U.S. Xpress Enterprises Inc. on Wednesday reported a loss of $554,000, or one cent per share, in its second quarter.
The results were below what Wall Street analysts had forecast for the Chattanooga-based trucking giant, sending shares tumbling more than 12% in after-hours trading after the second quarter results were announced.
U.S. Xpress said the quarterly losses, adjusted for non-recurring gains, totaled 5 cents per share. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings in the quarter of 5 cents per share.
The company posted revenue of $553.7 million in the period, which was up from $475 million a year ago and topped Street forecasts.
"Second quarter highlights included sequential overall fleet growth and improved margins in our Brokerage segment and Dedicated division," Eric Fuller, president and CEO of U.S.