USA Truck posts 12% dip in 4Q revenue, losing $4.8M
USA Truck Inc. said Thursday that fourth-quarter revenue fell 12% from the same period last year, to $124.1 million.
The Van Buren trucking and logistics company reported a net loss of $4.8 million, or 56 cents per share, for the quarter that ended Dec. 31, compared with profit of $5.3 million, or 64 cents per share, for the same quarter a year ago. It missed the average estimated loss of 9 cents per share from three analysts surveyed by Thomson Reuters.
Revenue for the fiscal year slipped 2.2% to $522.6 million. The company re
ported a loss for the year of $4.7 million, or 55 cents per share, down from a profit of $12.2 million, or $1.49 a share, in fiscal 2018.
The company released the report after the stock markets closed Thursday. USA Truck shares dropped 14 cents, or 1.93%, to close at $7.10. Its shares have traded between $6.98 and $20.93 over the past year.
James Reed, USA Truck’s president and chief executive officer, said in the report that the company’s fourth-quarter performance was “meaningfully impacted” by the challenging freight market. He cited a soft spot market and imbalance between supply and demand as factors affecting both USA Truck’s contract and spot-market opportunities.
“Adding to the near-term pressures were organizational changes we expect will enhance our business in the long term, but which resulted in our experiencing the effects of a tough market more severely than our peers,” Reed said.
The trucking segment’s operating revenue for the quarter fell 7.8% to $92.1 million, partly as a result of a 9.1% drop in base revenue per loaded mile. The segment had an adjusted operating loss of $2.2 million for the quarter, compared with income of $7.6 million a year ago, reflecting an adjusted operating ratio of 102.7%.
USA Truck’s logistics segment reported operating revenue tumbled 24% from the same quarter last year, to $33.6 million. The segment posted an adjusted operating loss of $932,000 for the quarter compared with last year’s adjusted operating income of $1.3 million.
The logistics segment’s revenue per load rose 2.2%, or $28 per load, in the fourth quarter. For the year, however, revenue per load dropped 20%, or $326 per load, compared with the previous year.
USA Truck executives will hold a conference call at 9:30 a.m. today to discuss the fourthquarter results. The call can be accessed by dialing (844) 8243828. A live webcast of the call will be available through the investor relations section of the company’s website www.usatruck.com under the Events and Presentations tab.