USX - U.S. Xpress Enterprises slides 14% post Q4 results

U.S. Xpress (USX -14.0%) reports Q4 operating revenue of $531.6M, an increase of 16.7% Y/Y beating estimates by $4.89M. The increase was a combination of increased revenues in the Company’s Brokerage segment of $35.5M, an increase of $23M in the Truckload segment, and an increase in fuel surcharge revenues of $17.5M. Adj. operating loss was $0.8 million, as compared to adjusted operating income of $15.1M Y/Y. Average revenue per mile increased 14.6% Y/Y; however, average revenue miles per tractor per week declined by 20%, which contributed to average revenue per tractor per week declining by 8.3% Y/Y. The Co. had $188.9M of liquidity, $369.8M of net debt and $276.6M of total stockholders' equity. Capex, net of proceeds were $97M which was below the previous guidance range of $130-$150M. Outlook: “We expect a robust freight market early in the year that moderates as the year goes on, due to improvements in the

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U.S. Xpress Enterprises slides 14% post Q4 results