7/27/2011 5:00:00 PM
Company Cites Concerns on Continued High Fuel Costs
Knight Transportation said late Wednesday its second-quarter profit rose from a year ago on stronger truckload markets and improvement in its brokerage business.
Net income rose to $16.4 million, or 20 cents a share, from $15.8 million, or 19 cents, a year ago. Revenue rose 23.2% to $228.5 million.
Despite the improved results, escalating fuel prices continue to negatively impact operating results, Knight said in a statement.
The company â€œexperienced strength in many of [its] truckload marketsâ€� and was â€œespecially pleased with the revenue increase in our brokerage business,â€� Chairman and CEO Kevin Knight said.
â€œDriver availability remains tight across the industry,â€� he said, but added, â€œWe feel well-positioned to source and develop high quality drivers. Our recruiting effort is performing ahead of last year.â€�
Phoenix-based Knight Transportation is ranked No. 31 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
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