U.S. Xpress Enterprises Inc., Chattanooga, Tenn., said operating revenue, excluding the effect of fuel surcharges, increased 15.1% to $257.4 million, compared with $223.6 million for the second quarter of 2003.
Total operating revenue increased 16.5% to $270.3 million, compared with $231.9 million for the second quarter of 2003.
For the six months ended June 30, 2004, operating revenue, excluding the effect of fuel surcharges, increased 11.2% to $482.8 million from $434.0 million in the prior-year period. Total operating revenue increased 11.6% to $505.0 million from $452.6 million in the prior-year period.
Net income for the second quarter increased 91.4% to $4.2 million from net income of $2.2 million in the second quarter of 2003. For the first six months of 2004, net income increased 115.7% to $5.0 million from net income of $2.3 million for the prior-year period.
During the quarter, truckload revenue, excluding the effect of fuel surcharges, increased 13.6% to $223.8 million. Truckload operating income for the quarter increased 72.4% to $9.9 million on the strength of an 11.0% increase in revenue per loaded mile and a 150-basis point improvement in the company's truckload operating ratio over the second quarter of 2003. The growth in dedicated contract and regional operations once again led the way in the second quarter with revenue increases of 61.9% and 38.9%, respectively. Together, they now account for 26.8% of the company's truckload revenue compared with 20.3% at this time last year. The company's expedited rail program, which was virtually nonexistent a year ago, has grown to account for approximately 10% of truckload revenues.
Co-Chairman Patrick Quinn, said, "The accomplishments this quarter were achieved in light of significant cost increases being faced by the truckload industry. The average costs per mile of our truckload operations for the quarter increased 8% over the 2003 second quarter due to higher operating costs, such as fuel prices, which were up approximately 21% over the prior year; driver pay, which reflected an 8% driver wage increase implemented near the end of the first quarter of 2004; purchased transportation, which reflected increased compensation for independent contractors; revenue equipment cost; and insurance and claims expenses. Higher fuel costs, net of the impact of fuel surcharges, and lower fuel efficiencies from the new EGR engines alone increased operating costs in the quarter by over $3.0 million, compared with the 2003 second quarter."
Total operating revenue increased 16.5% to $270.3 million, compared with $231.9 million for the second quarter of 2003.
For the six months ended June 30, 2004, operating revenue, excluding the effect of fuel surcharges, increased 11.2% to $482.8 million from $434.0 million in the prior-year period. Total operating revenue increased 11.6% to $505.0 million from $452.6 million in the prior-year period.
Net income for the second quarter increased 91.4% to $4.2 million from net income of $2.2 million in the second quarter of 2003. For the first six months of 2004, net income increased 115.7% to $5.0 million from net income of $2.3 million for the prior-year period.
During the quarter, truckload revenue, excluding the effect of fuel surcharges, increased 13.6% to $223.8 million. Truckload operating income for the quarter increased 72.4% to $9.9 million on the strength of an 11.0% increase in revenue per loaded mile and a 150-basis point improvement in the company's truckload operating ratio over the second quarter of 2003. The growth in dedicated contract and regional operations once again led the way in the second quarter with revenue increases of 61.9% and 38.9%, respectively. Together, they now account for 26.8% of the company's truckload revenue compared with 20.3% at this time last year. The company's expedited rail program, which was virtually nonexistent a year ago, has grown to account for approximately 10% of truckload revenues.
Co-Chairman Patrick Quinn, said, "The accomplishments this quarter were achieved in light of significant cost increases being faced by the truckload industry. The average costs per mile of our truckload operations for the quarter increased 8% over the 2003 second quarter due to higher operating costs, such as fuel prices, which were up approximately 21% over the prior year; driver pay, which reflected an 8% driver wage increase implemented near the end of the first quarter of 2004; purchased transportation, which reflected increased compensation for independent contractors; revenue equipment cost; and insurance and claims expenses. Higher fuel costs, net of the impact of fuel surcharges, and lower fuel efficiencies from the new EGR engines alone increased operating costs in the quarter by over $3.0 million, compared with the 2003 second quarter."
media brand
0 Comments
See all comments