Watch Now

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

Click for more FreightWaves articles by Noi Mahoney.

More articles by Noi Mahoney

GoFundMe suspends Freedom Convoy fundraiser

FMCSA shuts down Adversity Transport as imminent hazard

Virgin Hyperloop wants to revolutionize freight transport industry

F3: Future of Freight Festival


The second annual F3: Future of Freight Festival will be held in Chattanooga, “The Scenic City,” this November. F3 combines innovation and entertainment — featuring live demos, industry experts discussing freight market trends for 2024, afternoon networking events, and Grammy Award-winning musicians performing in the evenings amidst the cool Appalachian fall weather.

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]