LTL conglomerate Overnite Holding reported a 16.2% increase in net income to $55.1 million on revenues of $1.33 billion for 2002, compared to net income of $47.4 million on revenues of $1.27 billion in 2001.
Those figures also include pro forma results factored in from the acquisition of LTL carrier Motor Cargo Industries in November 2001 as if the acquisition had been effective on January 1, 2001.
Richmond, VA-based Overnite added that its net income of $55.1 million last year did not include the effects of a $33.7 million favorable tax adjustment, which increases net income for 2002 to $88.8 million, an 87% increase over 2001.
Chairman Leo Suggs noted that Overnite's fourth quarter 2002 revenues of $305.5 million reflected gains made after rival LTL carrier Consolidated Freightways shut down in September of last year.
Overnite Holding is a subsidiary of Omaha, NE-based railroad Union Pacific and is comprised of two LTL carriers, Overnite Transportation Co. and Motor Cargo Industries.