Overnite Profits Dropped 17.6% in Third Quarter
Overnite Transportation Co., Richmond, Va., said profits fell 17.6% in the third quarter of 1999, reflecting investment in expanding full-state coverage and reducing transit times.
The company posted income after taxes of $7.5 million on revenue of $276.7 million in the three months that ended Sept. 30, compared with income of $9.1 million on revenue of $256.6 million in the same period a year ago.
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he company also spent more than $6 million on a strike contingency plan in response to an intensified organizing campaign by the Teamsters union.
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In the first nine months of the year, Overnite posted income of $27.6 million vs. $28.9 million in 1998. Revenue rose 3.5%, to $802.8 million from $775.9 million.
