Knight Transportation Inc., Phoenix, Ariz., said that for the first quarter of 2007, total revenue increased 11.7 percent, to $166.5 million from $149.1 million for the same quarter of 2006.
Revenue, before fuel surcharge, increased 12 percent, to $144.8 million from $129.3 million for the same quarter of 2006. Net income increased 5 percent, to $16.6 million from $15.8 million for the same period of 2006. Net income per diluted share increased to $0.19 from $0.18 for the same period of 2006.
Chairman and Chief Executive Officer Kevin P. Knight, said, , "This quarter represented the 49th consecutive quarter, since going public, that Knight Transportation generated higher year-over-year operating income. Our net income, as a percentage of revenue before fuel surcharge, for this quarter was 11.5 percent, which represented the third highest first quarter in our history as a public company. Our operating ratio was 81.2 percent, which represented our third-best first quarter operating ratio in our history.
"We are pleased with our double-digit revenue growth considering the current challenging freight environment. Our growth was accomplished through a combination of continued fleet expansion, our asset purchase of Roads West Transportation during the fourth quarter of 2006, and increased revenue per mile. Also our brokerage line of business continues to expand.
"For the quarter, average revenue per loaded mile, before fuel surcharge, increased 4.0 percent, while non-revenue miles increased by 90 basis points with a 36 mile shorter average length of haul. Average miles per tractor decreased 4.8 percent as compared to the same period of 2006. The decrease in utilization is attributed primarily to a less robust freight environment and a shortened length of haul."
Revenue, before fuel surcharge, increased 12 percent, to $144.8 million from $129.3 million for the same quarter of 2006. Net income increased 5 percent, to $16.6 million from $15.8 million for the same period of 2006. Net income per diluted share increased to $0.19 from $0.18 for the same period of 2006.
Chairman and Chief Executive Officer Kevin P. Knight, said, , "This quarter represented the 49th consecutive quarter, since going public, that Knight Transportation generated higher year-over-year operating income. Our net income, as a percentage of revenue before fuel surcharge, for this quarter was 11.5 percent, which represented the third highest first quarter in our history as a public company. Our operating ratio was 81.2 percent, which represented our third-best first quarter operating ratio in our history.
"We are pleased with our double-digit revenue growth considering the current challenging freight environment. Our growth was accomplished through a combination of continued fleet expansion, our asset purchase of Roads West Transportation during the fourth quarter of 2006, and increased revenue per mile. Also our brokerage line of business continues to expand.
"For the quarter, average revenue per loaded mile, before fuel surcharge, increased 4.0 percent, while non-revenue miles increased by 90 basis points with a 36 mile shorter average length of haul. Average miles per tractor decreased 4.8 percent as compared to the same period of 2006. The decrease in utilization is attributed primarily to a less robust freight environment and a shortened length of haul."
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