Celadon’s 1Q Income Increases
Celadon Group late Wednesday reported a fiscal first-quarter profit of $5.4 million, or 24 cents per share, up from $4.4 million, or 20 cents, a year ago.
Revenue for the quarter ended Sept. 30 edged up 0.8% $141.5 million from a year ago, the truckload carrier. Freight revenue declined 6% to $112.2 million.
Chairman and CEO Steve Russell said in a statement that Celadon’s average rate per loaded mile improved to $1.53, up about 6 cents from a year ago.
“We have continued to improve our operating efficiency which has resulted in the reduction of over 1,200 trailers in our quarter end numbers, while having on-boarded over 2,000 new trailers with aerodynamic side skirts within the past twelve months, or 27.1% of our trailer fleet is now less than one year old,” Russell said.
Celadon earlier this month bought a 6.3% stake in fellow truckload carrier USA Truck, though that company’s board recently declined a Celadon invitation to meet.
Celadon Group is ranked No. 42 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
