Celadon Reports Record Income, Revenue; Sets Stock Split

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ruckload carrier Celadon Group said late Thursday it earned record income in its fiscal second quarter and set a 3-for-2 stock split, to take effect in February.

img src="/sites/default/files/images/articles/celadon.gif" width=100 align=right>Indianapolis-based Celadon said it earned $4.8 million or 46 cents a share for the quarter ended Dec. 31, up from $2.8 million or 27 cents a year earlier.

Both the net income and per-share earnings were the highest for a quarter in Celadon’s history, the company said in a statement.

The stock split will be in the form of a 50% dividend, and will entitle all stockholders of record as of Feb. 1 to receive one additional share for every two shares of common stock held. The additional shares will be distributed to stockholders on or about Feb. 15, the company said.

Revenue rose 12.5% to $120.3 million, which was also a record, Chairman and Chief Executive Officer Steve Russell said. Freight revenue, excluding fuel surcharges, rose 5.9% to $102.9 million.

“Our results for the quarter were assisted by a favorable relationship between freight demand and truckload capacity,” Russell said in a statement. But he added, “We believe capacity growth in our industry continues to be constrained by a shortage of qualified drivers.”

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