Please wait while we load the requested 10-Q report or click the link below:
USA Truck Reports First Quarter 2021 Results
|●||1Q 2021 earnings per diluted share of $0.40 versus 1Q 2020 loss per diluted share of $0.30|
|●||1Q 2021 adjusted earnings per diluted share(a) of $0.43 versus 1Q 2020 adjusted loss per diluted share(a) $0.26|
|●||1Q 2021 consolidated operating revenue increased 25.0% to $158.5 million from $126.8 million in 1Q 2020|
Van Buren, AR – April 29, 2021 – USA Truck Inc. (NASDAQ: USAK), a leading capacity solutions provider, today announced its financial results for the quarter ended March 31, 2021.
For the quarter ended March 31, 2021, consolidated operating revenue was $158.5 million compared to $126.8 million for the prior-year period. Base revenue(a) for the first quarter of 2021, which excludes fuel surcharge revenue, was $144.3 million compared to $112.6 million for the 2020 period. The Company reported net income of $3.6 million, or $0.40 per diluted share for the first quarter 2021 and adjusted net income(a) of $3.9 million, or $0.43 per diluted share, compared to a net loss of $2.6 million, or $0.30 per diluted share and adjusted net loss(a) of $2.2 million, or $0.26 per diluted share for the same quarter in 2020. The Company’s first quarter 2021 consolidated operating ratio was 96.2%, compared to 101.8% in the comparable 2020 quarter.
President and CEO James Reed commented, “The first quarter marked the best first quarter earnings in the Company’s history. I am proud of how the team has bought into our vision, and how our transformation continues to manifest itself in improved operating and financial results.
Freight demand continued to be strong, driven by increased consumer spending and customers restocking depleted inventory levels. Additionally, capacity has remained tight as the recruitment of professional drivers continues to be an industrywide challenge. While these two dynamics have pushed shipping rates upward, much of this quarter’s improvement is due to the continued transformation of the Trucking segment through regionalization, optimization, pricing discipline, and a continued focus on safety and cost control. Additionally, our driver retention strategy contributed to this quarter’s record performance, with lower turnover and reduced costs in the most difficult driver hiring environment in recent memory. Our much improved retention levels of current drivers are evidence that there has been a positive shift in the driver experience at USA Truck. Our Trucking segment adjusted operating ratio improved 570 basis points year over year to 95.8% in the quarter.
USAT Logistics load volume increased 21.4% with revenue up 90.9% year over year. Increased volumes and pricing drove an improvement in segment adjusted operating ratio in the quarter of 580 basis points year over year to 96.1%.”
Trucking: For the first quarter of 2021, Trucking operating revenue (before intersegment eliminations) increased $9.1 million, or 9.7%, to $103.1 million, compared to the first quarter of 2020. Trucking operating income of $3.5 million for the first quarter reflected an operating ratio of 96.6% compared to an operating loss of $1.7 million and an operating ratio of 101.8% for the first quarter of 2020. This represents an increase of $5.2 million year over year in operating income and a 520 basis point improvement in operating ratio. Trucking adjusted operating income(a) was $3.9 million for the 2021 period, reflecting an adjusted operating ratio(a) of 95.8%, compared to an adjusted operating loss(a) of $1.3 million and an adjusted operating ratio(a) of 101.5% for
The following information was filed by Usa Truck Inc (USAK) on Thursday, April 29, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Usa Truck Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Usa Truck Inc.