Knight Transportation posts higher 3Q revenue, earnings

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Knight Transportation on Wednesday, Oct. 22, announced its financial results for the quarter and year-to-date ended Sept. 30:

  • For the quarter, total revenue increased 16.3 percent to $209.7 million from $180.3 million for the same quarter of 2007. Revenue, before fuel surcharge, increased 2.8 percent to $155.9 million from $151.7 million. Net income increased 10.4 percent to $16.0 million from $14.5 million.
  • Year-to-date, total revenue increased 12.4 percent to $592.2 million from $527.0 million for the same period of 2007. Revenue, before fuel surcharge, increased 0.6 percent to $452.0 million from $449.5 million. Net income decreased to $40.1 million from $49.3 million.
  • “Despite the continuation of the challenging truckload freight environment, we were able to yield double-digit earnings growth, year over year,” said Kevin Knight, chairman and chief executive officer of the Phoenix-based company. “Our improvement in revenue per total mile was a combination of higher freight rates, lower average length of haul, and a 100 basis point improvement in nonpaid empty miles percentage.”

    Knight said declining diesel fuel prices improved the company’s ability to collect fuel surcharge more adequately. “Despite progress in average revenue per tractor, our regional dry van and refrigerated markets remain highly competitive,” he said, adding that the short-to-medium dry van market, in particular, continues to experience increased competition from traditionally long-haul carriers. “Given our history of profitable growth and our ability to grow our network in the future, with access to substantial capital resources, we are optimistic about our competitive position and our ability to execute our model.”