Trucking company Knight Transportation Inc. has reported significant increases in net income and revenue for the final quarter of last year and for all of 2014.
Net income in the final quarter of 2014 jumped 64% from the same time a year earlier to $32.9 million while revenue increased 27% to $317.5 million. Earnings per share rose to 40 cents compared to 25 cents during the same time for the Arizona-based fleet.
For all of 2014 net income rose 49% to $102.9 million compared to 2013, while revenue increased 13.7% to $1.1 billion. Earnings per share increased to $1.25 compared to 86 cents a year earlier.
''During the fourth quarter of 2014, the truckload freight environment remained strong while capacity continued to be tight,” said Dave Jackson, president and CEO. “The robust freight environment coupled with the Oct. 1, 2014 acquisition of Barr-Nunn Transportation Inc. and certain affiliates led to revenue, excluding trucking fuel surcharge, growth of 32.6%.”
He said the company experienced growth in both its trucking and logistics segments. “Our trucking segment grew revenue 26.7% as a result of the strong rate environment and bringing on additional capacity through acquisition and organic growth. Our logistics segment grew revenue 56.2%, as we continue to grow this segment through expansion of our partner carrier base and investments in the resources that enable this business to provide additional capacity for our customers.”
In Knight’s trucking segment, revenue per tractor, excluding fuel surcharge, increased 9%, year-over- year, due to a 10.6% improvement in revenue per total mile, an 0.8% increase in average length of haul, and a 1.4% decrease in average miles per tractor, according to the company.
“Our logistics segment continues to show meaningful growth and complements our trucking segment by enabling us to source more capacity and offer more solutions for our customers,” said Jackson. “Our brokerage business increased revenue 99.3% and operating income 220%, when compared to the same quarter last year. Our intermodal business recorded the third consecutive profitable quarter with an 88.1% operating ratio. We expect continued profitable growth in the logistics segment as we continue to invest in technology and drive operational efficiencies.”
During the fourth quarter Knights average tractor count increased 16.4%, when compared to the same quarter last year. Excluding Barr-Nunn, it ended the fourth quarter with 88 additional tractors when compared to the end of the third quarter, a 2.1% increase, and with 199 additional tractors when compared to the end of 2013, a 5% increase. The Barr-Nunn purchased included an average of 545 tractors, according to Knight.