YRC Rises: Freight Volume Up in March

Trucking logistics firm YRC Worldwide (YRCW) today issued a first quarter update, saying freight volume picked up in March from February and January, despite inclement weather, and reiterating a view that the company is on track to produce positive pre-tax profit in the second quarter.

Specifically, average shipments per workday for YRCW were 42,700 for YRC National and 33,700 for YRC Regional in Q1.

In March, average workday freight volume for YRC National was 44,900 shipments, up from 41,900 in February, and 35,300 for YRC Regional, up from 32,900 in February.

Those numbers are below the 47,700, however, per day shipment volume in Q4 that the company and analysts were discussing back on February 5th, when an analyst had this exchange with management:

Edward Wolfe, Wolfe Research – Analyst

So you would expect first-quarter shipments when we see them in three months, they will be above the 47.7?

Bill Zollars, YRC Worldwide, Inc. – Chairman and CEO

Should be, yes, and the other thing I would point out is the yield trends have continued as well.

“We appreciate the confidence our customers continue to demonstrate through increasing volume levels and returning their business to us, and we are pleased with the progress we continue to make on increasing shipments while simultaneously reducing costs,” said YRC CEO Bill Zollars in the press release.

“With the improved operating momentum we achieved as we exited the seasonally slowest quarter of the year, we have even more confidence in our ability to generate positive EBITDA beginning with the second quarter of 2010.”

YRCW shares this morning are up 5 cents, or 8.4%, at 62 cents.