Quarterly Trucking Survey, fourth quarter 2011

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Trucking businesses earned $11.3 billion in operating revenue in the fourth quarter, up 5.7% from the same quarter in 2010. Operating expenses registered a slightly lower increase, to $10.1 billion. As a result, these firms generated $1.2 billion in operating profits, up 6.0%.

Overall, vehicle fuel expenses rose 17.3%, again leading the growth in expenses. In comparison, salaries, wages and benefits increased 8.6%, while all other operating expenses (+0.2%) were little changed. The increase in fuel expenses was driven by higher prices, as carriers reported a 1.4% increase in fuel consumption.

During the first two quarters of 2011, trucking firms reported year-over-year declines in operating profits averaging 8%, as expenses outgrew revenue in both quarters. The situation reversed in the final two quarters, such that profits averaged increases of 10%.

Trucking firms reported increases in fuel expenses averaging 18% in 2010 and 2011. Accordingly, the contribution of fuel expenses to total expenses rose from 17% during the first quarter of 2009 to over 21% in the fourth quarter of 2011.