Overnite earnings jumps 51% in 1Q

April 29, 2005
Richmond, VA-based LTL carrier Overnite Transportation has announced that its first quarter net income jumped 51.3% to $11.4 million on 10.4% higher operating revenue of $418 million compared to the first quarter of 2004. The company said this performance was largely due to higher freight volumes from a diversified base of customers

Richmond, VA-based LTL carrier Overnite Transportation has announced that its first quarter net income jumped 51.3% to $11.4 million on 10.4% higher operating revenue of $418 million compared to the first quarter of 2004. The company said this performance was largely due to higher freight volumes from a diversified base of customers.

“Our strategy to improve yield by growing our mix of small- to mid-sized customers faster than that of large customers is continuing to gain strength and has greatly assisted our yield growth in a stable pricing environment,” said Leo Suggs, chairman, CEO & president.

“Also, our first quarter revenue growth reflects a 4.3% increase in tons per day coupled with a 4% increase in revenue per shipment, excluding fuel surcharges,” he noted.

Suggs added that freight volumes remained strong in April and have “bolstered” the company’s outlook for the second quarter. Overnite is now projecting earnings to be between 71 and 76 cents per diluted share, with earnings for the full year to top out at $2.60 to $2.70 per share.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

What challenges are top of mind for fleet professionals in 2025? Get exclusive insights from the 2025 Fleet Trends Survey and discover where the industry is headed next.
The most successful fleets accomplish more than delivering freight. To accomplish this, fleets need a fuel that’s reliable, more economical and more sustainable. That fuel is ...
Are your KPIs driving real fleet improvement? Learn how to set smarter, data-driven benchmarks, track success like top-performing fleets, and apply proven strategies to optimize...
Learn how eets can enhance truck utilization and minimize safety incidents using business intelligence and AI. Delve into innovative practices, technology integration and real...