USA Truck reported late Wednesday a loss of nearly $3 million for its second quarter, the sixth consecutive quarter without posting a profit and missing analyst's estimates for the period.
The company reported a loss of $2.9 million for the period ending June 30, compared with a loss of $1.3 million for the same period last year. The company lost 35 cents per share for the period compared with a loss of 15 cents per share for the second quarter of 2016. A consensus of three analysts surveyed by Yahoo Finance predicted a loss of 10 cents per share.
Revenue this quarter was about $107.4 million compared with $109.8 million for the same period last year. One analyst surveyed by Yahoo predicted the company would report $99.6 million.
In a prepared statement, USA Truck Chief Executive James Reed noted that leadership changes have drawn the company into the spotlight as it grapples with its direction.
"We filled out our leadership team during the quarter, with both previously announced and new additions," Reed said. "Each of these leaders personify the type of principled, focused, experienced, and results-driven individuals we hope will drive USA Truck to its full potential."
Consolidated expenses jumped by almost $100,000, the company said in a release. The most notable increase came from purchased transportation, which cost USA Truck about $41 million this second quarter, up $3 million from the same period last year.
From the trucking segment, the company made about $62.7 million in revenue but had $67.5 million in expenses, about $2 million less than 2016's second-quarter expenses in the segment. The logistics segment raked in $33.3 million, with about $31.4 million in expenses. USA Truck spent more than a $1 million in this segment compared with the same time last year.
USA Truck, based in Van Buren, is in line with others in this sector, as companies are spending more money this second quarter than in 2016, quarterly reports show.
J.B. Hunt Transport Services spent about $1.5 billion in the period from April to June, while in 2016 during the same time, the company spent about $1.4 billion. P.A.M. Transportation Services spent about $105.7 million in the second quarter of 2017, and $104 million last year.
USA Truck will host its conference call to investors today.
The company's stock fell 1 percent Wednesday, closing at $8.81 in trading on the Nasdaq prior to the earnings release.
Business on 08/03/2017