Transport Corp. of America’s profit grew in the third quarter of 2005, despite decreased revenue that CEO Michael Paxton blamed on the driver shortage.
The Eagan, Minn.-based trucking company posted net income of $433,000, or 7 cents per diluted share, in the quarter ended Sept. 30. That compares to earnings of $36,000, or 1 cent per share, in the same period last year. Analysts surveyed by Thomson Financial Network had projected earnings of 12 cents per share.
Revenue came in at $64.3 million in the third quarter, down 2.1 percent from $65.7 million a year ago. Analysts called for revenue of $65.2 million.
A lack of drivers impeded the company’s ability to increase trucking revenue, Paxton said. Transport Corp. of America benefited from lower costs as total operating expenses fell 2.8 percent to $63.1 million for the quarter.