US Xpress Enterprises Inc (NYSE:USX) shares plummeted as the company lowered its financial outlook for the second quarter 2019 as well as the full year.
The carrier, based in Chattanooga, Tenn., said that it now expects a full-year 2019 OR of 95.5% to 97.5% compared to the prior guidance of 93%.
CEO Eric Fuller said, "In addition, the Company is adjusting its full year 2019 adjusted operating ratio guidance to a range of 95.5% to 97.5%, where the high end would assume a continuation of the lackluster market conditions as seen in June through year end and compares to the previous adjusted operating ratio guidance of 93.0%."
Fuller also commented, "The freight market has not exhibited typical seasonal improvement, which we attribute to a combination of trade, industrial production, weather and other factors. In addition, truckload industry capacity has increased year-over-year, as an attractive spot market through the end of 2018 and higher driver pay resulted in incremental trucks and drivers entering the market."
Founded in 1985, U.S. Xpress Enterprises, Inc. is the nation’s fifth largest asset-based truckload carrier by revenue, providing services primarily throughout the United States.
The company offers customers a broad portfolio of services using our own truckload fleet and third-party carriers through our non-asset-based truck brokerage network. Its modern fleet of tractors is backed up by a team of committed professionals whose focus lies squarely on meeting the needs of customers and drivers.
US Xpress shares tumbled 81 cents, or 16.7% to $4.04 late Friday morning.
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