[Stay on top of transportation news: .]
Celadon鈥檚 4Q Profit Doubles; Full-Year Profit Jumps
Celadon Group鈥檚 fiscal fourth-quarter net income more than doubled to $5.5 million, or 24 cents per share, from $2.7 million, or 12 cents, a year ago.
Revenue for the quarter ended June 30 rose 6.3% $147.7 million, the truckload carrier said Wednesday. Freight revenue excluding fuel surcharges slipped 1.2% to $115.3 million.
Fiscal-year net income jumped to $14.7 million, or 65 cents a share, from $4.7 million, or 21 cents, the previous year. Revenue rose 6.3% to $556.7 million.
鈥淪everal key factors attributed to the improvement, including an increase of 4% in rates, a decrease in our equipment costs and a decrease in insurance and claims, which was unusually high in the June 2010 quarter,鈥 Chairman and CEO Steve Russell said in a statement.
Celadon Group is ranked No. 42 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.