Knight Transportation has reported revenue and earnings for the third quarter ended September 30, 2009.
For the quarter, revenue before fuel surcharge decreased 3.6% to $150.2 million from $155.9 million in the third quarter of 2008. Primarily due to lower fuel surcharge revenue, total revenue fell 17.4% to $173.1 million from $209.7 million for the same quarter of 2008.
Operating income of $20.7 million in the quarter represented a 21.0% decline from the $26.2 million reported in third quarter 2008. Net income dropped 18.1% to $13.1 million from $16.0 million for the same period of 2008.
Year-to-date, revenue before fuel surcharge receded 5.4% to $427.6 million from $452.0 million for the same period of 2008. Operating income was down 7.2% to $61.0 million from $65.7 for the same period of 2008. Net income fell 6.7% to $37.4 million from $40.1 million in the same period of 2008.
Kevin P Knight, chairman and chief executive officer, said, “Despite the continued challenging truckload freight environment, we grew our total loads hauled in the quarter by 10.2% when compared to the same period last year. We have experienced a steady—albeit modest—sequential increase in load volumes as the year has progressed.
“On a consolidated basis, Knight Transportation produced an operating ratio (operating expenses, net of fuel surcharge, as a percentage of revenue before fuel surcharge) of 86.2% in the third quarter of this year compared to 83.2% in the same period last year. Knight Dry Van generated an operating ratio of 85.6%. Knight Refrigerated generated an operating ratio of 86.7%. Knight Brokerage generated an operating ratio of 93.3%. We have made the decision to maintain our fleet size for longer-term strategy rather than short-term benefit that would have likely improved our near-term operating ratio.”
Knight Transportation is a truckload carrier offering refrigerated, dry van, intermodal, and brokerage services through a network of service centers and branches throughout the United States serving North America.
