Knight reports flat 3Q profit

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Knight Transportation

Knight Transportation Inc. on Wednesday, Oct. 26, said total revenue for the third quarter ended Sept. 30 increased 18.7 percent to $227.1 million from $191.3 million for the same quarter of 2010, while net income was about the same at $16.6 million compared to $16.7 million. Year-to-date, total revenue increased 18.4 percent to $642.1 million from $542.4 million for the same period of 2010, while net income decreased 4.6 percent to $42.8 million from $44.8 million.

“We continued to grow our revenues and gain market share in the third quarter,” said Kevin Knight, chairman and chief executive officer of the Phoenix-based company. “We continue to evaluate strategic growth and acquisition opportunities. In this environment, we feel well-positioned to capitalize on opportunities to grow revenues in each of our businesses.”

Knight said driver availability remains tight across the industry. “Nevertheless, we believe we are well-positioned to source, develop and retain high quality drivers,” he said. “Our training and driver development programs, such as our Squire subsidiary, continue to enable us to source driving associates and develop them into Knight company drivers. We also feel our decentralized model, regional freight lanes and strong utilization provides us a competitive advantage to recruit and retain experienced driving associates.”