Celadon Second-Quarter Income Drops 30.5%
Alan Petersime/Bloomberg News
Celadon Group Inc.’s net income fell 30.5% in its fiscal second quarter, the truckload carrier announced Jan. 30.
Celadon, based in Indianapolis, earned $5.1 million in the three months ended Dec. 30, down from $7.4 million in the same quarter last year, it reported in a statement. Revenue grew 30.7% to $193.6 million, and freight revenue, which excludes fuel surcharges, increased 34.6% to $157.2 million.
Average revenue per truck per week grew 2.3% in the quarter to $2,880, and the average age of the company’s tractor fleet was 1.7 years.
In the second quarter, Celadon completed the acquisition of Rainbow City, Ala.-based Osborn Transportation, which has about 190 tractors.
“Our primary focus over the past year has been to expand our service offerings to our customers and grow our capacity of seated tractors, which has resulted in freight revenue growth for the December 2013 quarter of approximately 35% over the December 2012 quarter,” Celadon CEO Paul Will said in the statement.
“This growth strategy should position Celadon to better serve our customers now and especially in the near future as we believe truck capacity will continue to tighten for the truckload industry,” Will said.
Celadon Group is ranked No. 44 in the Transport Topics Top 100 listing of for-hire carriers in the United States and Canada.
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