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% |
| Truck revenue | $119.5 | $104.2 | $15.3 | 15% |
| Logistics revenue | $94.6 | $65.3 | $29.3 | 45% |
| 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% |
| Adjusted EBITDA | $25.4 | $21.6 | $3.8 | 17.5% |
| Adjusted EPS | $1.38 | $0.67 | $0.71 | 105.9% |
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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