In an earnings season full of trucking and transport companies declaring they’ve seen a sharp falloff in volumes this month, carrying over from a late March collapse, truckload carrier U.S. Xpress Enterprises, Inc. (NYSE: USX) is an outlier.
Given the mix of its freight, CEO Eric Fuller said April volumes have held largely steady even as some other trucking firms are reporting year-on-year declines of 20%.
“U.S. Xpress has a strong customer mix of grocery, e-commerce, consumer products, discount retail, and home improvement, with little exposure to automotive, manufacturing and restaurants,” the company said on Thursday, April 30, in announcing its first quarter earnings. “The company has not seen a drop in total load volume to date through April.”
In the company’s conference call with analysts, Fuller noted that the heavy mix of grocery, home improvement and discount store operations in the USX customer base meant that after the