Knight Transportation’s 2Q Income Improves
Knight Transportation said late Wednesday its second-quarter profit rose from a year ago on stronger truckload markets and improvement in its brokerage business.
Net income rose to $16.4 million, or 20 cents a share, from $15.8 million, or 19 cents, a year ago. Revenue rose 23.2% to $228.5 million.
Despite the improved results, escalating fuel prices continue to negatively impact operating results, Knight said in a statement.
The company “experienced strength in many of [its] truckload markets” and was “especially pleased with the revenue increase in our brokerage business,” Chairman and CEO Kevin Knight said.
“Driver availability remains tight across the industry,” he said, but added, “We feel well-positioned to source and develop high quality drivers. Our recruiting effort is performing ahead of last year.”
Phoenix-based Knight Transportation is ranked No. 31 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
