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USA Truck Reports Fourth Quarter 2020 Results
|●||4Q 2020 earnings per diluted share of $0.66 versus 4Q 2019 loss per diluted share of $0.56|
|●||4Q 2020 adjusted earnings per diluted share(a) of $0.70 versus 4Q 2019 adjusted loss per diluted share(a) $0.52|
|●||4Q 2020 consolidated operating revenue increased 28.0% to $158.8 million from $124.1 million in 4Q 2019|
Van Buren, AR – February 4, 2021 – USA Truck Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the quarter and year ended December 31, 2020.
For the quarter ended December 31, 2020, consolidated operating revenue was $158.8 million compared to $124.1 million for the prior-year period. Base revenue(a) for the fourth quarter of 2020, which excluded fuel surcharge revenue, was $148.2 million compared to $108.7 million for the 2019 period. The Company reported net income of $5.9 million, or $0.66 per diluted share for the fourth quarter 2020 and adjusted net income(a) of $6.2 million, or $0.70 per diluted share, compared to a net loss of $4.8 million, or $0.56 per diluted share and adjusted net loss(a) of $4.5 million, or $0.52 per diluted share for the same quarter in 2019. The Company’s fourth quarter 2020 consolidated operating ratio was 93.9%, compared to 102.9% in the comparable 2019 quarter.
President and CEO James Reed commented, “The fourth quarter of 2020 was the best quarterly earnings per share in our Company history. I am very pleased with and proud of the teamwork, cultural buy-in, and determination shown by our entire team of drivers and driver support that created these results, which clearly demonstrate our collective focus on delivering improved financial and operational results.
Demand was stronger than a typical fourth quarter as a result of a second wave of COVID related buying in the consumer marketplace. This demand upside was bolstered on the supply side by a tight driver market that resulted from several factors including the Drug and Alcohol Clearinghouse implementation, driver school closures or limited enrollments, and potential candidates opting for unemployment benefits and other public assistance incentives.
The robust demand and capacity constraints in the fourth quarter created a strong pricing environment that we capitalized on in both the Trucking and USAT Logistics segments through pricing discipline and partnership with customers. The ‘real story’ in the quarter, however, was realizing the benefits of the self-help initiatives of our ongoing transformation. Regionalization, improved safety results, improved operational efficiency, network refinement, pricing discipline, and cost control all played a part this quarter. Trucking segment adjusted operating ratio(a) tightened 970 basis points year over year and 280 basis points sequentially to a 93.0% in the quarter.
USAT Logistics continued to capitalize on improving rates and its high volume capability to increase volume and revenue during the quarter. Volumes were up 26.2% year over year, and revenues were up 94.3% over that same time period. This combination of volume and rate grew the overall gross margin, increased operating profitability, and improved the segment adjusted operating ratio(a) in the quarter by 850 basis points year over year and 340 basis points sequentially to 94.6%.”
Trucking: For the fourth quarter of 2020, Trucking operating revenue (before intersegment eliminations) increased $12.1 million, or 13.2%, to $104.3 million, compared to the fourth quarter of 2019. Trucking operating
The following information was filed by Usa Truck Inc (USAK) on Thursday, February 4, 2021 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.
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