Transport Corp. of America’s 2Q Profit Drops

July 26, 2005 10:30 AM, EDT

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ruckload carrier Transport Corp. of America said Tuesday its second-quarter earnings fell to $514,000 or 8 cents a share, down from $795,000 or 12 cents a year earlier.

The company’s revenue dipped to $62.8 million from $65.2 million a year ago.

“While the freight market softened from prior year levels, we continued to benefit from an environment of increasing freight rates,” Chief Executive Officer Michael Paxton said in a statement.

He said the company’s rate per loaded mile rose 4.7% to $1.55 in the quarter compared with $1.48 a year earlier, excluding fuel surcharges.

The company also said it reduced its debt for the 21st straight quarter, to $48.2 million from $48.8 million.

ransport Corp. of America is ranked No. 76 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.