Less-than-truckload carrier Overnite Transportation Co., a Richmond, VA-based subsidiary of rail giant Union Pacific, said its net income for the third quarter declined 3% from last year.
Overnite posted net income of $14.4 million for the third quarter of 2001, along with operating revenues of $292.1 million – an increase of $5 million, or 1.7%, from the $287.1 million it reported in the third quarter of 2000. Net income for the first nine months of 2001, however, totaled $35 million – a 17.2% increase over the $29.9 million reported in 2000.
“Our ability to quickly adapt has allowed Overnite to perform well while many others are struggling to keep their heads above water in the present tough economic conditions,” said Leo Suggs, Overnite’s chairman.
