YRC Worldwide expects to report second quarter earnings of $35 million to $45 million before taxes, debt and amortization, the trucking company said Monday, as shipments begin to pick up.
The company forecast excludes the YRC Logistics segment, which it sold last month. When including an expected loss from discontinued operations, it expects to report second quarter EBITDA earnings of $24 million to $36 million.
In the first quarter, the company posted a loss before taxes, debt and amortization of $53 million.
The company said tonnage per day in the second quarter for its National trucking unit was 11 percent higher than the first quarter. The first quarter is generally the weakest for truckers because it falls after the holiday season and harsh winter weather often restricts operations.
YRC expects to record a lower charge related to stock awards for employees it offered as part of a pay cut plan. It predicts is will record a non-cash charge of $83 million in the second quarter compared with a $108 million charge in the first quarter.
As of June 30, the company had about $142 million in cash and cash equivalents, compared with about $130 million on March 31.
The company will report second-quarter results on Aug. 3.
Shares in YRC Worldwide Inc. rose 4 cents, or 34 percent, to 15 cents. It has traded as low as 10 cents and as high as $6.18 in the past year.
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