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U.S. Xpress’ Fourth-Quarter Income Dips; Full-Year Improves
Truckload carrier U.S. Xpress Enterprises reported its fourth-quarter net income fell to $6.4 million or 41 cents a share, from $7.1 million or 48 cents in the previous fourth quarter.
Revenue rose 21.4% to $386 million, the company said late Monday.Co-chairman Max Fuller said in a statement that the company “encountered a fourth-quarter freight environment more challenging than we anticipated as the normal seasonal freight surge failed to materialize.” For the full year, the company’s profit rose to $20.1 million or $1.29 a share, from $9.4 million or 59 cents a share in 2005. The 2005 figure included a $2.8 million charge from U.S. Xpress’ sale of its airport-to-airport business that year.Truckload revenue in the fourth quarter excluding fuel surcharges rose 28% to $317.5 million while truckload operating income fell to $16.5 million from $17.1 million.For the full year, truckload revenue excluding surcharges rose 26.3% to $1.2 billion while operating income rose 40.1% to $52.5 million.U.S. Xpress is ranked No. 21 on the 2006 Transport Topics 100 listing of U.S. and Canadian for-hire carriers.