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U.S. Xpress Enterprises reported a steep drop in net income in the second quarter of 2019, with a posting of $2.9 million for the period ended June 30.
That is substantially down from the $11.3 million that the Chattanooga, Tenn.-based truckload carrier posted in the second quarter of 2018.
Earnings per share were 5 cents, up slightly from 4 cents in the second quarter of 2018.
U.S. Xpress reported revenue of $413.9 million, an 8% decline from the comparable period in 2018, when the company brought in $449.8 million.
The company said in its Aug.1 news release, “Our margin differential year-over-year was mainly attributable to the market impact on our over-the-road business, which gives us just as much, or more, upside opportunity when the market turns, rates improve and we redeploy the cross-border trucks into better freight.”
The company said average revenue for its OTR trucks was $3,625, down $332 from the same quarter in 2018.
Its dedicated segment saw revenue per truck go up $371, to $4,018. Its consolidated segment saw a $31 drop to $3,792 per truck.
Spot rates adversely affected the OTR segment, the company said.