USA Truck CEO James Reed
USA Truck Inc. of Van Buren reported fourth-quarter and yearly profits Thursday, and the Tax Cut & Jobs Act had a big impact on the company’s earnings.
Fourth-quarter income was $14.8 million, a significant increase from the $3.8 million loss the company reported in the same quarter of 2016. USA Truck said the corporate tax cut that President Trump signed into law in December resulted in $12 million reduction in their income tax liability.
Income for fiscal year 2017 was $7.5 million, up from a $7.7 million loss USA Truck had in 2016. USA Truck had six consecutive losing quarters before reporting profits in the third and fourth quarters of 2017.
Fourth-quarter revenue was $123.2 million in 2017, up from $103.1 million in the same quarter of 2016. For the year 2017, revenue was $446.5 million, up from $429.1 million the year before.
Earnings per share for the quarter was $1.84, compared to a loss of 48 cents per share in the same quarter of 2016. EPS for fiscal 2017 was 93 cents, up from a loss of 90 cents per share in 2016.
“The fourth quarter adjusted results represent the third highest adjusted EPS for USA Truck in the last 10 years,” USA Truck CEO and President James Reed said. “When I, and other members of our new management team, joined the company during the course of 2017, we committed to improved operational and financial results. We have now delivered on that commitment for the second consecutive quarter.”
USA Truck’s trucking division reported revenue of $83.8 million for the quarter, compared to $69.9 million in the same quarter a year ago. For the year, trucking revenue was $302 million, up from $294.5 million in 2016.
Overall miles were down slightly for the quarter and the year, but revenue per loaded truck per week was up. For the quarter, revenue per loaded truck per week was $3,505, up from $3,018 a year ago, while for the year the revenue was $3,179 compared to $2,998 in 2016.
USA Truck’s logistics division reported revenue of $39.5 million for the quarter, up from $33.2 million a year ago. For 2017, revenue was $144.5 million, up from $134.6 million in 2016.
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