As it continues to invest in its fast-growing digital Variant fleet, U.S. Xpress finished the third quarter of 2021 with lower operating income compared to the same quarter a year ago, and a net loss of 11 cents per share compared to earnings of 20 cents per share in the third quarter of 2020.
“The decisions and investments that we are making today are designed to position us as a leader in the future state of freight transportation,” U.S. Xpress CEO Eric Fuller in an announcement of the results. “Between now and then, we will remain focused on investing in our future with an emphasis on growing Variant’s tractor count, and consequently, we expect gradual margin expansion, though our quarterly results may fluctuate until we reach maturity.”
Analysts had predicted the Chattanooga-based trucking company would report earnings of 14 cents per share for the third quarter of 2021.
The company’s operating revenue grew 13.8% to $491.1 million in the third quarter of 2021 compared to $431.5 million in the same quarter last year. Operating income fell to $6.6 million from $15.8 million in the third quarter of 2020.
Variant ended the third quarter with 1,283 tractors, representing a growth of 149%, which contributed to the company’s total tractor count growing sequentially for the first time since the second quarter of 2020.