USA Truck Reports Fourth Quarter 2018 Results
•4Q 2018 net income of $5.3 million, or $0.64 per diluted share versus 4Q 2017 net income of $14.8 million, or $1.84 per diluted share
•4Q 2018 adjusted net income(a) of $5.7 million, or $0.68 per diluted share versus 4Q 2017 adjusted net income(a) of $2.8 million, or $0.35 per diluted share
•4Q 2018 consolidated operating revenue increased 14.5% to $141.1 million from $123.3 million in 4Q 2017
•Continued year over year improvement in base revenue per available tractor per week
Van Buren, AR – February 4, 2019 – USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the three and twelve months ended December 31, 2018.
For the quarter ended December 31, 2018, consolidated operating revenue was $141.1 million compared to $123.3 million for the prior-year period. Base revenue, which excludes fuel surcharge revenue, was $124.3 million compared to $110.1 million for the 2017 period. The Company reported net income of $5.3 million, or $0.64 per diluted share for the fourth quarter 2018 and adjusted net income(a) of $5.7 million, or $0.68 per diluted share, compared to net income of $14.8 million, or $1.84 per diluted share, and adjusted net income(a) of $2.8 million, or $0.35 per diluted share, for the same quarter in 2017. Included in earnings per diluted share for the fourth quarter of 2017 was the impact of the Tax Cuts and Jobs Act of 2017, which resulted in a reduction of income tax expense by approximately $12.0 million, or $1.49 per diluted share. The Company’s fourth quarter 2018 consolidated operating ratio was 93.8%, compared to 95.5% in the comparable 2017 quarter.
President and CEO James Reed commented, "I am pleased to report that our team successfully delivered a sixth consecutive quarter of consolidated profitability, and achieved several impressive milestones on our path to improved performance. The fourth quarter of 2018 generated the highest quarterly adjusted earnings per diluted share(a) in our Company's history, at $0.68. The full year 2018 adjusted earnings per diluted share(a) of $1.56 was the third highest in Company history. Our Trucking segment, for the fourth quarter of 2018, generated a 91.1% adjusted operating ratio(a), which represents the best operating ratio our Company has produced in its trucking operations in more than twelve years. Also, we completed our acquisition of Davis Transfer Company during the quarter and have been pleased with the operational and financial results thus far. While we are proud of these results, management still believes significant opportunity exists to drive further improvements.
We remain focused on seating trucks, improving base revenue per available tractor per week and increasing volume in our USAT Logistics segment. We believe increased performance in these areas will help us deliver on our goals of continued improvement in our consolidated results and maximizing shareholder value."
Trucking: For the fourth quarter of 2018, Trucking operating revenue increased $14.1 million, or 16.9%, to $97.9 million, compared to the fourth quarter of 2017. This increase was primarily due to a 12.1% increase in base revenue per loaded mile. Trucking operating income was $7.4
The following information was filed by Usa Truck Inc (USAK) on Monday, February 4, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.