Knight says 4Q net income up 22.7%

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Knight Transportation

Knight Transportation on Wednesday, Jan. 25, announced that total revenue for the fourth quarter of 2011 increased 19.0 percent to $224.1 million from $188.3 million for the same quarter of 2010. Revenue before fuel surcharge increased 14.6 percent to $181.0 million compared to $158.0 million. Net income increased 22.7 percent to $17.5 million compared to $14.2 million.

For the year, total revenue increased 18.5 percent to $866.2 million from $730.7 million for the same period of 2010. Revenue before fuel surcharge increased 13.3 percent to $697.3 million compared to $615.7 million. Net income increased 2.0 percent to $60.2 million from $59.1 million.

“We were pleased with our ninth consecutive quarter of year-over-year revenue growth as we continue to gain market share and grow each of our businesses,” said Kevin Knight, chairman and chief executive officer of the Phoenix-based company. “In the fourth quarter our asset-based businesses demonstrated healthy operating fundamentals. We continued to see double-digit revenue growth from our nonasset-based brokerage and intermodal businesses.”

Knight said acquisitions continue to be part of the company’s growth strategy. “We continue to evaluate strategic opportunities to enhance the returns for our shareholders over time,” he said. “In this environment, we feel well positioned to capitalize on opportunities to grow revenues in each of our businesses.”