Knight Transportation managed to improve its revenue and net income in the first quarter, a sign that the truckload sector might be firming up.
The truckload carrier said total revenue increased 11.4 percent to $165.7 million from $148.7 million for the same quarter of 2009. Net income was up 5.1 percent to $12.3 million, or 15 cents a share, from $11.7 million, or 14 cents a share, for the same period of 2009. Excluding fuel surcharge, revenue gained 5.4 percent to $140.3 million, compared to $133.1 million in the first quarter of 2009.
"The operating environment grew increasingly positive during the first quarter 2010," said Kevin P. Knight, chairman and CEO. "We appear to be firmly in a recovering truckload freight market. Evidence of the recovery includes our 3.8 percent improvement in average miles per tractor for the quarter."
In addition, the company's equipment productivity, measured by average revenue before surcharge per tractor, gained 3.8 percent over the first quarter of 2009. Knight reduced its non-paid empty miles by 12.9 percent and cut its average length of haul by 3.5 percent.
"We continue to remain focused on refining our operating model to create additional efficiencies, offering customers a high level of service through our network of service centers, and preparing for growth opportunities that will enhance the returns for our shareholders over time," Knight said.
The truckload carrier said total revenue increased 11.4 percent to $165.7 million from $148.7 million for the same quarter of 2009. Net income was up 5.1 percent to $12.3 million, or 15 cents a share, from $11.7 million, or 14 cents a share, for the same period of 2009. Excluding fuel surcharge, revenue gained 5.4 percent to $140.3 million, compared to $133.1 million in the first quarter of 2009.
"The operating environment grew increasingly positive during the first quarter 2010," said Kevin P. Knight, chairman and CEO. "We appear to be firmly in a recovering truckload freight market. Evidence of the recovery includes our 3.8 percent improvement in average miles per tractor for the quarter."
In addition, the company's equipment productivity, measured by average revenue before surcharge per tractor, gained 3.8 percent over the first quarter of 2009. Knight reduced its non-paid empty miles by 12.9 percent and cut its average length of haul by 3.5 percent.
"We continue to remain focused on refining our operating model to create additional efficiencies, offering customers a high level of service through our network of service centers, and preparing for growth opportunities that will enhance the returns for our shareholders over time," Knight said.
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