First quarter revenue up 25% for USA Truck; net income totals $3.597 million

A 90.8% gain in operating revenue in the logistics segment helped Van Buren-based USA Truck post an almost $32 million gain in first quarter revenue. First quarter net income of $3.597 million was a big improvement over the $2.551 million loss in the first quarter of 2020.

The trucking and logistics company posted first quarter revenue of $158.505 million, up 25% from the $126.773 million in the same quarter of 2020. USA Truck President and CEO James Reed said the company benefited from strong freight demand driven in part by consumer spending and restocking of depleted inventories.

“The first quarter marked the best first quarter earnings in the Company’s history. I am proud of how the team has bought into our vision, and how our transformation continues to manifest itself in improved operating and financial results,” Reed said in the earnings report posted Thursday (April 29) after the markets closed.

In addition to internal benefits from regionalization in the trucking segment and price discipline, Reed said positive driver retention “in the most difficult driver hiring environment in recent memory” helped the company control costs. Revenue in the trucking segment was up 9.7%.

Trucking segment
1Q 2021 revenue: $103.103 million
1Q 2020 revenue: $93.944 million

1Q 2021 operating income: $3.52 million
1Q 2020 operating income: ($1.688 million)

Following are other metrics reported for the trucking segment.
• Base revenue per available tractor per week increased $591, or 18.3%, compared to the first quarter of 2020 primarily due to the increase in base revenue per loaded mile.
• Base revenue per loaded mile increased 40.5 cents, or 19.4% year over year.
• Loaded miles per available tractor per week decreased 14 miles, or 0.9%, compared to the first quarter of 2020.
• The average seated tractor count for the first quarter of 2021 was 1,782, down 4.8% over the first quarter 2020 average of 1,871.

Logistics segment
4Q 2020 revenue: $68.381 million
4Q 2019 revenue: $35.825 million

4Q 2020 operating income: $2.526 million
4Q 2019 operating income: ($624,000)

The company reported that revenue per load in logistics was up 57.1%, or $752 per load year over year, and load count increased by 5,836 loads, or 21.4%, year over year.

USA Truck posted full year 2020 net income of $4.746 million, much better than the $4.698 million loss in 2019. Revenue during the year was $551.138 million, better than the $522.631 million in 2019.

USA Truck shares (NASDAQ: USAK) closed Thursday at $16, up 56 cents. During the past 52 weeks the share price has ranged between $4 and $21.89.