Knight Transportation First Quarter Net Up Nearly 26%

Knight Transportation, Inc. (NYSE: KNX), one of North America’s largest and most diversified truckload transportation companies, today reported that net income for the first quarter ended March 31, 2014 was up 25.6 percent on revenues of $249 million, an increase of 5.8 percent.

Operating income from trucking was up 23 percent.

Kevin Knight, Chairman and Chief Executive Officer, commented on the quarter, “During the quarter we experienced greater demand for our capacity as well as a stronger used equipment market. Our improved performance was a result of our focus on improving production, recruiting and developing driving associates, providing industry-leading service, intensifying our cost control efforts, and realizing the benefits of a solid used equipment market.”

He continued: “Revenue per tractor increased 5.1%, year over year, as a result of a 4.9% improvement in revenue per loaded mile, a 4.2% increase in our length of haul, a 140 basis point improvement in our non-paid empty mile percentage, and a 1.3% decrease in miles per tractor.

“In the first quarter of 2014 our trucking businesses improved their operating ratio to 82.0% from 85.3% in the same quarter last year. Our brokerage business continues to grow rapidly and increased revenue 94.4%, increased gross margin 91.2%, and increased operating income 89.2%, when compared to the same quarter last year.

“As the trucking environment remains strong, we feel well positioned to continue to execute our model and bring needed capacity to our customers, quality careers to our driving associates, and superior returns to our shareholders.”

Knight Transportation is a provider of multiple truckload transportation and logistics services using a nationwide network of service centers in the U.S. to serve customers throughout North America. The company operates one of the country’s largest tractor fleets.

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Category: Featured, General Update, Management