Celadon Group Inc.’s net income fell 20.5% in its fiscal first quarter, the truckload carrier announced Oct. 28.
Celadon, based in Indianapolis, earned $6.6 million in the three months ended Sept. 30, down from $8.3 million in the same quarter last year, it reported in a statement. Revenue grew 14.2% to $175.1 million, and freight revenue, which excludes fuel surcharges, increased 16.3% to $142.0 million.
Average revenue per truck per week grew 0.5% in the quarter to $2,913. Celadon purchased assets from four other trucking companies in the first quarter, which the carrier said will improve its capacity.
“We believe we have put in place a lean cost structure, upgraded and expanded the fleet to one of the newest in the industry, broadened service offerings to customers, and positioned the company to allow it to expand margins and profitability,” Celadon CEO Paul Will said in the statement.