WASHINGTON (dpa-AFX) - YRC Worldwide Inc. (YRCW) on Thursday reported a narrower loss for the first quarter amid a modest growth in revenues.
Net loss attributable to the company narrowed to $85.48 million from $102.19 million in the prior year.
Loss per share was $12.40 compared to $643.56 last year as average outstanding common shares increased to 6.89 million from 159 thousand in the prior year.
The number of shares and the per share amounts for 2011 reflect the 1:300 reverse stock split which was effective on December 1, 2011.
Also, last year's results have been restated for the effect of the change in accounting for prepaid tires which was effective on October 1, 2011.
On average, 7 analysts polled by Thomson Reuters expected a loss of $10.42 per share for the quarter. Analysts' estimates typically exclude special items.
In the seasonally slow first quarter, consolidated operating revenue grew to $1.194 billion from $1.123 billion in the prior year. Analysts expected revenues of $1.19 billion.
Operating expenses climbed to $1.24 billion from $1.19 billion.
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