Overnite Earnings Grow in 2nd Quater
Higher rates and a more profitable mix of freight boosted earnings of Overnite Transportation Co. in the second quarter.
“This quarter’s results reflect the benefits of the company’s focus on quality, service and productivity,” Chief Executive Officer Leo Suggs said in a statement. “Deliveries without exception improved 11% from the same period last year, on-time service has been consistently at 98% and productivity is at an all-time high.”
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The less-than-truckload carrier said net income rose 9.3% to $12.6 million – the highest income for any quarter since 1994. Revenue increased 3.7% to $283.4 million.
Overnite officials said the company’s financial results represent a turnaround from a $13.7 million operating loss in the fourth quarter of 1999 and a $500,000 operating profit in the first quarter of 2000.
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