USA Truck Swings to Loss in Second Quarter

by Jan Cottingham  on Thursday, Jul. 19, 2012 9:29 am  

USA Truck CEO Cliff Beckham

USA Truck Inc. of Van Buren on Thursday announced $103.5 million in revenue during the quarter ended June 30, a 4.6 percent drop compared with $108.5 million in revenue during the year-ago quarter.

The company lost $3.5 million, or 34 cents a share, for second-quarter 2012 compared with a profit of $600,000, or 6 cents per share, during the second quarter of 2011.

For the six months that ended June 30, USA Truck reported a decline of 3.3 percent in base revenue to $201.3 million, compared with $208.1 million during the first half of 2011. It lost $8.4 million, or 81 cents per share, for the first half of this year, compared with a net loss of $2.1 million, 21 cents per share, for the same six-month period in 2011.

"USA Truck's net loss for the second quarter of 2012 narrowed compared to the past three sequential quarters," Cliff Beckham, president and CEO of USA, said in a company statement.

"Bright spots included continued strong performance in our SCS [strategic capacity solutions] segment, improved base revenue per manned tractor and lower fuel expense. Unfortunately, progress in these areas was hampered by lackluster performance in our Trucking segment where unmanned tractors and lack of network efficiency continued to diminish asset productivity."

Beckham cited three factors behind the company's failure to maximize its tractor use during second-quarter 2012:

  1. The still weak U.S. economy, "particularly in manufacturing," which affected freight demand.
  2. The company's "operational execution has been disappointing," though, Beckham said, USA Truck is working to turn that around.
  3. Difficulty finding and keeping truck drivers.

 

 

Please read our comments policy before commenting.