USA Truck shares surge after 2nd-quarter profit jumps

The company attributed its results to stabilizing pricing and better fleet utilization, as more truckers cut capacity and exit the market due to the slowing U.S. economy and record fuel costs.

The Associated Press

7/18/2008

NEW YORK — Shares of USA Truck Inc. accelerated Thursday after the company said its second-quarter earnings jumped 32 percent and trumped Wall Street’s expectations.

The trucking company earned $2.1 million, or 21 cents per share, compared with $1.6 million, or 15 cents per share, in the 2007 second-quarter. The results surprised analysts who had expected a loss of 10 cents per share, according to a poll by Thomson Financial.

Revenue rose 18 percent to $146.1 million, from $124.4 million a year earlier. Analysts predicted more modest sales of $130.6 million.

The company attributed its results to stabilizing pricing and better fleet utilization, as more truckers cut capacity and exit the market due to the slowing U.S. economy and record fuel costs.

Shares surged $2.19, or 22 percent, to $12.15 in afternoon trading. The stock has traded between $9.50 and $19.13 in the past year.