Knight posts company-best 2Q net income

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Knight

Knight Transportation on Wednesday, July 25, said total revenue for the second quarter ended June 30 increased 3.4 percent to $236.3 million from $228.5 million in the second quarter of 2011. Revenue before fuel surcharge increased 3.6 percent to $188.8 million compared to $182.4. Net income increased to $19.3 million – a second-quarter company record – from $16.4 million.

Year-to-date, total revenue increased 9.8 percen t to $455.8 million from $415.0 million in the first half of 2011. Revenue before fuel surcharge increased 9.5 percent to $364.4 million compared to $332.9 million. Net income increased to $29.8 million from $26.2 million; excluding a $4.0 million pretax noncash stock compensation charge in the 2012 first quarter, net income would have been $33.7 million.

”In the second quarter of 2012, we experienced typical seasonal improvement in the freight environment,” said Kevin Knight, chairman and chief executive officer of the Phoenix-based company. “Supply and demand were relatively balanced and resulted in less spot pricing opportunities, as compared to the same period last year. Our asset-based businesses continued to grow market share while meaningfully improving operating margins.”