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Truckload and logistics provider Knight Transportation Inc. has reported a more than 66% increase in its third quarter profit.
The Arizona-based operation said net income totaled $25.2 million compared to $15.1 million a year earlier. Earning per share gained 63.2%, hitting 31 cents, versus 19 cents during the third quarter of 2013.
Total revenue increased 13.5% to $271.5 million from $239.3 during the same time period.
Year to date, the company’s net income is up 42.2% from the first nine months of last year while total revenue has increased 9.1%.
''During the quarter we improved our revenue, excluding fuel surcharge 16.3%, while improving our consolidated operating ratio by 510 basis points,” said Kevin Knight, chairman and CEO. “The overall demand environment remained strong while capacity continues to be tight. We are pleased with the progress made in both our trucking and logistics segments, as these businesses continue to complement each other and have led to profitable growth.”
According to the company, its trucking business saw revenue per tractor, excluding fuel surcharge, increase 7.2% year-over- year, with a 6.5% improvement in revenue per loaded mile, a 2.5% increase in length of haul, and an 80-basis-point improvement in non-paid empty mile percentage with miles per tractor essentially unchanged.
Knight said it ended the third quarter with 100 more tractors than the end of the second quarter, a 2.5% increase, and it expected to grow its fleet.
“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. Our brokerage business increased revenue 91.1% and operating income 311.3%, when compared to the same quarter last year,” the company said in a statement. “Our intermodal business has now been profitable for two consecutive quarters and operated at a 93.7% operating ratio, which represents an improvement of 530 basis points sequentially from the second quarter of 2014 and a 970 basis points improvement when compared to the third quarter of 2013."
The first of this month Knight Transportation announced that it acquired 100% of the outstanding stock of Barr-Nunn Transportation Inc. and certain affiliates. The reported results of the third quarter do not include any revenue or earnings related to the purchase.
More details are on the Knight Transportation website.
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