U.S. Xpress Reports Record Fourth Quarter Results
U.S. Xpress Enterprises Inc. said revenue for the fourth quarter of 2005 increased 1.8 percent to $318.0 million compared with $312.3 million in the fourth quarter of 2004.
U.S. Xpress Enterprises Inc. said revenue for the fourth quarter of 2005 increased 1.8 percent to $318.0 million compared with $312.3 million in the fourth quarter of 2004.
The company reported net income for the fourth quarter of $7.1 million, or $0.46 per diluted share, compared with net income of $5.9 million, or $0.40 per diluted share, in the prior-year period.
For the year ended Dec. 31, 2005, revenue increased 5.3 percent to $1.2 billion from $1.1 billion in 2004. For 2005, net income was $9.4 million, or $0.59 per diluted share, which included a one-time, pre-tax charge of $2.8 million related to the sale and exit of the company's airport-to-airport business, compared with net income of $16.4 million, or $1.14 per diluted share, in the prior year. Excluding this charge, net income for 2005 would have been $10.9 million, or $0.68 per diluted share.
During the quarter, truckload revenue, excluding the effect of fuel surcharges, increased 2.3 percent to $254.5 million from $248.8 million a year ago. The increase in truckload revenue was driven by a 6.9 percent increase in rate per loaded mile partially offset by a 4 percent reduction in revenue miles per tractor. Truckload operating income for the quarter decreased by 5.9 percent to $17.0 million in the 2005 quarter from $18.1 million in the 2004 quarter as the impact of rate increases and lower net fuel costs were more than offset by increases in driver wages and insurance premiums and claims. Although the decrease in fuel prices, net of fuel surcharges, during the quarter positively impacted truckload operating income by approximately $1.3 million, or $0.05 per share, for the year, the record high fuel prices negatively impacted truckload operating income by approximately $6.5 million, or $0.21 per share.
Co-chairman Patrick Quinn, stated, "We are very pleased to establish a new quarterly record for earnings per share. The record earnings were driven by strong truckload freight demand comparable to what we experienced in the fourth quarter of 2004, improved truckload pricing, decreasing fuel prices, and the reduction in operating losses at our Xpress Global Systems operation.”
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