Celadon’s First-Quarter Earnings Increase

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ruckload carrier Celadon Group said Tuesday it earned $4.7 million or 45 cents a share in its first fiscal quarter ended Sept. 30, an increase from $2.8 million or 27 cents a year earlier.

Indianapolis-based Celadon said its revenue rose 12.9% to $117.9 million.

Freight revenue, excluding fuel surcharges, increased 5.3% to $103.3 million, the company said.

he improved performance was helped by an “improved freight mix, higher average freight revenue per mile, lower maintenance costs [and] . . . continued success in driver retention,” said Celadon Chairman and Chief Executive Officer Steve Russell.

“Industry capacity continues to be constrained by the ongoing driver shortage, as well as by the financial constraints that high fuel prices place on many small to mid-sized carriers that lack buying power and adequate fuel surcharge programs,” he said in a statement.

Celadon Group is ranked No. 55 on the Transport Topics 100 list of the largest U.S. and Canadian for-hire carriers.