Celadon Group’s Fiscal 1Q Profit Improves
Truckload carrier Celadon Group’s fiscal first-quarter profit increased as its rate-per-mile improved.
Net income rose to $4.4 million, or 20 cents per share, from $600,000, or 3 cents, a year ago. Revenue for the quarter ended Sept. 30 rose 9.8% to $139 million.
Average rate per mile improved to $1.47, up about 6 cents from September 2009 and about 8 cents below the peak level of December 2006, Chairman and CEO Steve Russell said. “Cost controls also continued to positively impact results,” he said in a statement.
Celadon said it reduced its fleet by 455 trailers and 159 tractors in the quarter, while maintaining about the same number of total miles from the quarter compared with a year ago.
Celadon began trading its shares on the New York Stock Exchange last November under the symbol “CGI,” after previously trading under the “CLDN” symbol on the Nasdaq Stock Market.
Celadon Group is ranked No. 42 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
