Knight Transportation Inc. said Jan. 29 its fourth-quarter profit increased 13.6% on improved freight demand.
Net income rose to $20.1 million, or 25 cents a share, from $17.7 million, or 22 cents, a year earlier. Revenue rose 3.1% to $250 million.
“We were pleased with our ability to grow revenue while simultaneously improving our operating margin. We believe this is a result of improved freight demand and meaningful progress on several internal initiatives focused on improving production, recruiting and developing driving associates, providing industry-leading service and intensifying our cost control efforts,” CEO Kevin Knight said in a statement.
“Our revenue per tractor improved 3.2% year-over-year as a result of a 3.4% improvement in revenue per total mile, with a 1.3% decrease in our length of haul,” he said.
Full-year income increased to $69.2 million, or 86 cents per share, from $64.1 million or 80 cents per share the prior year that included a $4 million charge for stock option acceleration. Revenue rose 3.5% to $969.2 million for 2013.
Knight Transportation, based in Phoenix, is ranked No. 31 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.