U.S. Xpress Enterprises, Inc. nearly doubled its operating income in the second quarter as the Chattanooga-based trucking firm capitalized on its technologies to improve freight efficiency and grew its revenues with more truckload shipments of grocery and other items during the coronavirus pandemic.
U.S. Xpress, the nation’s fifth largest asset-based truckload carrier by revenue, said Tuesday its operating income totaled $16.3 million on sales of $422.5 million. In the previous year, U.S. Xpress reported operating income of $8.8 million on revenues of $413.9 million.
Adjusted net income totaled $9.5 million, or 18 cents per diluted share, which was triple the results from the previous year.
Eric Fuller, CEO of U.S. Xpress, said he expects continued improvement in the quarters ahead as the company implements more of its digital fleet to provide better shipping efficiency to improve operating margins and thereby retain more drivers.
“We are beginning to see the tangible, financial benefits of our strategic initiatives focused on utilizing technology to improve our processes, accelerate the velocity of our business, improve our customers’ and drivers’ satisfaction, and lower our costs,” Fuller said in the second quarter earnings results released after the market closed.