Chattanooga, TN, February 4-- Trucking and freight company U.S. Xpress Enterprises Inc. reported earnings more than doubled in the fourth quarter on stronger freight demand and an increase in per mile rates.
The company earned $6 million, or 40 cents per share, up from $2.6 million, or 19 cents per share a year ago. The company said higher costs for diesel fuel lowered earnings by 7 cents per share compared with the year-earlier period.
Revenue rose 30 percent to $312.3 million from $239.6 million a year ago. Truckload revenue rose 21.6 percent, driven by a strong freight environment and a 22 percent increase in revenue per loaded mile, excluding fuel surcharges.
Analysts polled by Thomson First Call expected earnings of 38 cents per share on revenue of $289.7 million.
Xpress Global Systems, Inc., a wholly owned subsidiary, is a provider of transportation, warehousing, and distribution services to the floorcovering industry and provides airport-to-airport transportation services to the airfreight and airfreight forwarding industries through a network of 81 locations in North America.
The company posted full-year earnings of $16.4 million, or $1.16 per share, on $1.11 billion in sales. Analysts forecast a profit of $1.12 per share on revenue of $1.08 billion.
