Transport Corp. third-quarter profit up, but revenue down


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.