Knight’s 3Q Profit Jumps 66.7%
Knight Transportation’s third-quarter earnings jumped 66.7% from a year ago as freight demand remained strong.
The Phoenix-based truckload carrier said net income rose to $25.1 million, or 31 cents per share, compared with $15.1 million, or 19 cents, a year earlier.
Quarterly revenue climbed 13.5% to $271.5 million.
“The overall demand environment remained strong while capacity continues to be tight,” CEO Kevin Knight said in the company’s report. “We are pleased with the progress made in both our trucking and logistics segments, as these businesses continue to complement each other and have led to profitable growth.”
Revenue per tractor, excluding fuel surcharge, increased 7.2% from a year ago, while revenue per loaded mile grew 6.5% and length of haul rose 2.5%, the company said.
On Oct. 1, Knight purchased truckload carrier Barr-Nunn Transportation for about $112 million. Knight said its third-quarter results did not include revenue or earnings related to the newly acquired company.
Knight ranks No. 31 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
