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Roadrunner Transportation Systems reported its fourth-quarter profit rose 17.7% despite increased accidents involving claims.
Net income rose to $11.2 million, or 29 cents a share, from $9.5 million, or 29 cents, in the same period last year.
“We experienced unfavorable claims developments during the fourth quarter of 2013, primarily related to increased accidents involving claims, accelerating costs on settled claims and, correspondingly, increased reserves on new claims,” CEO Mark DiBlasi said in a Feb. 5 statement.
“This resulted in insurance and claims expense that was approximately $3.8 million greater than the prior-year quarter, causing a $0.06 impact on diluted income per share,” DiBlasi said.
Truckload revenue rose 25.6% to $180.1 million, with acquisitions making up about $23.1 million of the $36.7 million increase.