Q2 net income surges 26%
Jul 21, 2010 10:41 AM
Knight Transportation, the Phoenix AZ-based truckload carrier, reported that its net income increased 26.0% to $15.8 million for the second quarter ended June 30, 2010.
For the quarter, total revenue rose 14.4% to $185.4 million from $162.1 million for the same quarter of 2009. Revenue before fuel surcharge climbed 7.6% to $155.3 million compared with $144.3 million in the second quarter of 2009. Net income surged 26.0% to $15.8 million from $12.6 million for the same quarter of 2009. Net income per diluted share for the quarter was $0.19, versus $0.15 for the same quarter of 2009.
Year-to-date, total revenue advanced 13.0% to $351.1 million from $310.8 million for the same period of 2009. Revenue before fuel surcharge increased 6.6% to $295.6 million from $277.4 million for the same period of 2009. Net income was up 15.9% to $28.2 million from $24.3 million in the same period of 2009. Net income per diluted share was $0.33, in contrast to $0.29 for the first half of 2009.
The company previously announced an increase to the quarterly cash dividend from $0.05 to $0.06 per share to shareholders of record June 4, 2010, which was paid June 25, 2010.
Kevin P Knight, chairman and chief executive officer, said, “Many of the truckload markets we serve experienced capacity constraints. Our diversified service offering was able to provide solutions for our customers that address the changes that come with the tightening of truckload capacity. As a result of demand outpacing available capacity, we experienced improvement in revenue per mile, miles per truck, and average length of haul while decreasing non-paid empty miles.
“While demand was strong for dry van, refrigerated, and port service businesses, our third-party business was more challenging during the second quarter,” he said. “Securing sufficient capacity was challenging for our brokerage operations and pressured margins. We are making adjustments to our rates to allow for the execution of more third-party transactions.”
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