Overnite Holding Inc. reported second quarter operating income of $21 million on $372 million in revenue, a 15% gain compared to the $18.2 million of operating
income on $337.1 million of revenue reported for the same period in 2002.
Operating income was $33.6 million, up 17%, on revenue of $713.2 million, up 10%, for the comparable period in 2002, both representing the best six-month performance since 1994.
Operating ratio for the second quarter was 94.4 as compared to 94.6 for the same period last year. For the first six months of 2003, the operating ratio was 95.3, a three-tenths of a percentage point improvement over the comparable period last year.
"Despite an uncertain economy, Overnite, with the help of a dedicated work force, continues to perform well, growing revenue 10% in the second quarter with noted strength in value-added markets and improved linehaul productivity," said Overnite CEO Leo Suggs. He said the "positives have helped offset significant increases in pension and health-care costs, rising insurance premiums and stubbornly high fuel prices."
Since Jan. 1, 2003, Overnite has reduced transit times on more than 2,900 lanes and strengthened its West Coast coverage with the opening of its 208th service center located in Simi Valley, Calif.
Overnite Holding Inc. is the parent company of Overnite Corp., which owns both Overnite Transportation Co. and Motor Cargo Industries and is the trucking segment of the Union Pacific Corp.
Overnite Holding reported revenue in excess of $1.3 billion in 2002. The company serves more than 45,000 points in all 50 states, Canada, Mexico, the U.S. Virgin Islands, Puerto Rico and Guam.