USA Truck Inc., the publicly traded transportation and logistics company in Van Buren, on Thursday reported a loss of $2.55 million, or 30 cents per share, during the year's first quarter.
For the same period a year ago, the company reported a profit of $1.50 million, or 18 cents per share.
The company reported revenue of $126.7 million for the three months that ended March 31, compared with $133.9 million for the same quarter a year ago.
Analysts surveyed by Zacks Equity Research had reported a consensus estimate of a quarterly loss of 31 cents per share and projected revenue at $126.3 million.
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"During the first quarter, many of our operational initiatives took hold as loaded miles per available truck increased, empty miles decreased, and unseated truck count metrics improved," James Reed, USA Truck's president and chief executive officer, said in a statement.
"And while the impact of our operational improvements was muted by a tough pricing environment early on and then complicated by the COVID-19 pandemic later in the quarter, our team rose to the challenge posed by the pandemic as we delivered high quality service through each stage of the crisis," Reed said.
The company's trucking division reported $94 million in revenue, down 1% year over year. The division reported 45.7 million miles covered, up from 42.8 million miles a year ago. Revenue per truck per week was $3,223, down from $3,375 in the same quarter of 2019.
The logistics division reported revenue of $35.8 million, down from $41.4 million a year ago.
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USA Truck shares fell 8 cents, or 1.8%, to close Thursday at $4.35. The stock has ranged in price from $2.36 to $14.75 for the previous 52 weeks. USA Truck released the earnings report after markets closed.
A conference call to discuss the report has been scheduled for 8 a.m. today. The telephone number is (844) 824-3828. A telephone replay of the call will be available through May 15.
Business on 05/08/2020