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USA Truck Inc. of Van Buren swung back to a profit in the third quarter, reporting net income of $2.3 million, or 26 cents per diluted share.
The publicly traded logistics company (Nasdaq: USAK) reported a loss of $1.4 million, or 16 cents per diluted share, in the same quarter last year.
Consolidated operating revenue was $141.8 million, up 8% from the same quarter last year. Base revenue, which excludes fuel surcharge revenue, was $131.5 million, up 14% from the same quarter last year.
“The third quarter of 2020 was the tale of two freight markets,” President and CEO James Reed said in a news release. “The first half of the quarter was similar to the second quarter of 2020, with unpredictable week to week swings in freight, pricing and seasonally softer demand.
“The market turned toward the middle of August as capacity constraints emerged and demand strengthened.”
Reed attributed capacity constraints to factors including new Drug and Alcohol Clearinghouse screening requirements, COVID-19-related driver school shut downs, general COVID-19 cautiousness among drivers and expanded unemployment insurance and federal and state relief programs.