Overnite, a nationwide less-than-truckload company and over-the-road arm of the Union Pacific Corp., says that it has completed its best year since 1994.
The company today reported a 16.2% increase in net income of $55.1 million on revenue of $1.33 billion in 2002, compared to $47.4 million and $1.27 billion, respectively, in 2001.
The numbers include the pro forma effects of the Nov. 30, 2001 acquisition of Motor Cargo Industries as if the acquisition had been effective on Jan. 1, 2001.
The $55.1 million does not include the effects of a $33.7 million favorable tax adjustment that pushed net income for 2002 to $88.8 million, an 87% increase over 2001.
Overnite, reported operating income of $71.2 million in 2002, an 11% increase over the $64 million reported for all of 2001, again on a pro forma basis.
Operating income for the fourth quarter of 2002 rose 19% over the same period last year to $16.8 million on revenue of $346.3 million. Fourth quarter numbers on a pro forma basis in 2001 included operating income of $14.1 million on revenue of $305.5 million.
"Certainly our revenue for the fourth quarter was impacted by the closure of Consolidated Freightways in September," said Overnite Holding Chairman Leo Suggs. "For the year, while the economy remained soft, we were able to gain market share. We experienced growth in each quarter, even as many competitors' revenues were below prior year levels."
Overnite Holding Inc. is the parent company of Overnite Corp., which owns both Overnite Transportation Co. and Motor Cargo Industries. A nationwide regional carrier with premium long-haul capabilities, the company has 14,500 employees and operates 200 facilities serving more than 52,000 points in all 50 states, Canada, Mexico, the U.S. Virgin Islands, Puerto Rico and Guam.
The company today reported a 16.2% increase in net income of $55.1 million on revenue of $1.33 billion in 2002, compared to $47.4 million and $1.27 billion, respectively, in 2001.
The numbers include the pro forma effects of the Nov. 30, 2001 acquisition of Motor Cargo Industries as if the acquisition had been effective on Jan. 1, 2001.
The $55.1 million does not include the effects of a $33.7 million favorable tax adjustment that pushed net income for 2002 to $88.8 million, an 87% increase over 2001.
Overnite, reported operating income of $71.2 million in 2002, an 11% increase over the $64 million reported for all of 2001, again on a pro forma basis.
Operating income for the fourth quarter of 2002 rose 19% over the same period last year to $16.8 million on revenue of $346.3 million. Fourth quarter numbers on a pro forma basis in 2001 included operating income of $14.1 million on revenue of $305.5 million.
"Certainly our revenue for the fourth quarter was impacted by the closure of Consolidated Freightways in September," said Overnite Holding Chairman Leo Suggs. "For the year, while the economy remained soft, we were able to gain market share. We experienced growth in each quarter, even as many competitors' revenues were below prior year levels."
Overnite Holding Inc. is the parent company of Overnite Corp., which owns both Overnite Transportation Co. and Motor Cargo Industries. A nationwide regional carrier with premium long-haul capabilities, the company has 14,500 employees and operates 200 facilities serving more than 52,000 points in all 50 states, Canada, Mexico, the U.S. Virgin Islands, Puerto Rico and Guam.
media brand
0 Comments
See all comments