USA Truck beats estimates with record quarterly revenue and revenue

USA Truck beat consensus estimates for first-quarter net profit and revenue as the transportation and logistics company set a new quarterly record on both metrics. Net profit of $13.111 million was almost three times higher than the same quarter in 2021.

The Van Buren-based company released its quarterly results Thursday (April 28) after markets closed, with earnings per share of $1.45 significantly above the consensus estimate of 76 cents. Total revenue for the quarter was $201.063 million, higher than the $158.505 million in the 2021 quarter and above the consensus estimate of $185.55 million.

“This quarter, USA Truck produced the best first quarter earnings per share in company history and the seventh consecutive quarter of record earnings. The company also achieved its highest first-quarter total revenue and adjusted earnings per share in its history,” Chairman and CEO James Reed noted in the earnings report.

The trucking segment recorded quarterly revenue of $116.071 million, better than the $103.103 million in the same quarter of 2021. The segment’s operating profit was $12.628 million, more than triple the 3.52 million in the 2021 quarter.

USAT Logistics posted quarterly revenue of $97.444 million, up 42.5% from $68.381 million in the same quarter of 2021. Segment operating profit was $6.055 million, well above the $2.526 million in the 2021 quarter.

“Segment results continue to reflect improved operating results as the Trucking segment’s adjusted operating ratio improved 890 basis points year-over-year to 87.0%, and the USAT Logistics segment saw a 24.8% increase in cargo volume with operating revenue up 42.5% year-over-year. Management’s continued focus and execution on operating strategy and strategic initiatives has driven these results,” said Reed.

Here are other key metrics noted in the quarterly report.
• Revenue per mile loaded during the quarter was $2.907, compared to $2.49 in the same quarter of 2021.
• Base revenue per tractor per week was $4,265, better than $3,814 in the 2021 quarter.
• The average number of tractors seated during the quarter was 1,716, compared to 1,782 in the same quarter of 2021.
• Logistics revenue per load increased by 14.2%, or $294 per load, compared to the 2021 quarter.
• The number of logistics loads increased by 8,194 loads, or 24.8% compared to the quarter of 2021.

The record quarter followed a record year. USA Truck posted net income of $24.768 million in 2021, more than five times 2020 net income and a record for the trucking and logistics company. Revenue for the full year was $710.387 million, up 28.9% from revenue of $551.138 million in 2020.

Shares of USA Truck (NASDAQ:USAK) closed Thursday at $15.91, up 92 cents. The stock price over the past 52 weeks has fluctuated between $13.01 and $29.09.

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