Knight Increases Earnings Forecasts
Knight Transportation Inc. has increased its profit forecasts for the fourth quarter of 2013 and the first quarter of 2014, citing better performance than it had previously expected.
Knight’s fourth-quarter net income will be between 24 and 25 cents a share, compared with the prior estimate of 20 to 23 cents, the truckload carrier said in a Jan. 21 statement. In the first quarter, it will likely earn 19 to 21 cents a share, slightly higher than the 18 to 20 cents it previously predicted.
In the fourth quarter, the carrier saw increased revenue per tractor, growth in its non-asset business and more effective cost management, it said.
“We believe this is a result of improved freight demand and meaningful progress on several internal initiatives focused on improving production, recruiting and developing driving associates, providing industry-leading service and intensifying our cost control efforts,” Knight said.
Knight will release its full fourth-quarter earnings report Jan. 29.
Knight is No. 31 on the Transport Topics Top 100 list of for-hire carriers in the United States and Canada.
