest earnings report, its shares dropped 52 cents, or 10.9 percent, to $4.24 in midday trading.
The Overland Park, Kan. company, which operates trucks under Roadway, Yellow and New Penn names, posted a loss of $61.7 million, or $1.33 per share, compared with a year-ago loss of $158.7 million, or $66.66 per share. The company had an average of 46.5 million shares outstanding in the most recent quarter compared with an average of just 2.4 million shares outstanding a year ago. The company approved a 1-for-25 reverse stock split which was effective on Oct. 1.
Revenue fell slightly to $1.14 billion from $1.2 billion a year earlier.
Analysts polled by Thomson Reuters expected a loss of $1.33 per share
Shipments per day at the company's national unit fell 12.2 percent. At its regional unit, shipments were up 2.5 percent.
As of Sept. 30, the company had about $791.8 million in total assets and $1.08 billion in liabilities.