(By Balaseshan) YRC Worldwide Inc. (NASDAQ: YRCW) reported a narrower quarterly loss due to lower operating expenses, despite a 3.6 percent decline in revenue. The loss per share was wider than the Street's expectations, while revenue missed the consensus.
Loss for the fourth quarter narrowed to $35.3 million or $4.53 per share from $84.2 million or $12.40 per share last year.
Operating revenue decreased to $1.169 billion from $1.212 billion.
Analysts, on average, polled by Thomson Reuters expected a loss of $2.82 per share on revenue of $1.18 billion for the fourth quarter.
Regional transportation revenue rose 2.5 percent to $391.4 million, while YRC Freight revenue fell 3.4 percent to $777.2 million.
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Operating income increased by $68.1 million to $30.0 million, which included a $9.2 million gain on asset disposals.
YRC Freight recorded $21.1 million in positive operating income in the fourth quarter which was a $47.8 million year-over-year increase and the second consecutive positive operating income quarter.
At December 31, 2012, the company's liquidity, including cash, cash equivalents and availability under its $400 million multi-year asset-based loan facility (ABL), was $251.3 million, down from $237.5 million at September 30, 2012.
YRCW is trading up 7.93 percent at $6.94 on Friday. The stock has been trading between $4.56 and $13.40 for the past 52 weeks.