Celadon Profit Skyrockets Almost 67%

The Indiana-based trucking operation Celadon Group Inc. on Wednesday reported a near 67% increase in its net profit during its fiscal second quarter ending with the close last December.

Net income totaled $8.5 million compared to $5.1 million for the same quarter last year. Earnings per diluted share increased 63.6% to 36 cents in the most recent quarter from 22 cents for the same quarter last year.

Revenue for the quarter increased 14.9% to $222.4 million in the December 2014 quarter from $193.6 million in the December 2013 quarter. Freight revenue, which excludes fuel surcharges, increased 19.1% to $187.2 million during the same time.

The company also reported figures for the previous six months compared to the same time a year earlier showing revenue increased 12.8% to $415.8 million while net income increased 41.9% to $16.6 million. Earnings per diluted share increased 40.8% to 69 cents from 49 cents.

"We are pleased with our overall improvement in our operating statistics,” said Paul Will, president and CEO. “The increase in average seated tractor count of 203, or 5.9%, to 3,621 in the December 2014 quarter compared with 3,418 in the December 2013 quarter was a significant operating metric improvement that resulted in increased revenue for the quarter. Our average revenue per tractor per week increased $269, or 9.3%, to $3,149 in the December 2014 quarter, from $2,880 in the December 2013 quarter"

According to Will the company's revenue per loaded mile increased 10.2% to $1.798 per mile in the December 2014 quarter from $1.632 in the December 2013 quarter.

"Excluding our most recent acquisition of A&S Kinard, our average revenue per loaded mile increased 5.2% to $1.717 per mile in the December 2014 quarter," he said.

Celadon also announced its board of directors on Wednesday approved a regular cash dividend to shareholders for the quarter of 2 cents per share of common stock payable on April 20 to shareholders of record at the close of business on April 3.