October 30, 2012
Many fleets released their third quarter revenues and earnings recently. Some companies experienced gains, while others reported losses. Covenant Transportation GroupConvenant Transportation Group reported a freight revenue of $133 million, an increase of 5.1% compared with the third quarter of 2011.It also reported a net income of $1 million, or 7 cents per share, compared with net loss of $11.2 million, or 76 cents per share in the third quarter of 2011.Knight TransportationKnight Transportation cited high fuel prices and a weak economy as forces behind its third quarter flat earnings.Knight's net income for the third quarter totaled $16.6 million. Revenue rose over last year by 5% from $247.1 million last year to $237.9 million.Landstar System Inc.Landstar System Inc. reported 2012 record third quarter diluted earnings per share of 71 cents from net income of $33.1 million, compared to net income of $30.2 million, or 64 cents per diluted share, for the 2011 third quarter.Revenue for the 2012 third quarter was $717.2 million compared to $684.0 million in the 2011 third quarter.Truck transportation revenue hauled by independent business capacity owners and truck brokerage carriers in the 2012 third quarter was $663.5 million, or 93% of revenue, compared to $625.8 million, or 91% of revenue, in the 2011 third quarter. Revenue hauled by rail, air and ocean cargo carriers was $38.9 million, or 5% of revenue, in the 2012 third quarter compared to $44.5 million, or 7% of revenue, in the 2011 third quarter. Old DominionOld Dominion Freight Line Inc. reported an increase in net income in the third quarter. It experienced an increase to $51.04 million from $38.63 million. For the quarter, revenue increased a total of approximately 10%. The revenue totaled $544.40 million up from last year's $494.47 million. Swift TransportationSwift Transportation reported that its net profit dropped 10% in the third quarter from one year ago to $27.6 million. Revenues were reported almost flat at $871.1 million.Third quarter net revenues totaled $702.4 million, which is up 1.6% from the $691.3 million in net revenues in the same period last year.In the first three quarters of 2012, revenue increased 4% from last year, specifically, revenues increased from $2.0 billion in 2011 to $2.1 billion this year.Universal Truckload ServicesFor the third quarter, Universal Truckload's operating revenues decreased 2.3%, or $4.2 million, to $183.3 million compared to $187.5 million from the third quarter in 2011.At the close of the third quarter, Universal Truckload's operating revenues year-to-date have increased 3.6%, or $19.1 million, to $544.2 million over the $525.1 million for the first three quarters of 2011.USA TruckBase revenue for the third quarter fell 2.3% to $100.3 million this quarter from $102.6 million for the same quarter of 2011. USA Truck incurred a net loss of $6.1 million ($0.59 per share) for the quarter ended third quarter, compared to a net loss of $4.3 million ($0.42 per share) for the same quarter of 2011.Year-to-date base revenue decreased 2.9% to $301.7 million, from $310.8 million for the same period of 2011. USA Truck experienced a net loss of $14.4 million ($1.40 per share) in the first three quarters of 2012 compared to a net loss of $6.4 million ($0.62 per share) for the same period of 2011.