USA Truck Reports First Quarter 2019 Results
•1Q 2019 net income of $1.5 million, or $0.18 per diluted share versus 1Q 2018 net income
of $1.0 million, or $0.13 per diluted share
•1Q 2019 adjusted net income of $2.0 million, or $0.24 per diluted share, when adjusted for
acquisition related intangible amortization and severance costs versus 1Q 2018 adjusted net income of $1.1 million, or $0.14 per diluted share
1Q 2019 consolidated operating revenue increased 7.2% to $134.0 million from $125.0 million in 1Q 2018
Continued year over year improvement in base revenue per available tractor per week
Van Buren, AR – April 25, 2019 – USA Truck, Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the three months ended March 31, 2019.
For the quarter ended March 31, 2019, consolidated operating revenue was $134.0 million compared to $125.0 million for the prior-year period. Base revenue, which excludes fuel surcharge revenue, was $118.4 million compared to $110.3 million for the 2018 period. The Company reported net income of $1.5 million, or $0.18 per diluted share for the first quarter 2019 and adjusted net income of $2.0 million, or $0.24 per diluted share, compared to net income and adjusted net income of $1.0 million, or $0.13 per diluted share and $1.1 million, or $0.14 per diluted share, respectively, for the same quarter in 2018. The Company's first quarter 2019 consolidated operating ratio was 97.1%, compared to 98.1% in the comparable 2018 quarter.
President and CEO James Reed commented, "The first quarter of 2019 marks the 2nd consecutive first quarter of profitability and the most profitable first quarter since 2006. Add that to seven consecutive quarters of profitability, and our leadership team can drop the ‘new’ moniker - this team continues to improve results quarter after quarter and year after year. The first quarter was important in the making of USA Truck’s narrative about our ability to compete, our self-help story, and our position in the marketplace.
The quarter presented a complex environment with dropping spot rates that put pressure on our logistics business, a continued challenging driver market, increasing fuel prices, relative seasonally soft first quarter demand, and another unusually difficult weather season. Despite that, USA Truck grew revenue 7.2% and trucking revenues grew 20.4%. Even after all of the above, our team increased earnings per share by $0.05 per diluted share, or 38.5%, and adjusted earnings per share by $0.10 per diluted share, or 71.4%, year over year.
The team here is unwavering in its commitment to continue to improve results and outpace market forces in our operational and financial measures. It was a tough quarter, but we persevered and produced a result that demonstrates progress toward becoming one of the best performing companies in our sector. USA Truck is, indeed, back - and we are eager to achieve our full potential.”
Trucking: For the first quarter of 2019, Trucking operating revenue (before intersegment eliminations) increased $16.1 million, or 20.4%, to $94.9 million, compared to the first quarter of 2018. This increase was primarily due to a 11.7% increase in base revenue per loaded mile. Trucking adjusted operating income was $2.3 million for the 2019 period, reflecting an adjusted operating
The following information was filed by Usa Truck Inc (USAK) on Thursday, April 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.