YRC Worldwide shares slide despite narrowed 2Q loss

The Associated Press

8/4/2010

NEW YORK — Shares of trucking company YRC Worldwide Inc. fell Tuesday as investors worried over the challenges ahead, despite its report of a much narrower second-quarter loss.

The stock dropped 19.4 percent, or 8 cents, to 33 cents in afternoon trading. The stock has traded as low as 10 cents and as high as $6.18 in the past year.

The company, based in Overland, Kan., posted a loss of $9.5 million, or a penny per share, compared with a year-ago loss of $309 million, or $5.20 per share.

Revenue fell to $1.12 billion from $1.23 billion a year ago.

Analysts surveyed by Thomson Reuters expected a loss of 8 cents per share with revenue of $1.19 billion. The estimates typically exclude items.

At YRC’s national unit, shipments per day were down 18.6 percent. They were up 11 percent compared with the first quarter.

YRC’s regional unit reported shipments fell 3.1 percent from a year earlier, but leaped 13.8 percent from the seasonally weak first quarter. The company said the sequential volume growth pressured its liquidity.

Longbow Research analyst Lee Klaskow said he thinks “management is showing signs of progress that will help YRC return to profitability.” But he recommends investors “stay on the sidelines” because the company is still struggling. He said there is still a chance the company will be forced into filing for bankruptcy, as it nearly was late last year, but Klaskow noted he thinks the company has enough support to survive.

Kevin Jones of The Trucker staff can be reached for comment at kevinj@thetrucker.com.

Old Dominion Freight Line declares stock split

The Associated Press

8/2/2010

THOMASVILLE, N.C. — Old Dominion Freight Line Inc. said it approved a 3-for-2 stock split for shareholders as of Aug. 9.

Shareholders will get certificates for the new shares, and instead of partial shares they will get cash based on the average of the high and low sales prices on the record date.

After the split, Old Dominion will have 55.9 million shares outstanding. It’s the fourth 3-for-2 split in slightly more than seven years. The company said the split will improve trading volume of its stock.

“We are pleased to declare this three-for-two stock split, which is our fourth three-for-two split in just over seven years. In making this decision, our Board of Directors considered our industry-leading financial performance together with our prospects for continued growth,” said David S. Congdon, president and CEO of Old Dominion. “This action, which we expect will improve the market liquidity and trading volume of our stock, reflects our board’s confidence in our ability to drive long-term value for Old Dominion’s shareholders.”

The shares rose 63 cents to $40.06 in morning trading.

Diesel inches up again for third consecutive week, to $2.928

The Trucker Staff

8/2/2010

WASHINGTON — The weekly retail on-highway diesel price was up $0.009 today, a small increase but the third consecutive week that the price has risen. The average today was $2.928 per gallon for the U.S. and was up $0.378 from one year ago.

The only region that saw a decline was New England (-$0.005) to $3.009 per gallon.

The least expensive price was found in the Gulf Coast region at $2.887 per gallon which was up $0.012 a gallon from last week.

The West Coast was highest at $3.071 per gallon, while California, which is not part of any region, topped all prices at $3.132 per gallon.

A three week comparison of prices may be found here.

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