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USA Truck reports record Q4 and full-year 2021 results

Fourth-quarter revenue increased 26% year-over-year for Arkansas-based truckload carrier

Van Buren, Arkansas-based carrier USA Truck has recorded six consecutive quarters of record adjusted earnings per share. (Photo: USA Truck)

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 TruckQ4/21Q4/20Y/Y Gross ChangeY/Y % Change
Total revenue (in millions)$200.9$158.8$42.126.5%
Truck revenue$119.5$104.2$15.315%
Logistics revenue$94.6$65.3$29.345%
Average number seated trucks1,7611,776-15-1%
Revenue per truck per week$4,290$3,847$44311.5%
Total truckload miles (in thousands)39,46743,078-3611-8%
Adjusted OR88.7%93.1%440 bps4.4%
Adjusted EBITDA$25.4$21.6$3.817.5%
Adjusted EPS$1.38$0.67$0.71105.9%
Revenue and operating income in millions


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.

The FREIGHTWAVES TOP 500 For-Hire Carriers list includes USA Truck (No. 51).

Watch: FreightWaves’ carrier update for Feb. 3, 2022

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Noi Mahoney

Noi Mahoney is a Texas-based journalist who covers cross-border trade, logistics and supply chains for FreightWaves. He graduated from the University of Texas at Austin with a degree in English in 1998. Mahoney has more than 20 years experience as a journalist, working for newspapers in Florida, Maryland and Texas. Contact [email protected]