USA Truck Inc. reported first-quarter 2022 adjusted earnings per share of $1.48 Thursday after the market closed, a 244% year-over-year increase compared to the same period in 2021.
Revenue excluding fuel surcharges was 27% higher year-over-year in the period at $201.1 million.
Company officials said USA Truck produced the best first-quarter earnings per share in the company’s 29-year history and the seventh consecutive quarter of record earnings.
“Segment results continue to reflect improved operating results as the trucking segment adjusted operating ratio improved 890 basis points year over year to 87%,” said President and CEO James Reed in a statement. “The USAT Logistics segment delivered a 24.8% increase in load volume with operating revenue up 42.5% year over year.”
| USA Truck | Q1/22 | Q1/21 | Y/Y Gross Change | Y/Y % Change |
| Total revenue (in millions) | $201.1 | $158.5 | $42.6 | 21% |
| Truck revenue | $116.1 | $103.1 | $13 | 12.6% |
| Logistics revenue | $97.4 | $68.4 | $29 | 42.4% |
| Average number of seated trucks | 1,716 | 1,782 | -66 | -3.7% |
| Revenue per truck per week | $4,265 | $3,814 | $451 | 11.8% |
| Total truckload miles (in thousands) | 38,487 | 42,148 | -3,661 | -9.5% |
| Adjusted OR | 87% | 95.9% | 890 | 9.2% |
| Adjusted EBITDA | $27.3 | $15.7 | $11.6 | 74% |
| Adjusted EPS | $1.48 | $0.43 | $1.05 | 244% |
The logistics segment had adjusted operating revenue of $97.4 million and adjusted operating ratio of 89.1% for the quarter.
The logistics segment’s load count increased 24.7% year-over-year to 41,300. Revenue per load increased 14.2% to $294.
Van Buren, Arkansas-based USA Truck’s (NASDAQ: USAK) trucking operation delivered first-quarter revenue of $116 million, a 13% year-over-year increase.
Revenue per truck per week increased 11.8% year-over-year to $4,265.
Loaded miles per available tractor per week decreased 4% (65 miles) to 1,467 miles.
The average number of seated tractors decreased 3.7% to 1,716 during the first-quarter. The average number of available tractors (including company-owned and independent contractors) fell 3.7% to 1,821.
USA Truck will host a call at 8 a.m. Friday to discuss the first-quarter results with analysts.
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