USA Truck beats estimates with record quarterly income, revenue

by Michael Tilley ([email protected]) 1,248 views 

USA Truck blew past consensus estimates on first quarter net income and revenue as the shipping and logistics company set another quarterly record on both metrics. Net income of $13.111 million was almost three times higher than in the same quarter in 2021.

The Van Buren-based company reported its quarterly earnings Thursday (April 28) after the markets closed, with the earnings per share of $1.45 considerably higher than the consensus estimate of 76 cents. Total revenue in the quarter was $201.063 million, above 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 the Company’s history and the seventh consecutive quarter of record earnings. The Company also delivered its highest first quarter total revenue and adjusted earnings per share in its history,” President and CEO James Reed noted in the earnings report.

The trucking segment posted quarterly revenue of $116.071 million, better than the $103.103 million in the same quarter of 2021. Operating income in the segment was $12.628 million, more than triple the $3.52 million in the 2021 quarter.

USAT Logistics had quarterly revenue of $97.444 million, up 42.5% from the $68.381 million in the same quarter of 2021. Operating income in the segment 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 adjusted operating ratio improved 890 basis points year over year to 87.0%, and the USAT Logistics segment delivered a 24.8% increase in load volume with operating revenue up 42.5% year over year. Management’s focus and continued execution on the operating strategy and strategic initiatives drove these results,” Reed said.

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

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

USA Truck shares (NASDAQ: USAK) closed Thursday at $15.91, up 92 cents. The share price in the past 52 weeks has ranged between $13.01 and $29.09.