Roadway Express 4Q, Year Earnings Up 23%

Less-than-truckload carrier Roadway Express (ROAD) Tuesday reported earnings increases of over 23% for the fourth quarter and the entire 2000 fiscal year.

The Akron, Ohio-based company reported that fourth-quarter net income rose to $25.4 million, or $1.34 per diluted share, 23.7% more than the $20.6 million ($1.07 per share) posted for the same period in 1999.

The company’s net income for the year rose 23.5% to $56.5 million ($2.98 per diluted share).

In 2000, business levels as indicated by total freight hauled were flat – as the 1.4% increase in LTL tonnage was offset by a 5.7% decrease in truckload freight.

For the quarter, LTL tons decreased 6% and truckload tonnage was down 15.9%. Revenue per ton was 11.2% higher than the same period last year.

table width=110 align=right border=0>Michael W. Wickham, chairman and chief, said the company did well under “challenging circumstances,” because of stringent cost control, the management of its own capacity through the planned use of equipment leasing and intermodal options, plus a stable pricing environment.

Roadway anticipates lower business volumes in the first half of 2001 compared to the stronger-than-normal business levels it saw in 2000.

Roadway provides service between all 50 states, Canada, Mexico and Puerto Rico, wth export services to 66 countries. It is No. 6 on the Transport Topics 100.