YRC Worldwide Inc. reported results for the first quarter ended March 31, 2020. Operating revenue was $1.150 billion and operating income was $28.0 million, which included a $39.3 million net gain on property sales. In comparison, operating revenue in the first quarter of 2019 was $1.182 billion and operating loss was $31.7 million, which included a $1.6 million net loss on property disposals.

Net income for first quarter 2020 was $4.3 million, or $0.13 per share, compared to net loss of $49.1 million, or $1.48 per share, in first quarter 2019.
“Despite the COVID-19 pandemic and ensuing economic fallout during the first quarter of this year, we have continued our enterprise transformation efforts, working toward our vision of combining the power of our five brands into one network and one enterprise-wide service offering,” said Darren Hawkins, Chief Executive Officer.
Additionally, as we realized the seriousness and severity of its impact on the economy and the less-than-truckload (LTL) industry specifically, we took immediate and swift liquidity preservation actions, including:
•    Working with our term loan lenders to secure an amendment waiving our minimum Adjusted EBITDA covenant for every quarter this year through and including the year-end 2020 covenant and to convert the vast majority of the cash interest payments due in the first half of the year into non-cash payable-in-kind;
•    Making appropriate adjustments to our cost structure such as elimination of executive bonuses and merit increases, employee furloughs and cessation of discretionary spend items; and
•    Implementing additional liquidity preservation measures as appropriate under the circumstances.
“Our nation has never depended more on our 30,000 employees than it does today.  Coast to coast, our team members are answering the call every day to ensure our customers receive the goods that our communities need, and we will continue to do so as the economy stabilizes and begins to recover.  YRCW and our family of companies are vital to the nation’s supply chain and a critical partner to over 200,000 customers throughout the nation including many medical suppliers, and the U.S. government, including the Departments of Defense, Energy, and Homeland Security. Since our beginnings over 90 years ago, we have grown to become the second largest LTL carrier and the fifth largest transportation company in America transporting shipments every day to every corner of the country to every type of business, small, large and everything in between. I have always been proud of our employees, but today is like none other in my career. I stand in awe of their dedication and resilience to deliver essential goods, and as the nation gets back to business, our employees will continue to be there to help put America on the road to recovery” concluded Hawkins.