Knight's Drop in Revenue Reflects Fuel Surcharge
Phoenix-based Knight Transportation saw its total revenue fall 17.4 percent in the third quarter, primarily due to decreased fuel surcharge revenu
Phoenix-based Knight Transportation saw its total revenue fall 17.4 percent in the third quarter, primarily due to decreased fuel surcharge revenue
, the company says.
During the third quarter, revenue was $173.1 million, down from $209.7 million for the same quarter of 2008. Meanwhile, revenue before fuel surcharge was $150.2 million, a 3.6 percent drop from 2008.
The truckload carrier reported net income of $13.1 million, an 18.1 percent drop from the year-ago quarter. Earnings per share fell 15.6 percent to 16 cents a share, compared with 19 cents a share in the third quarter of 2008.
"Despite the continued challenging truckload freight environment, we grew our total loads hauled in the quarter by 10.2 percent when compared to the same period last year," said Kevin Knight, chairman and CEO. "We have experienced a steady, albeit modest, sequential increase in load volumes as the year has progressed."
"We believe we are well positioned to navigate the challenges of the current environment and thrive as the market improves when truckload capacity decreases and/or freight demand modestly increases," Knight said.
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