Overland Park, Kansas-based YRC Worldwide Inc. (NASDAQ: YRCW) provides a variety of transportation services through its subsidiaries.
Last week, the International Brotherhood of Teamsters said that it will join YRC Worldwide in calling for a federal judge in Arkansas to dismiss a lawsuit challenging three rounds of wage and benefit concessions authorized by union members who work for the company.
Even as YRC Worldwide continues to work toward improving its financial position, the prospects for the trucking industry are looking good. The American Trucking Associations reported last week that truck tonnage grew in October to the highest level in three months. In a report released last week, the trade group said that its advance index of for-hire truck tonnage gained 0.8% in October, following a revised 1.8% gain in September.
Also this month, YRC Worldwide announced that it plans to shut down around 40 terminals across the country. The move is expected to improve the trucking company’s operating efficiency. The combination of better prospects for the trucking industry and the improvement in operations at YRC Worldwide are likely to help the company in consolidating its position.
YRC Worldwide recently announced its third-quarter financial results. The company managed to narrow down its third-quarter losses on the back of lower costs and continued uptick in freight. The company reported a third-quarter loss of $71.7 million, or $1.33 per share, compared with a loss of $158.7 million, or $66.66 per share reported in the third quarter of 2009. Analysts were expecting the company to report a loss of $1.31 per share in the third quarter of 2010. The company’s third-quarter revenue dropped 6% to $1.14 billion, in-line with analysts’ expectations.
YRC Worldwide stock is down 27.66% in November. Year-to-date, the stock is down 84.81%. It has a 52-week range of $2.53-$32.50. The stock is currently trading below its 50-day and 200-day moving averages. It has a support level at $3.11 and a resistance level at $3.47.
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