Tennessee-based U.S. Xpress Enterprises, Inc. published their operating revenue and earnings statement for the second quarter of 2004 on July 15. Excluding the effect of fuel surcharges, the company reported that operating revenue increased 15.1% to $257.4 million, compared with $223.6 million for the second quarter of 2003. Total operating revenue increased 16.5% to $270.3 million, compared with $231.9 million for the second quarter of 2003.
Net income for the second quarter increased 91.4% to $4.2 million, or $0.30 per diluted share. In the statement, Patrick Quinn, co-chairman, noted that, “The significant improvement in our results reflects the success of our efforts in recent years to transition our truckload operations into higher return businesses, a favorable freight environment and more disciplined rate and lane selection. We have now posted year-over-year improvement in earnings for ten consecutive quarters.”