Celadon's 3Q Profit Slips

Truckload carrier Celadon Group's net income fell to $3.9 million or 17 cents a share in its fiscal third quarter, down from $4.7 million or 20 cents a year ago.

Revenue for the period ended March 31 rose 4.4% to $120.4 million, Celadon said late Thursday. Freight revenue excluding fuel surcharges rose 4.4% to $105.2 million.

Steve Russell, the company’s chief executive officer, said in a statement that “our team responded favorably to a difficult freight market and the adverse impact of harsh winter weather, by continuing to manage costs effectively, and by building our customer and driver base by completing our second tuck-in acquisition in five months.”

The $8.3 million acquisition of Warrior Express in February "enabled us to add about 85 well-qualified drivers, and a good customer base,” Russell said.

Celadon is ranked No. 58 on the Transport Topics 100 list of the U.S. and Canadian for-hire carriers.