Kenan Revenues Up in 1999
February 02, 2000
Kenan Transport, Chapel Hill, NC, announced 1999 fourth-quarter revenues of nearly $38.3 million, up from $33.4 million for the same period in 1998. Revenue for the year was nearly $141.6 million, up from $130.1 million in 1998, while net income was nearly $4.7 million, down from $5.2 million the previous year.
The fourth quarter revenue increase was attributed to new customers and a strong year-end demand. Operating costs were affected by higher diesel fuel prices and increased driver wages and benefits. In response, the company began to implement price increases and applied fuel surcharges with contract and non-contract customers.