Knight Transportation’s 3Q Income Rises 27%
Truckload carrier Knight Transportation said Wednesday its third-quarter profit rose 27% as performance in all of its business lines improved.
Net income rose to $16.7 million, or 20 cents a share, from $13.1 million, or 16 cents a share, a year ago, the company said in a statement.
Revenue rose 10.5% to $191.3 million. Salaries, wages and benefits increased 3%, while gross fuel expenses rose 14%, Knight said.
Freight demand was “relatively consistent” throughout the quarter, but demand did not outpace available capacity to the same degree as the second quarter, and the company said it experienced year-over-year revenue growth in each of its business lines of service.
Knight added 140 tractors to its fleet in the quarter, bringing the total fleet size to a record high of 3,912 tractors.
“We continue to operate a relatively young fleet of late-model equipment that consists primarily of tractors equipped with 2007 [Environmental Protection Agency] emission compliant engines with a growing number of 2010 U.S. EPA compliant engines,” Chairman and CEO Kevin Knight said in a statement.
Phoenix-based Knight Transportation is ranked No. 34 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
