Overnite In The Black For First Quarter
April 25, 2000
Despite an ongoing Teamster protest, Overnite Transportation Co., Richmond, VA, was in the black in the first quarter.
The fleet had revenue of $269 million, up 6.4% from the same period last year. Net income for the first quarter was $2.3 million, down $6.2 million from the same period in 1999. At the same time, operating income of $500,000 for the first quarter completed a $14.2 million turnaround following a $13.7 million operating loss reported in the fourth quarter of 1999.
Operating income for the first quarter of 1999 was $10.3 million on revenue of $252.8 million.
"Our on-time service, fast approaching 98%, is the best it has ever been. At the same time, we successfully reduced transit times on more than 3,700 lanes, allowing us to attract new business and grow our customer base,'' said Leo Suggs, chairman and chief executive officer.
A nationwide walkout against Overnite was called by the Teamsters in late October 1999 failed to materialize. Today, more than 94% of Overnite's employees continue to work every day, the company says.