Celadon Group said late Monday its fiscal fourth-quarter and full-year profit jumped on higher freight revenue.
Net income for the quarter ended June 30 rose to $9 million, or 39 cents per share, from $5.5 million, or 24 cents, a year earlier. Revenue rose 4% to $157.5 million.
Full-year net income rose to $25.5 million, or $1.12 per share, from $15.3 million, or 67 cents, a year ago. Revenue improved 5.4% to $599 million.
Freight revenue excluding fuel surcharges rose 4.6% for the quarter, to $124.3 million, and 1.7% for the year, to $475.1 million.
Celadon cited increase of 4.1% percent in rates in contributing to the improvement, as well as a decrease in overall equipment costs and a decrease in operations and maintenance expense, primarily attributed to its decrease in average tractor age to 1.5 years, and trailers to 2.8 years.
Celadon Group is ranked No. 44 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.