Knight records gains in revenue for 1Q
Apr 29, 2009 9:24 AM
Knight Transportation, the Phoenix AZ-based truckload carrier, reported revenue and earnings for the first quarter ended March 31, 2009.
Operating income totaled $19.4 million in the quarter, a 3.9% increase year-over-year. Net income increased 2.9% to $11.7 million from $11.4 million for the same period of 2008.
The company previously announced a cash dividend of $.04 per share to shareholders of record March 6, 2009, which was paid March 27, 2009.
Kevin P Knight, chairman and chief executive officer, said, “During one of the most challenging first quarters that we can remember for the trucking industry, Knight grew operating income year-over-year, hauled more loads than the year-ago period, increased our financial strength, and improved our operations.
“We were pleased that our refrigerated truckload and brokerage businesses continued to complement our core dry van truckload business, while standing on their own from the standpoint of profitability and returns. Refrigerated, in particular, continued to show strong results in the quarter with year-over-year load growth of over 30 percent. Refrigerated and Brokerage, established in 2004 and 2005, respectively, reflect our strategy to bring complementary services to our customers that also bring operational and economic benefits to Knight. More recently we benefited from our newly established intermodal activities at the California ports. Our ongoing commitment to environmentally sound business practices and our intimate familiarity with the West Coast port markets leaves us well-positioned for continued growth in this segment.”
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