U.S. Xpress Enterprises Inc., Chattanooga, Tenn., released results for the quarter and year Thursday.
Revenue for the fourth quarter of 2004 increased 30.4% to $312.3 million compared with $239.6 million for the corresponding quarter in 2003. Revenue, excluding the impact of fuel surcharges, increased 24.6% to $288.9 million, versus $231.7 million in the fourth quarter of 2003. For the year ending December 31, 2004, revenue increased 18.8% to $1.1 billion, compared to $930.5 million for the same period in 2003. Revenue, excluding the impact of fuel surcharges, increased 16.5% to $1.0 billion for 2004 versus $896.5 million in 2003. Net income for the year ended December 31, 2004 increased 115% to $16.4 million, or $1.14 per diluted share, compared to $7.6 million, or $0.54 per diluted share in 2003.
Truckload revenue for the fourth quarter of 2004, excluding the effect of fuel surcharges, increased 21.6% to $248.8 million. Truckload operating income for the quarter increased 189% to $18.1 million, compared to $6.2 million in the comparable prior year quarter. These results were driven by a strong freight environment, a 22% increase in the Company's revenue per loaded mile, excluding fuel surcharges, and a 440 basis point improvement in the truckload operating ratio to 92.7% versus 97.1% in the fourth quarter of 2003.
The Company experienced significant revenue growth in its dedicated contract and expedited rail operations during the quarter which contributed significantly to improved operating results. Dedicated contract revenues increased 92% to $45.6 million and expedited rail revenues grew by 134% to $33.2 million in the fourth quarter of 2004.
"Our truckload operating results reflect the success of our strategy within our truckload segment of shifting assets to dedicated, regional, and expedited rail services that we believe offer the opportunity for higher and more consistent returns. The significant increase in our revenue per loaded mile was driven by negotiated customer rate increases, improved recovery of detention charges, improved freight selection and the impact of increasing revenues from our dedicated and on-demand expedited operations, which generally provide for higher rates relative to our over-the-road solo and team truckload operations,” said co-chairman Patrick Quinn.