Overnite revenue soars
Overnite Holding Inc. reported operating income of $12.6 million on $341.2 million in revenue, a 20% gain compared with the $10.5 million operating income on $308.8 million in revenue in 2002.
CEO Leo Suggs said the numbers were very impressive considering Overnite had to deal with a harsh winter, an uncertain economy and the highest quarterly diesel fuel prices on record.
"Our ability to manage our business while maintaining the highest level of service is a true measure of the worth of every member of our work force," said Suggs.
Less-than-truckload tonnage was up 5.4% for the reporting period, primarily reflecting the closure of Consolidated Freightways in September and an improvement in the economy late in the quarter.