USX - U.S Xpress plummets on Q3 estimates miss

U.S. Xpress ([[USX]] -20.5%) reports Q3 operating revenue increased $3M Y/Y to $431.5M, due to increased revenues in Brokerage division of $9.9M, an increase of $7.1M in Truckload revenue, and decreased fuel surcharge revenues of $14M.Truckload operating ratio improved 450 bps to 94.6% and contributed to an ~6% reduction in miles driven during the quarter.Adj. operating ratio declined 310 bps to 96.1%.In the OTR division, average revenue/tractor/week increased 5.8% Y/Y also, the result of a 7.2% increase in average revenue/mile partially offset by a 1.3% decrease in revenue miles/tractor/week.“The segment operating ratio for the quarter was ~108% but improved sequentially through the quarter. As we execute on our initiatives we expect the segment OTR to improve ~500 bps for the fourth quarter.” said Eric Peterson, CEO in conference call.The Company had $154.9M of liquidity, $386.3M of net debt and $252.2M of total stockholders' equity.2020 Outlook: Net capex of ~$100-120M, which

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U.S Xpress plummets on Q3 estimates miss