Overcoming a harsh winter, an uncertain economy and the highest quarterly diesel fuel prices on record, Overnite Holding Inc., reported operating income of $12.6 million on $341.2 million in revenue,
a 20% gain compared with the $10.5 million operating income on $308.8 million in revenue in 2002.
Net income for 2003 was $9.3 million compared with $9 million for the same period last year. Other income in 2003 was down $1.3 million pretax, 31%, primarily reflecting lower interest income as a significant cash contribution to Overnite's pension plan was made at the end of last year.
"Our ability to manage our business while maintaining the highest level of service is a true measure of the worth of every member of our work force," said Overnite Holding CEO Leo Suggs.
Less-than-truckload tonnage was up 5.4% percent for the reporting period, primarily reflecting the loss of a major competitor last year and an improvement late in the quarter in the economy.
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 Corporation.
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.