Celadon Net Income More Than Doubles
Celadon Group Inc. more than doubled net income to $8.6 million, or 36 cents per share, as freight volume, rates and revenue increased for the third fiscal quarter of 2015.
Celadon, an Indianapolis-based company that ranks No. 44 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers, announced that revenue rose 20% to $231.7 million. The comparable 2014 period produced $193.2 million in revenue and $3.5 million in net income, representing 21 cents per share.
Celadon’s revenue per loaded mile rose to $1.80. The number of seated trucks was 4,171, or about 20% higher year-over-year. The results included the acquisition of A&S Services Group, a Pennsyvlania company acquired in October.
“Freight demand improved during the quarter and was not as negatively impacted from severe weather conditions,” CEO Paul Will said in a statement. He noted that maintenance costs fell because Celadon operated a newer fleet with more fuel-efficient equipment.
