USA Truck Inc. on Monday reported a net loss of $931,000 during its second quarter, its fourth consecutive quarterly loss.
The transportation industry at large has dealt with weekly and even daily swings in freight and pricing because of the covid-19 pandemic, creating a volatile environment for Van Buren-based USA Truck and others.
“[It] was unlike any quarter we have seen in transportation,” USA Truck’s President and Chief Executive Officer James Reed said in the report.
Revenue was $123.7 million in the three months that ended June 30, down 7% compared with $133.6 million in the same quarter last year. Excluding fuel surcharges, revenue was $113.2 million.
USA Truck’s loss came to 11 cents per share for the quarter, higher than the estimated loss of 9 cents per share predicted by analysts. Revenue beat an estimate of $117.4 million, according to a Zacks Consensus Estimate.
Despite these challenges, Reed said the company saw improvements in certain areas, including a higher operating ratio in the trucking segment and a higher load count in the logistics segment, compared with last year.
Trucking operating income was $1.2 million, up 41% from $837,000 a year ago. Segment revenue fell 8% to $88.6 million. Base revenue per available tractor per week was $3,003, compared with $3,350 a year ago.
Reed said USA Truck’s customers kept the company consistently trucking through the quarter, however about 20% have yet to recover. To compensate, USA Truck relied on lower priced spot freight, which reduced its revenue.
On the logistics side, the company reported an operating loss of $176,000, down from a profit of $1.15 million a year ago. Revenue from the truckload and dedicated freight service side of the company fell 2% to $38.7 million. Load count increased to 33,400, from 28,800 a year ago.