U.S. Xpress Enterprises Inc. said revenue for the fourth quarter of 2006 increased 21.4 percent to $386.0 million compared with $318.0 million in the fourth quarter of 2005. Net income for the fourth quarter was $6.4 million compared
with net income of $7.1 million.
For the year ended Dec. 31, 2006, revenue increased 26.4 percent to $1.5 billion from $1.2 billion in the prior year. For 2006, the company reported net income of $20.1 million compared with net income, before a one-time pre-tax charge of $2.8 million related to the sale and exit of the company’s airport-to-airport business, of $10.9 million for the prior year. After the one-time charge, the company reported net income of $9.4 million for the year ended Dec. 31, 2005.
Max Fuller, co-chairman said, “After establishing a new record for quarterly earnings per share of $0.47 in the third quarter of 2006, we encountered a fourth quarter freight environment more challenging than we anticipated as the normal seasonal freight surge failed to materialize. Further, softness in the housing and automotive sectors caused an influx of capacity in markets served by our truckload operations. These market factors and the normal fourth quarter seasonal softness at Xpress Global largely account for the decrease in fourth quarter earnings compared with our record third-quarter results.”