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Celadon Reports Fiscal Third-Quarter Loss
Loss Is First in More Than Seven Years
Truckload carrier Celadon Group lost $2.1 million, or 10 cents a share, in its fiscal third-quarter, compared with a profit of $100,000, or 1 cent, a year ago.
The loss was the carrier鈥檚 first in more than seven years, said Chief Executive Officer Steve Russell.
鈥淭he losses were sustained in January and February, with a profit earned in the month of March,鈥 he said in a statement.
Revenue for the quarter ended March 31 fell 23% to $106.9 million, the company said late Monday. Freight revenue excluding fuel surcharges fell 14.4% to $96.2 million.
Total billed miles declined by about 11%, with billed miles for movements between the U.S., Mexico and Canada down 26%. Domestic U.S. billed miles improved by 2.4%.
The 26% decline in international freight had an adverse impact on earnings per share of about 15 cents compared with a year ago, Celadon said.
Celadon Group is ranked No. 52 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.