Truckload carrier Knight Transportation was able to take advantage of the tightening of capacity during the second quarter, posting net income of $15.8 million, or 19 cents a share, a 26 percent boost over the year-ago period.
For the second quarter of 2009, the company's net income was $12.6 million, or 15 cents a share.
The Phoenix-based carrier said second quarter revenue was up 14.4 percent to $185.4 million, compared to $162.1 million for the 2009 quarter.
"Many of the truckload markets we serve experienced capacity constraints," said Kevin P. Knight, chairman and CEO. "Our diversified service offering was able to provide solutions for our customers that address the changes that come with the tightening of truckload capacity. As a result of demand outpacing available capacity, we experienced improvement in revenue per mile, miles per truck, and average length of haul while decreasing non-paid empty miles."
According to Knight, the company's average revenue per tractor was up 8 percent, while average miles per tractor gained 3.7 percent over the 2009 quarter. Average revenue per total mile increased 4.1 percent, and average revenue per loaded mile increased 2.3 percent from the second quarter last year.
"In this changing environment we continue to be vigilant on improving the efficiency of our low cost operating model and appropriately responding to the changing market conditions," Knight said. "We believe the results of the second quarter illustrate our ability to respond to changing market conditions as our revenue per tractor and operating ratio both improved simultaneously with the improving truckload market."
For the second quarter of 2009, the company's net income was $12.6 million, or 15 cents a share.
The Phoenix-based carrier said second quarter revenue was up 14.4 percent to $185.4 million, compared to $162.1 million for the 2009 quarter.
"Many of the truckload markets we serve experienced capacity constraints," said Kevin P. Knight, chairman and CEO. "Our diversified service offering was able to provide solutions for our customers that address the changes that come with the tightening of truckload capacity. As a result of demand outpacing available capacity, we experienced improvement in revenue per mile, miles per truck, and average length of haul while decreasing non-paid empty miles."
According to Knight, the company's average revenue per tractor was up 8 percent, while average miles per tractor gained 3.7 percent over the 2009 quarter. Average revenue per total mile increased 4.1 percent, and average revenue per loaded mile increased 2.3 percent from the second quarter last year.
"In this changing environment we continue to be vigilant on improving the efficiency of our low cost operating model and appropriately responding to the changing market conditions," Knight said. "We believe the results of the second quarter illustrate our ability to respond to changing market conditions as our revenue per tractor and operating ratio both improved simultaneously with the improving truckload market."
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