U.S. Xpress Enterprises (USX) Misses Q3 EPS by 3c, Revenues Miss

U.S. Xpress Enterprises (NYSE: USX) reported Q3 EPS of $0.33, $0.03 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $460.2 million versus the consensus estimate of $463.89 million.

• Operating revenue of $460.2 million, an increase of 18.0% compared to the third quarter of 2017
• Operating income of $22.9 million compared to $11.5 million reported in the third quarter of 2017
• Operating ratio of 95.0%, a 200 basis point improvement compared to the third quarter of 2017
• Adjusted operating ratio, a non-GAAP measure, of 94.5%, a 230 basis point improvement compared to the third quarter of 2017
• Net income attributable to controlling interest of $16.1 million, or $0.33 per diluted share, compared to a net loss attributable to controlling interest of $0.7 million in the third quarter of 2017

Eric Fuller, CEO and President, commented, “We continued to see the results of our initiatives and cultural overhaul in the third quarter of 2018 as we experienced our fifth consecutive quarter of year over year improvements in our operating ratio while generating the largest amount of net income during a single quarter in our Company’s history, a testament to our team’s efforts and dedication. However, we are far from satisfied with our operating performance for the third quarter, as we believe our seated truck count and miles per tractor could have performed better had we executed more effectively during the quarter. We have taken steps internally to address the relevant issues and both average seated truck count and average miles per tractor per working day have increased in October compared with the third quarter. Based on the strong freight volumes, rate environment and the capacity currently being requested from our customers for the upcoming peak season during the fourth quarter, we feel well positioned to make 2018 the most profitable year in our history.”

For earnings history and earnings-related data on U.S. Xpress Enterprises (USX) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• Rein Therapeutics Inc. (RNTX) Tops Q2 EPS by 39c