Truckload carrier Knight Transportation Inc. announced Wednesday, Oct. 17, that its third-quarter profit fell 23 percent on lower freight demand. Knight Transportation earned $14.5 million, compared with $18.9 million for the same quarter in 2006.
Kevin P. Knight, chairman and chief executive officer of the Phoenix-based company, said the drop in profit was the result of “the most difficult operating environment in several years for the execution of our business model.”
Revenue climbed 3.2 percent to $180.3 million from $174.7 million, the company said. Average freight revenue per tractor fell 7.7 percent from the year-ago period.
Knight said that the industrywide supply of truckload equipment outpaced freight demand during the quarter, which pressured pricing and resulted in lower equipment utilization.