Tom Biery/Trans Pixs
Celadon Group said late Monday its fiscal fourth-quarter and full-year profit jumped on higher freight revenue.
Net income for the quarter ended June 30 rose to $9 million, or 39 cents per share, from $5.5 million, or 24 cents, a year earlier. Revenue rose 4% to $157.5 million.
Full-year net income rose to $25.5 million, or $1.12 per share, from $15.3 million, or 67 cents, a year ago. Revenue improved 5.4% to $599 million.
Freight revenue excluding fuel surcharges rose 4.6% for the quarter, to $124.3 million, and 1.7% for the year, to $475.1 million.
Celadon cited increase of 4.1% percent in rates in contributing to the improvement, as well as a decrease in overall equipment costs and a decrease in operations and maintenance expense, primarily attributed to its decrease in average tractor age to 1.5 years, and trailers to 2.8 years.