U.S. Xpress reports 3Q profit up 82%

user-gravatar Headshot

U.S. Xpress Inc. said Monday, Oct. 23, that its third-quarter profit rose 82 percent, as truckload revenue was helped by contributions from businesses acquired this year. Quarterly earnings increased to $7.3 million from $4 million during the same period last year. Revenue rose 33 percent to $396.6 million from $297.2 million during the year-ago quarter.

Revenue included fuel surcharges of $61.8 million, up from $34.6 million last year. The company said truckload revenue, excluding fuel surcharges, increased 29 percent to $312 million, from $241.1 million a year ago, driven primarily by contributions from acquired businesses.

“Despite weakness in the freight market and spot market pricing relative to last year, we achieved significant improvements in our truckload operating margins on both a year-over-year and sequential 2006 quarterly basis,” said Patrick Quinn, co-chairman of the Chattanooga, Tenn.-based company.

Xpress Global Systems revenue was essentially flat at $24.1 million for the quarter.