Third Quarter Fleet Financials Released
October 30, 2012
Many fleets released their third quarter revenues and earnings recently. Some companies experienced gains, while others reported losses.
Covenant Transportation Group
Convenant 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 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 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 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 Services
For 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.
Base 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.