Shares of dry van truckload carrier USA Truck surged Thursday after the company posted 32% rise in second-quarter profit amid challenging industry conditions.
The Van Buren, Ark.-based company reported a net profit for the three months ended June 30 of $2.16 million, or 21 cents a share, up from $1.62 million, or 15 cents a share, in the year-ago period.
Base revenue climbed to $103.8 million from $101.7 million, while total revenue, which includes fuel surcharge revenue, rose 17.5% to $146.1 million.
Several favorable factors came together this quarter such as our successful safety and fuel conservation efforts, tightening industry capacity and driver availability," said Clifton R. Beckham, president and CEO, in a statement. "We are aware of the possibility that those volatile factors may not be sustainable in the near term, and we realize that we have posted our best operating ratios in the second calendar quarter during four of the past five full years."
Shares of USA Truck rose 22% to $12.09. Volume was roughly 31,000 shares, more than four times the issue's 30-day average of 6,865 shares. Gabriel Madway gm
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