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Knight Transportation's 2Q Income Improves

7/27/2011 5:00:00 PM

Company Cites Concerns on Continued High Fuel Costs

Knight Transportation said late Wednesday its second-quarter profit rose from a year ago on stronger truckload markets and improvement in its brokerage business.

Net income rose to $16.4 million, or 20 cents a share, from $15.8 million, or 19 cents, a year ago. Revenue rose 23.2% to $228.5 million.

Despite the improved results, escalating fuel prices continue to negatively impact operating results, Knight said in a statement.

The company â€œexperienced strength in many of [its] truckload marketsâ€� and was â€œespecially pleased with the revenue increase in our brokerage business,â€� Chairman and CEO Kevin Knight said.

“Driver availability remains tight across the industry,� he said, but added, “We feel well-positioned to source and develop high quality drivers. Our recruiting effort is performing ahead of last year.�

Phoenix-based Knight Transportation is ranked No. 31 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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