Celadon First Quarter Net Income Falls 20.5%
April 30, 2014
The trucking and logistics provider, Celadon Group, reports revenue for the quarter ending March 31 increased 29.1% to $193.2 million from $149.6 million in the March 2013 quarter.
Freight revenue for the Indiana-based company, which excludes fuel surcharges, increased 31% to $155.6 million.
Net income decreased 20.5% to $3.5 million in the 2014 quarter from $4.4 million for the same quarter last year, while earnings per diluted share decreased to 15 cents from 19 cents during the same time
"The winter storms encountered were widespread and significantly affected both fleet utilization and operating costs,” said Paul Will, president and CEO. “Operations, maintenance and fuel expenses increased primarily due to the weather and 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.”
For the nine months ended March 31, revenue increased 24.5% to $561.9 million in 2014 from $451 million for the same period last year. Freight revenue, which excludes fuel surcharges, increased 27.2% to $454.8 million in 2014 from $357.6 million. Net income decreased 24.5% to $15.2 million in 2014 from $20 million for the same period last year, while earnings per diluted share fell to 64 cents in 2014 from 86 cents for the same period last year.
Celadon says it has 800 trucks on order which it believes will improve fuel economy and help bring down overall maintenance costs to more historical levels.
More financial details are on the Celadon website.