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July 11, 2019, 4:40 p.m. EDT

U.S. Xpress Enterprises stock falls 7% after trucking company cuts outlook

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By Claudia Assis

USX

Shares of U.S. Xpress Enterprises Inc. /zigman2/quotes/202703514/composite USX -4.88% fell more than 7% in the extended session Thursday after the trucking company lowered its expectations for the second quarter, saying that market conditions "continue to underperform original expectations" and there's no seasonal boost. U.S. Xpress said it expects second-quarter adjusted operating ratio to about 97.5%, versus a previous expectations of "improvement" from the 95.7% adjusted operating ratio in the first quarter. The company also lowered its capital-expenditure budget for the year to betwee $110 million and $130 million, compared with a prior guidance of $170 million and $190 million. It will defer tractor deliveries and cut the planned replacement of leased equipment with owned, the company said. "Our balance sheet remains solid, and we anticipate remaining comfortably within our financial covenants and liquidity target through the balance of the year and beyond," the company said. Shares of U.S. Xpress ended the regular trading day 3.8%.

/zigman2/quotes/202703514/composite
US : U.S.: NYSE
$ 7.99
-0.41 -4.88%
Volume: 310,786
Sept. 17, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$416.67 million
Rev. per Employee
N/A
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