Troubled trucking giant YRC Worldwide (YRCW.O) Inc on Thursday posted a larger-than-expected loss for the third quarter but said it was making progress on a financial restructuring as shipping trends stabilized.

For the third quarter ended Sept 30, YRC posted a loss of$158.74 million, or $2.67 per share, compared to a net loss of $720.88 million, or $12.58 per share, a year earlier.

Analysts, on average, expected a loss of $1.70 per share loss for the quarter, according to analysts polled by Thomson Reuters I/B/E/S.

YRC, a less-than-truckload (LTL) operator that takes small loads and consolidates them into a single truck, has made widespread layoffs and restructured operations to appease anxious lenders and regain financial stability after being hit by the recession.