Knight Transportation revenue gets a boost
The Phoenix-based trucking company also launched a line of temperature-controlled trucks.
Phoenix-based trucking company Knight Transportation Inc. boosted second-quarter revenue as demand increased, the company reported Wednesday.
“Overall demand remained strong while capacity appeared to tighten,” CEO Kevin Knight said. “We are encouraged by the positive momentum from our results over the past several quarters and feel well positioned for future growth and success.”
The company earned a profit of $25.7 million, or 31 cents per share, compared with $18.9 million, or 24 cents per share, in the same quarter a year ago.
Analysts expected earnings of 27 cents a share.
Revenue rose to $264 million from $245 million in the same quarter a year ago.
“We have a solid plan to grow trucks in the back half of 2014 by a count of 200,” Knight said.
The company also launched Kold Trans LLC, a line of temperature-controlled trucks, during the quarter. It will be marketed and run separately from its existing refrigerated truck business, officials said, using a fleet of new trucks as well as third-party carriers.
One issue the company faces is hiring enough drivers to maintain its growth.
“Despite strong freight environment, the current driver supply situation has been a headwind for adding additional capacity,” the company reported in its earnings release.