Overnite Corp., Richmond, Va., reported results for the quarter and nine months ended September 30, 2004.
Operating revenue for the third quarter was a record $429.0 million, an increase of $44.8 million, or 11.7%, from $384.2 million in the third quarter of 2003. Net income was $22.4 million in the third quarter of 2004, an increase of 46.7% or $7.1 million, as compared to pro forma net income of $15.3 million for the third quarter of 2003. Net income for the third quarter of 2003 was $19.7 million. Third quarter 2004 diluted earnings per share were $0.80 as compared with pro forma diluted earnings per share of $0.55 for the third quarter of 2003.
Operating income for the third quarter of 2004 was $37.4 million, an increase of 40.3%, as compared to pro forma operating income of $26.7 million in the third quarter of 2003. Operating income for the third quarter of 2003 was $28.8 million.
Overnite's operating ratio (total operating expenses divided by operating revenue) was 91.3% for the third quarter of 2004, compared to 93.1% on a pro forma basis for the third quarter of 2003. The operating ratio was 92.5% for the third quarter of 2003.
Operating revenue for the third quarter was a record $429.0 million, an increase of $44.8 million, or 11.7%, from $384.2 million in the third quarter of 2003. Net income was $22.4 million in the third quarter of 2004, an increase of 46.7% or $7.1 million, as compared to pro forma net income of $15.3 million for the third quarter of 2003. Net income for the third quarter of 2003 was $19.7 million. Third quarter 2004 diluted earnings per share were $0.80 as compared with pro forma diluted earnings per share of $0.55 for the third quarter of 2003.
Operating income for the third quarter of 2004 was $37.4 million, an increase of 40.3%, as compared to pro forma operating income of $26.7 million in the third quarter of 2003. Operating income for the third quarter of 2003 was $28.8 million.
Overnite's operating ratio (total operating expenses divided by operating revenue) was 91.3% for the third quarter of 2004, compared to 93.1% on a pro forma basis for the third quarter of 2003. The operating ratio was 92.5% for the third quarter of 2003.
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