U.S. Xpress Officially Goes Public, Stock Rises In Early Trading

U.S. Xpress, the country’s fifth largest asset-based truckload carrier by revenue, has officially launched its initial public offering, with 18,056,000 shares of its Class A common stock.

A team of U.S. Xpress executives, along with family members, gathered at the New York Stock Exchange to ring the opening bell on Thursday, June 14. They were happy to see the stock finish at $16.57 for the day, an increase over the $16 initial offering price.

Company to focus more on margins and data

According to President and CEO Eric Fuller, the IPO was the culmination of a multi-year strategy to achieve a significant reduction in the company’s debt load. Fuller referred to the debt as like, “having a gun to your head.”

Fuller added, “The prior team was more growth-oriented,” while the new strategy is to be, “more focused on margins, and more focused on data.” 61 of U.S. Xpress’s top 94 managers have left the company since 2015.

Industry adapting to new driver preferences

Of important news to drivers, in their S-1 document, the company stated that, “During 2017, we shifted from a load planning strategy based on minimizing empty miles to one that maximizes utilization of our drivers’ available hours. We believe the focus on drivers’ hours more effectively utilizes our scarcest resource and improves driver satisfaction. Following this change, miles per seated tractor per week and driver turnover rate both improved.”

The IPO will have major implications in the trucking industry, as USX and its competitors are all undergoing serious changes while they adapt to new realities and technologies.

This includes the fact that a major emphasis is being placed on shortening the haul, with companies facing a shortage of drivers, along with the growing sentiment from drivers to be able to return home at night rather than sleep on the road.

We're here to help you

100% Cash Advance
100% Cash Advance

Deliver a load and get a 100% cash advance, with no reserves

No Terms
No Terms

Break your contract whenever you want, there is no penalty to leave

Same Day Pay
Same Day Pay

Submit your freight bills by 12:00 PM EST and get your cash advance same day

Upload BOL
Upload BOL

Upload your bill of ladings from your cell phone, there is no need to mail them to us

40% Cash Advance
40% Cash Advance

Pick up a load and get a 40% cash advance and get the other 60% when the load is delivered

Saint John Fuel Card
Saint John Fuel Card

Big savings when you use the Saint John fuel card, average of .14 cents per gallon

Customer Service
Customer Service

Penchant towards superior service is what makes us the best freight factoring company

Online Access
Online Access

Powerful online and mobile fleet solutions designed with your trucking company in mind

ADDRESS

Saint John Capital
3 South Prospect Avenue Suite 1
Park Ridge, Illinois 60068

PHONE/EMAIL

Phone: 1-847-430-3620
Fax: 1-847-720-4072
contact@saintjohncapital.com

BUSINESS HOURS

Monday – Friday
8:00 AM – 5:00 PM
Central Time