YRC Worldwide, Inc. (NASDAQ:YRCW) shot into the red nearly 10% Tuesday despite reporting an increase in second quarter earnings from a year ago, as well as sequential improvements in shipments.
The Overland Park, Kansas-based company reported a net loss of $9.5 million, or 1 cent a share, compared with a loss of $309 million, or $5.20 a share, in the same quarter last year, and landing ahead of average analyst estimates of a loss of 8 cents, according to a Thomson Reuters poll.
Revenue for the provider of transportation services was $1.1 billion, down from $1.2 billion in the earlier-year period, and falling short of the Street’s view of $1.19 million.
Despite the worse-than expected results, YRC CEO Bill Zollars said he was “pleased” with the sequential growth in the company’s business volumes and earnings, which he attributed to a significant gain in traction in its customer mix management and cost initiatives.
The company saw year over year declines in its YRC National Transportation and Regional Transportation shipments per day, though the two segments both saw increases from this year’s first quarter.