The fifth largest trucking company in the United States: US Xpress Enterprises (USX)

US Xpress Enterprises, Inc. (NYSE:USX) was founded by Max Fuller and Patrick Quinn in 1986 and is headquartered in Chattanooga, Tennessee, USA, with 8,912 full-time employees (9/30/2019), based on assets, It is the fifth largest trucking company in the United States, with total operating revenue of more than $1.5 billion in 2017.

U.S. Xpress Enterprises

US Xpress Enterprises, Inc. (USX):

US Xpress Enterprises mainly provides truck transportation (automobile) services throughout the United States, with a focus on the densely populated and economically diverse eastern United States. Through US Xpress’s own truck fleet and third-party truck operators, we provide customers with a series of services.

As of March 31, 2018, American Express Corporation’s fleet consisted of approximately 6,800 tractors (truck fronts) and approximately 16,000 trailers, of which approximately 1,300 tractors were provided by independent contractors. As of December 31, 2018, the US Xpress Enterprises fleet includes approximately 6,900 truck heads and 16,000 trailers, including 1,650 heads provided by independent contractors.

All towing locomotives of US Xpress Enterprises have been equipped with electronic log mandates since 2012, and the company’s system and network design comply with recent federal electronic logging requirements. The company’s terminal network and information technology infrastructure have been established and can handle larger business volumes without additional investment.

In most of the history of American Express, the company has mainly focused on the expansion of the fleet and the expansion of the scope of services to support the establishment of sustainable multi-faceted relationships with customers. In recent years, US Xpress has tended to focus on its core service products and improve its transportation network, focusing on higher-density, shorter-route profitable routes, which the company believes are more attractive to truck drivers.

In the past three years, American Express has recruited and developed a new management and operation management team with rich industry experience, and injected a new culture of professional management. These ongoing changes have helped the company maintain relatively stable profitability in the weak vehicle transportation market in 2016 and early 2017, and significantly improved its profitability during the strong recovery of the vehicle transportation market that began in the second half of 2017.

The vehicle transportation market is a cyclical industry, and the number and speed are currently growing, mainly due to the shortage of truck drivers and the increase in industrial and retail freight demand. According to FTR traffic information, the vehicle rate in the first quarter of 2018 (excluding fuel surcharges) was 14.4% higher than the rate in the first quarter of 2017.

American Express has diversified and long-term customers including many Fortune 500 companies, including: Amazon , Dollar General , Dollar Tree , FedEx , Home Depot , Kroger , Procter & Gamble , Target , Tractor Supply and Walmart, etc.

US Xpress customers are distributed in a wide range of regions and end markets, including retail, food and beverage, e-commerce and packaging, manufacturing and consumer products. In the terminal market served by US Xpress on March 31, 2018, no category accounted for more than 5% of revenue, and the average cooperative relationship with the top ten customers exceeded 10 years.

US Express US Xpress Enterprises, Inc. (USX) investment:

US Xpress Enterprises, Inc. (NYSE:USX) submitted its IPO prospectus on 5/7/2018 and listed on the NYSE on 6/14/2018. The planned issue price is US$18.00-20.00, and the actual issue price US$16, issued 18.056 million shares and raised US$289 million.

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