USA Truck Inc. said Thursday that its consolidated revenue for the first quarter rose nearly 27%, while its earnings per share skyrocketed 262.5%.
The Van Buren-based trucking and logistics company reported net income of $13.1 million, or $1.45 per share, for the quarter that ended March 31, compared to net income of $3.6 million, or 40 cents per share, in the same quarter last year.
The results beat analysts' average earnings estimate of 76 cents per share.
"This quarter, USA Truck produced the best first-quarter earnings per share in the company's history and the seventh consecutive quarter of record earnings," said James Reed, USA Truck's president and chief executive.
"The company also delivered its highest first-quarter total revenue and adjusted earnings per share in its history," Reed said.
USA Truck's total revenue grew 26.8% over last year's first quarter, to $201.1 million.
The trucking segment's operating revenue in the quarter increased 12.6% to $116.1 million. Trucking operating income grew to $12.6 million compared with $3.5 million a year earlier.
Base revenue per loaded mile increased 42 cents, or 11.8%. As of Dec. 31, the company operated a fleet of 2,157 tractors, which included 641 independent contractor tractors; and 6,548 trailers.
USAT Logistics, the company's logistics business, reported operating revenue of $97.4 million, up 42.5%. Operating income rose $6.1 million compared to $2.5 million in the same period a year earlier.
Its revenue per load was up 14.2%, or $294 per load, compared to a rise of 0.4% or $10 per load in the first quarter of 2021.
The load count in the quarter jumped to 8,194 loads, or 24.8%, compared to 1,005 loads, or 2.5% a year ago.
USA Truck's shares closed Thursday at $15.91, up 92 cents, or 6.14%, on the Nasdaq stock exchange. The company's stock has traded between $13.01 and $29.09 in the past year.
The company released the quarterly earnings after the stock markets closed Thursday.
USA Truck's management team has scheduled a conference call with investors at 8 a.m. today to discuss the first-quarter results. Participants may join the call by dialing 1-877-545-0320. The reference code is 625844.
The call will be webcast live on the Investor Relations section of the company's website at usa-truck.com. An audio recording will be available for replay for one year.
USA Truck has more than 2,100 full-time employees and operates in the U.S., Mexico and Canada.