U.S. Xpress said its operating revenues for the third quarter of 2001 increased 5.2% to $207.5 million, compared with $197.1 million in the same period last year. For the first nine months of 2001, revenues increased 0.9% to $596.4 million from $591.4 million in 2000.
Profits, however, sharply declined. U.S. Xpress said it posted net income of $304,000 in the third quarter of 2001, compared with net income of $1.4 million in the same period last year. For the first nine months of 2001, the carrier reported a loss of $529,000, compared with net income of $5.3 million in 2000. However, U.S. Xpress continued to expand despite the tougher operating environment, adding 40 owner-operators to its fleet. The company operates 5,200 tractors total, 748 of which are owner-operators.
"Our third quarter results continue to reflect the impact of the difficult economic environment within our industry," said Patrick Quinn, U.S. Xpress’ co-chairman. "The decline in third quarter earnings over the prior-year period was primarily due to reduced operating margins in our floor covering logistics operation and expenses associated with the rapid expansion of our deferred airfreight operation.”
