LTL carrier Overnite Corp., Richmond, Va., has reported financial results for the quarter ended March 31, 2005.
Operating revenue was a $418.0 million, an increase of $39.5 million, or 10.4%, from $378.5 million in the first quarter of 2004.
Net income was $11.4 million in the first quarter of 2005, an increase of 51.3% or $3.9 million, as compared to net income of $7.5 million for the first quarter of 2004. First quarter 2005 diluted earnings per share were $0.40 as compared with diluted earnings per share of $0.27 for the first quarter of 2004, an increase of 49.2%. Operating income for the first quarter of 2005 was $20.3 million as compared to operating income of $14.0 million in the first quarter of 2004.
Overnite's operating ratio (total operating expenses divided by operating revenue) was 95.1% for the first quarter of 2005, compared to 96.3% for the first quarter of 2004.
First quarter revenue growth reflects a 4.3% increase in tons per day coupled with a 4.0% increase in revenue per shipment, excluding fuel surcharges.
"Our strategy to improve yield by growing our mix of small to mid-sized customers faster than that of large customers is continuing to gain strength and has greatly assisted our yield growth in a stable pricing environment," said Leo Suggs, Chairman, Chief Executive Officer and President of Overnite.
Overnite anticipates second quarter 2005 earnings per diluted share to be $0.71 to $0.76, and earnings per diluted share for the full year of 2005 to be $2.60 to $2.70.
"Our results so far for April have been strong and have bolstered our view about Overnite's future opportunities," said Mr. Suggs.