Updated:
7/27/2011 9:30:00 AM
Celadon Group’s fiscal fourth-quarter net income more than doubled to $5.5 million, or 24 cents per share, from $2.7 million, or 12 cents, a year ago.
Revenue for the quarter ended June 30 rose 6.3% $147.7 million, the truckload carrier said Wednesday. Freight revenue excluding fuel surcharges slipped 1.2% to $115.3 million.
Fiscal-year net income jumped to $14.7 million, or 65 cents a share, from $4.7 million, or 21 cents, the previous year. Revenue rose 6.3% to $556.7 million.
“Several key factors attributed to the improvement, including an increase of 4% in rates, a decrease in our equipment costs and a decrease in insurance and claims, which was unusually high in the June 2010 quarter,� Chairman and CEO Steve Russell said in a statement.
Celadon Group is ranked No. 42 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
© 2010, Transport Topics Publishing Group. All rights reserved.
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