USA Truck Reports Third Quarter 2018 Results
•3Q 2018 net income of $3.3 million, or $0.40 per diluted share versus 3Q 2017 net income
of $0.4 million, or $0.05 per diluted share
•3Q 2018 adjusted net income of $3.6 million, or $0.43 per diluted share, when adjusted for
acquisition related transaction costs
3Q 2018 consolidated operating revenue increased 16.1% to $132.6 million from $114.2 million in 3Q 2017
Continued year over year improvement in base revenue per available tractor per week
Van Buren, AR – October 25, 2018 – USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the three and nine months ended September 30, 2018.
For the quarter ended September 30, 2018, consolidated operating revenue was $132.6 million compared to $114.2 million for the prior-year period. Base revenue, which excludes fuel surcharge revenue, was $116.6 million compared to $102.4 million for the 2017 period. The Company reported net income of $3.3 million, or $0.40 per diluted share for the third quarter 2018 and adjusted net income of $3.6 million, or $0.43 per diluted share, compared to net income of $0.4 million, or $0.05 per diluted share, for the same quarter in 2017. The Company’s third quarter 2018 consolidated operating ratio was 95.6%, compared to 98.4% in the comparable 2017 quarter.
President and CEO James Reed commented, “I am proud of the entire team here at USA Truck and our ability to deliver continued year-over-year improvement in operating revenue and operating income. This quarter represents our fifth consecutive quarter of consolidated profitability, and demonstrates progress on our turnaround initiative. Our Trucking segment’s most critical metric, base revenue per available tractor per week, improved year-over-year by $408, or 13.6%. We achieved this despite periods of high unseated truck count, related to OEM delivery issues and a challenging driver recruitment environment during the quarter. In response to this challenging driver market, we increased driver pay in targeted regions and reengineered our driver pay packages to ensure USA Truck remains an employer of choice for professional drivers. We continue to focus on seating tractors and driving continued year-over-year improvement in base revenue per available tractor per week, through strategic network design and operational efficiencies. Our USAT Logistics segment also generated year-over-year increases in revenue and operating income, as well as a 9.4% improvement in gross margin in the third quarter. This led to USAT Logistics’ best quarterly operating ratio percentage in the last four quarters.
Last week we announced the acquisition of Davis Transfer Company of Carnesville, GA. This acquisition added approximately 250 tractors to the fleet and a robust operational network in the southeast United States which complements our existing footprint. This opportunity adds capacity and density to our network, while also bolstering strategic customer relationships, which we believe will further complement our network. We expect Davis to be immediately accretive to earnings.”
Trucking: For the third quarter of 2018, Trucking operating revenue increased $9.1 million, or 11.9%, to $85.5 million, compared to the third quarter of 2017. This increase was primarily due to
The following information was filed by Usa Truck Inc (USAK) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.