YRC reports $823 mln Q3 impairment charge

CHICAGO, Nov 11 (Reuters) - North America's largest trucking company, YRC Worldwide Inc (YRCW.O), reported a goodwill charge of $823.1 million for the third quarter, citing the impact of a deteriorating U.S. economy on its business.

This included a total writeoff of goodwill associated with its National Transportation unit, YRC said in a filing to the U.S. Securities and Exchange Commission late on Monday.

YRC also wrote off the majority of goodwill associated with its YRC Logistics segment and reduced the tradename values attributed to Roadway and Reimer Express Lines.

The company, based in Overland Park, Kansas, said its operating performance had continued to decline in the first three quarters of 2008 and that its share price and market capitalization remained depressed compared to book value.

"Overall U.S. economic trends are declining as seen in most indices including those applicable to the retail sector, manufacturing, construction and housing," the company said.

"Declining economic activity, evidenced by these trends, negatively impacts the volume of freight we service and the price we receive for our services."

Like other U.S. trucking companies, YRC has struggled with weak freight volumes since the third quarter of 2006 due to a combination of the housing sector meltdown, worsening retail and auto sales and a slowing of the overall economy.

The company's stock has lost more than 90 percent of its value since early 2007 when it was trading at close to $50.

YRC shares were down 24 cents, or nearly 6 percent, at $3.78 in afternoon trading on Nasdaq.

(Reporting by Nick Carey; Editing by Ted Kerr)