USA Truck Inc. of Van Buren (Nasdaq: USAK) on Thursday reported first-quarter income for fiscal 2022 of $13.1 million, soaring 263.8% from $3.6 million in the same quarter a year ago.
Earnings per share was $1.45, up from 40 cents.
Revenue for the quarter was $201.1 million, a 26.9% increase from $158.5 million in the same quarter in 2021.
USA Truck CEO James Reed said it was the best first quarter in the company’s history and the seventh consecutive quarter USA Truck has reported record earnings.
“The company also delivered its highest first quarter total revenue and adjusted earnings per share in its history,” Reed said.
The trucking division reported operating revenue of $116.1 million, up from $103.1 million. Total miles and loads transported were down, but higher rates led to increased revenue.
The average rate per loaded mile was $2.91, up from $2.49, and the average revenue per loaded truck per week was $4,265, up from $3,814.
The logistics division reported revenue of $97.4 million, up from $68.4 million.
“Management's focus and continued execution on the operating strategy and strategic initiatives drove these results,” Reed said.
