Knight Transportation’s 4Q Income Rises
Truckload carrier Knight Transportation said Wednesday its profit rose for both the fourth quarter of 2010 and the year.
Net income in the quarter rose to $14.2 million, or 17 cents a share, from $13.1 million, or 16 cents a share, a year ago, the company said in a statement.
Revenue rose 12.2% to $188.3 million. Average revenue per tractor improved 5% and the carrier added 153 additional tractors, it said. Miles per tractor fell 0.9%
“Freight volumes in the second half of 2010 have been modest and measurably below the demand experienced in the second quarter of 2010 and the demand levels experienced before the economic recession,” said Kevin Knight, CEO.
“We expect the modest volume levels to continue into the first quarter of 2011.”
For the full year, net income grew to $59.1 million, or 70 cents a share, from $50.6 million, or 60 cents, in 2009. Revenue increased 12.1% to $730.7 million.
Phoenix-based Knight Transportation is ranked No. 34 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
