Less-than-truckload carrier Overnite Transportation Co. saw both revenues and income rise in the first quarter of 2001, despite a slowing economy and the nearly two-year-long strike efforts of the International Brotherhood of Teamsters.
Overnite saw its first quarter revenues climb to $280 million, up 4% from the same period last year, and net income increase to $7.9 million.
“This year’s results are a real achievement in a soft economy,” said Leo Suggs, Overnite’s chairman and CEO. “We are by no means where we want to be, but we are working smarter, watching capital and cash flow. Our on-time service level is at an all-time high of 98%.”
Overnite also expanded its western operations in 2001, opening two new California service centers in the first quarter in Benicia and Bakersfield. Further expansions are slated in California's San Fernando Valley, Albuquerque, NM, and Rolla, MO.
Overnite’s parent company, rail giant Union Pacific Corp., did not fare as well. It reported a net income of $181 million for the first quarter, down from the $185 it reported the previous year, and an operating income of $430 million compared to $451 million for the same period in 2000.