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With hundreds of new tractors and trailers already purchased and more on the way, the company formerly known as YRC Worldwide is poised to be highly competitive in the LTL freight sector, according to its CEO.

The recently rebranded Yellow Corp. — formerly YRC Worldwide — narrowed annual losses by nearly half even as fourth-quarter losses widened, and said it is bolstering operations through property divestitures and investments in new equipment.

YRC Worldwide Inc. narrowed its losses during the third quarter, announced plans to change its name to Yellow and expanded its board of directors.

Losses at YRC Worldwide Inc. widened in the second quarter amid the economic fallout of the COVID-19 pandemic, but the company said federal loans it received under coronavirus relief efforts will help position it to emerge healthier from the downturn.

Less-than-truckload carrier YRC Worldwide Inc. has reached an agreement with its lenders that will extend until 2024 the terms of $580 million in loans it is using to help improve its business operations.

YRC Worldwide Inc. swung to a profit in the first quarter, but revenue dipped and the less-than-truckload carrier warned that after gaining a waiver this year, it might not be able to stay in compliance with one of its loan covenants a year from now.

YRC Worldwide Inc. posted losses for both the fourth quarter and the year as it was weighed down by the United Auto Workers strike against General Motors Co., facilities closings and weakening freight traffic in its core Midwest market.

YRC Worldwide reported a net loss of $16 million or negative 48 cents per share, compared with a $2.9 million profit, or 2.9 cents per share in the same period a year ago.

WASHINGTON — As policymakers evaluate viable long-term approaches to fund the country’s transportation network, a trucking industry executive warned against relying on tolling.