Celadon Posts Better Results With Improved Demand, Capacity
Celadon Group said earnings, revenue and income were up during the first quarter of 2010 as demand and capacity improved
Celadon Group said earnings, revenue and income were up during the first quarter of 2010 as demand and capacity improved.
Revenue for the truckload carrier increased 21 percent to $129.4 million in the 2010 quarter from $106.9 million in the 2009 quarter. Freight revenue, which excludes fuel surcharges, was up 14.2 percent to $109.9 million in the 2010 quarter from $96.2 million in the 2009 quarter.
Net income was $0.4 million in the 2010 quarter, compared to a loss of $2.1 million for the same quarter last year. Earnings increased to 2 cents a share in the 2010 quarter from a loss of 10 cents a share for the 2009 quarter.
"An increase in loaded miles of 18 percent, despite much worse weather, accounted for an improvement of 17 cents in earnings per share," said Steve Russell, chairman and CEO. "Increasingly during the March 2010 quarter, the relationship of demand compared with industry capacity improved. Historically, the March quarter has been the weakest quarter of the year. We are hopeful this trend will continue, providing us with the opportunity to increase our rates."
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