Landair Corp., based in Greenville, TN, is the latest in a string of truckload carriers to report sizable third quarter profits, despite the overall soft economy and freight declines as a result of the terrorist attacks of September 11.
Landair said it posted record net income of $1.6 million for the third quarter of 2001, compared to the $259,000 it earned in the same period last year. Landair said those profits occurred despite lower revenues in the third quarter of 2001 compared with last year. The carrier said its 2001 third quarter revenues of $25.8 million were $6.1 million lower than the $32 million it posted in the same period last year.
Landair added that its net income for the first nine months of 2001 also increased substantially compared to the same period last year – rising to $4 million in 2001, compared to $755,000 in 2000. Those results also occurred despite a falloff in revenue. The carrier said its revenues dropped $16.2 million in the first nine months of 2001conpared to last year – reaching $81.9 million, down from $98.1 million in 2000.