Celadon Reports 3Q Profit
Celadon Group reported a profit for its fiscal third quarter, boosted by higher freight volumes.
The truckload carrier’s net was $400,000, or 2 cents a share, compared with net loss of $2.1 million, or 10 cents, a year ago.
Revenue for the quarter ended March 31 jumped 21% to $129.4 million, with freight revenue rising 14.2% to $109.9 million, Celadon said late Monday.
During the quarter, “the relationship of demand compared with industry capacity improved,” Chief Executive Officer Steve Russell said in a statement.
“Historically, the March quarter has been the weakest quarter of the year [and] we are hopeful this trend will continue, providing us with the opportunity to increase our rates,” he said.
Celadon began trading its shares on the New York Stock Exchange in November under the symbol “CGI.” It had previously traded on the Nasdaq Stock Market under the “CLDN” symbol.
Celadon Group is ranked No. 45 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
