Fleet Management

Saia, Celadon, Landstar Report Earnings

January 31, 2014

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Multiregional less-than-truckload carrier Saia reported improved fourth quarter and 2013 financial results, while truckload fleet Celadon had higher revenue but lower earnings, and asset-light Landstar System had record fourth-quarter revenue and higher earnings.

Saia Investments Pay Off

Revenue for the Georgia-based LTL was $280 million in the final quarter of last year, an increase of 5.8% from a year ago, while net income increased to $8.1 million or 32 cents per share, from $5.4 million or 22 cents per share during the same time.

LTL tonnage per workday increased 2.9%, while shipments per workday were up 1.7% with a 1.2% increase in weight per shipment.

For the full year 2013, revenue was $1.1 billion, just above 2012’s level, while net income increased to $43.6 million or $1.76 per share, compared to $32 million or $1.29 per share during the same time.

"Investments in technology, equipment and continuous ongoing employee training have allowed Saia to post its ninth consecutive quarter of 98% on-time service,” said Saia president and CEO Rick O'Dell.

“The combination of strong service and our committed pricing effort enabled Saia to improve its operating ratio by 150 basis points versus fourth quarter last year. With our recently expanded sales force, Saia ended the year with improving tonnage trends and we believe we are well positioned to grow our market share going forward."

More details are on the Saia website

Celadon Profit Sinks

Truckload fleet Celadon Group released financial results on Friday showing revenue for the final quarter of last year increased 30.7% to $193.6 million from $148.1 million a year ago.

The average age of Celadon's company’s tractor fleet was 1.7 years as of December 2013 and the average age of the trailer fleet was 2.4 years. (Photo by Evan Lockridge)
The average age of Celadon's company’s tractor fleet was 1.7 years as of December 2013 and the average age of the trailer fleet was 2.4 years. (Photo by Evan Lockridge)

Net income during the same time period decreased 30.5% to $5.1 million or 22 cents per share from $7.4 million 32 cents per share for the Indiana-based fleet.

For the six months ending Dec. 31, revenue increased 22.3% to $368.7 million from $301.4 million for the same period a year earlier. Net income fell 25% to $11.7 million from $15.6 million. Earnings per share decreased to 49 cents from 67 cents.

“Operations, maintenance and fuel expenses increased primarily due to older equipment associated with our most recent acquisitions, which will be somewhat alleviated in future periods when those assets are refreshed in a similar fashion to the remaining Celadon fleet,” said Paul Will, president and CEO. The average age of the company’s tractor fleet was 1.7 years as of December 2013 and the average age of the trailer fleet was 2.4 years as of December 2013.

Celadon saw an increase in average seated tractor count of 720, or 26.7%, to 3,418 in the December 2013 quarter compared with 2,698 in the December 2012 quarter.

“This increase was a result of expanding our recruiting efforts at terminal locations, having established a driving school as well as our previously announced acquisitions over the past year," the company said in a statement.

It also pointed out that Celadon completed its acquisition of Osborn Transportation based in Rainbow City, Ala., during the December 2013 quarter, which operates approximately 190 tractors.

Celadon also reported on Jan. 30 its board of directors approved a regular cash dividend to shareholders for the quarter ending April 30, of 2 cents per share of common stock, payable on April 18 to shareholders of record at the close of business on April 4.

There is more information on the Celadon website

Landstar Reports Record Fourth Quarter Revenue 

Asset-light trucking and logistics provider Landstar System had revenue of $692 million in the 2013 fourth quarter, a record for the final 13 weeks of the year fourth quarter, compared to $685.1 million a year earlier.

Earnings were $59.6 million or $1.30 per share, compared to $34 million or 73 cents per share during the same time frame for the Florida-based company.

For 2013, revenue totaled $2.66 billion compared to $2.77 billion in 2012, while earnings increased to $146 million or $3.16 per share compared to $129.8 million or $2.77 per share.

In addition, Landstar announced that its board of directors has declared a quarterly dividend of 6 cents per share payable on March 14 to stockholders of record at the close of business on Feb. 18.

“Truck transportation revenue in the 2013 fourth quarter exceeded the 2012 fourth quarter primarily due to a 2% increase in the number of loads hauled via truck,” said Landstar chairman and CEO, Henry Gerkens. “This was the first and only quarter in 2013 where the number of loads hauled via truck increased on a quarter-over-prior-year-quarter basis.

"With respect to pricing, December was the first month during 2013 in which we experienced a month-over-prior-year-month increase in revenue per load on loads hauled via truck.”

Truck transportation revenue hauled by independent contractors and truck brokerage carriers in the 2013 fourth quarter was $643.6 million, or 93% of revenue from continuing operations, compared to $639.3 million, or 93% of revenue from continuing operations, in the 2012 fourth quarter. 

Revenue hauled by rail, air and ocean cargo carriers was $39million or 6% of revenue from continuing operations, in the 2013 fourth quarter compared to $36.6 million, or 5% of revenue from continuing operations, in the 2012 fourth quarter. 

More numbers and commentary are on the Landstar website.

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