U.S. Xpress Enterprises reported an increase in revenue for the first quarter of 2020, but its bottom line swung from a profit to a loss.
The company on April 30 reported a Q1 net loss attributable to controlling interest of $9.2 million, or 19 cents per diluted share, compared with net income attributable to controlling interest of $4.7 million, or 10 cents, during the previous year.
During a conference call with investors and analysts the day of the earnings release, Chief Financial Officer Eric Peterson said that when a $2 million impairment charge for an equity method investment is excluded, the company’s adjusted net loss for the first quarter was $7.2 million, or 15 cents diluted common share.
