Smithway’s 1Q Net Income More Than Doubles

April 26, 2006 1:30 PM, EDT

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latbed carrier Smithway Motor Xpress Corp. reported Tuesday its first-quarter net income more than doubled to $1.04 million or 21 cents a share, from $503,000 or 10 cents a year earlier.

Operating revenue rose 16% to $57.7 million, the carrier said in a statement.

It was only the second time in the company’s history in which earnings exceeded $1 million, Smithway Chief Executive Officer Larry Owens said in a statement.

He said the company’s growth had been hurt by rising costs, including fuel, which rose 22%, though higher fuel surcharges mitigated about 89% of the increase.

Smithway is ranked No. 96 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.