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USA Truck reported strong financial results for 3Q 2021, with a 27.7% increase in consolidated operating revenue, reaching a record $181.0 million compared to $141.8 million in 3Q 2020. The company achieved net income of $4.8 million or $0.54 per diluted share, up from $2.3 million or $0.26 per diluted share a year prior. Adjusted earnings per diluted share also rose to $0.57. Notably, the Trucking segment's operating revenue increased 16.2% year-over-year, while USAT Logistics saw a remarkable 56.7% growth in revenue.
USA Truck, Inc. (NASDAQ:USAK) mourns the loss of its founder, Robert M. Powell, who passed away on October 7, 2021. A respected leader in the transportation industry, Powell was instrumental in the company's formation and growth. He transitioned the Truckload division of Crawford Produce, Inc. into what is now known as USA Truck in 1983, and led the company's initial public offering in 1992. His legacy includes significant contributions to the trucking community and shaping USA Truck's operations. The company expresses its condolences to the Powell family.
USA Truck, Inc. (NASDAQ:USAK) will release its third quarter 2021 financial results after market close on October 28, 2021. The company will host a conference call the next day, October 29, 2021, at 8:00 a.m. CT / 9:00 a.m. ET to discuss the results. Investors can access the call by dialing 1-844-602-0380 (U.S./Canada) or 1-862-298-0970 (International). A live webcast will be available on their Investor Relations website. Audio replay will also be accessible for a year post-call.
USA Truck Inc. (NASDAQ:USAK) reported a significant turnaround in its financial performance for 2Q 2021, achieving earnings per diluted share of $0.47 compared to a loss of $0.11 in 2Q 2020. Revenue surged 37.4% to a record $170.0 million, driven by strong operational execution and structural changes. Adjusted earnings per diluted share were $0.50, up from a loss of $0.06 a year earlier. The company improved its consolidated operating ratio to 95.9% from 99.2% year-over-year. However, challenges in the driver recruitment market persist, despite improved retention rates.
USA Truck (NASDAQ:USAK) will announce its second quarter 2021 financial results on July 29, 2021, after market close. A conference call to discuss the results is scheduled for July 30, 2021, at 8:00 a.m. CT / 9:00 a.m. ET. Interested participants can join the call by dialing 1-877-407-9205 for U.S./Canada or 1-201-689-8054 for international access. A live webcast will also be available on the company’s Investor Relations section of its website. The company provides capacity solutions across North America, blending asset and asset-light services.
USA Truck has been honored as the 2021 Innovator of the Year by Commercial Carrier Journal, recognizing its innovative approach in the trucking industry. The award highlights the company’s new technology that allows drivers to select their own freight, enhancing workflow and reducing turnover. This initiative has resulted in a 50% reduction in driver turnover and a 30% increase in production for load board drivers. The company continues to focus on innovation, addressing critical driver challenges and improving operational efficiency.
USA Truck (NASDAQ:USAK) has announced a significant increase in dedicated driver salaries, effective June 13, 2021, raising annual compensation to $104,000 in select markets. This increase is part of the company's broader strategy to enhance employee compensation, which has included lowered healthcare premiums, increased life insurance, and additional paid holidays. The company aims to attract and retain top driving talent while improving service and profitability for its customers. USA Truck continues to focus on creating attractive job opportunities catered to drivers' lifestyles.
USA Truck (NASDAQ:USAK) announced a simplified driver pay package effective May 16, 2021, aimed at addressing driver concerns regarding pay clarity and increases. The new package includes a higher per-mile rate with no confusing bonuses or mileage bands. In addition to this, the company has made various improvements in 2021 such as reduced healthcare premiums and increased life insurance. These changes focus on enhancing the quality of life for drivers and their families, aligning with USA Truck's commitment to create a supportive workplace.
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