USA Truck reported a 106 percent increase in net income, with earnings per share just missing analysts’ estimates.
The Van Buren, Ark.-based trucking company reported net income of $4.2 million, or 40 cents per share, up from $2 million, or 22 cents per share, from the same quarter last year. Analysts had expected earnings of 41 cents per share.
Quarterly base revenue reached $95.5 million, up about 12 percent from $85.4 million during the same quarter last year.
Robert M. Powell, USA Truck’s chairman and CEO, says demand for freight services improved throughout the quarter to reach robust levels in September, driving the company’s base revenue increase. But the company is working hard in the face of high oil prices and shortages of qualified drivers.
“We believe that we have programs in place to manage both of these challenges, but the programs are expensive and will require a great deal of management focus and discipline,” Powell says.