Celadon’s Fiscal Fourth-Quarter Profit Rises
Celadon Group Inc. reported its fiscal fourth-quarter net income rose on strong freight volumes and an increased average seated tractor count.
The company earned $15.5 million, or 65 cents per share, up from $7.2 million, or 31 cents, a year earlier.
Revenue for the quarter ended June 30 rose 21.4% to $197.4 million.
Full-year net income increased to $30.7 million, or $1.29 per share, from $27.3 million, or $1.17, in fiscal 2013.
Revenue for the year increased 23.7% to $759.3 million. Freight revenue for the year, which excludes fuel surcharges, increased 25.8% to $615.4 million.
“We increased our average seated tractor count by 421, or 15%, to 3,191 in the June 2014 quarter compared to 2,770 in the June 2013 quarter, a significant operating metric improvement that resulted in increased revenue for the quarter,” CEO Paul Will said in a statement.
“This increase was a result of expanding our recruiting efforts at terminal locations, having established a driving school that now has several locations and our acquisitions over the past year. We believe this will position us well as truck capacity is being constrained by an extremely challenging driver market, as well as the increase in fleet failures due to higher equipment costs and a burdening government regulatory environment,” he added.
Celadon Group ranks No. 44 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
