USA Truck Inc. rode a robust freight and pricing market to revenue of $200.9 million and earnings per share of $1.38 during the fourth quarter, 60 cents better than the consensus estimate and 100% higher year-over-year.
It was the sixth consecutive quarter of record adjusted earnings per share, said President and CEO James Reed.
“The fourth quarter and full-year 2021 represent our highest total revenue and adjusted earnings per share in the company’s history,” Reed said in a statement. “During the fourth quarter, continued execution on our strategic initiatives, operational strategy, and a strong freight and pricing market resulted in a trucking segment adjusted operating ratio improvement of 440 basis points year-over-year to 88.7%.”
For full-year 2021, revenue increased 29% to $710.4 million, and adjusted earnings per share increased 347% to $2.86, compared to the same period in 2020.
Fourth-quarter net income was $12.1 million, up 105% compared with $5.9 million in the same period of 2020.
|USA Truck||Q4/21||Q4/20||Y/Y Gross Change||Y/Y % Change|
|Total revenue (in millions)||$200.9||$158.8||$42.1||26.5%|
|Average number seated trucks||1,761||1,776||-15||-1%|
|Revenue per truck per week||$4,290||$3,847||$443||11.5%|
|Total truckload miles (in thousands)||39,467||43,078||-3611||-8%|
|Adjusted OR||88.7%||93.1%||440 bps||4.4%|
Van Buren, Arkansas-based USA Truck’s (NASDAQ: USAK) trucking division delivered fourth-quarter revenue of $119.5 million, a 15% year-over-year increase.
Revenue per truck per week increased 11.5% year-over-year to $4,290.
Deadhead percentage improved 10 basis points to 11.7% compared to 11.6% in the fourth quarter of 2020, while loaded miles per available tractor per week decreased 7% (106 miles) to 1,414 miles.
The average number of seated tractors decreased 1% to 1,761 during the fourth quarter. The average number of available tractors (including company-owned and independent contractors) fell 2% to 1,875.
The trucking segment’s adjusted operating income was $11.5 million for the fourth quarter, an 83% increase compared to the same period in 2020. The trucking segment posted an operating ratio of 90.3% in the fourth quarter.
USA Truck’s brokerage division, USAT Logistics, reported a 45% increase in revenue year-over-year to $94.6 million.
The logistics segment had adjusted operating income of $4.9 million and adjusted operating ratio of 94.4% for the quarter.
The logistics segment’s load count increased 23.4% year-over-year to 7,640. Revenue per load increased 17.4% to $349.
USA Truck will host a call at 8 a.m. Friday to discuss the fourth-quarter results with analysts.
Watch: FreightWaves’ carrier update for Feb. 3, 2022
More articles by Noi Mahoney
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