August 6, 2019 5:30 PM, EDT

U.S. Xpress Posts Steep Drop in Net Income in 2Q

U.S. XPress truck drives by headquarters TT File Photo

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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.

U.S. Xpress ranks No. 20 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.