Wednesday, Knight Transportation Inc. (KNX) said its first quarter earnings increased year-on-year and topped Street estimates, helped by a reduction in operating expenses.
The Phoenix, Arizona-based company's first quarter net income increased 2.9% to $11.7 million or $0.14 per share from $11.4 million or $0.13 per share a year ago. Eighteen analysts polled by Thomson Reuters expected the company to earn $0.11 per share. Analysts' estimates typically exclude special items. Total revenues decreased 15.7% to $148.72 million for the quarter from $176.41 million for the prior-year period, primarily due to decreased fuel surcharge revenue. Twelve analysts estimated revenues of $154.97 million for the quarter.
Revenue before fuel surcharge was $133.1 million, a 5.8% decrease from the year-ago period.
Chairman and Chief Executive Officer Kevin Knight said, "During one of the most challenging first quarters that we can remember for the trucking industry, Knight grew operating income year-over-year, hauled more loads than the year-ago period, increased our financial strength and improved our operations."
Knight indicated the first quarter as typically the slowest from a seasonal perspective.
Operating expenses declined to $129.27 million from $157.68 million in the corresponding period last year.
The company said lower diesel fuel prices combined with ongoing success of several internal initiatives to improve fuel efficiency helped profitability. The U.S. average cost of diesel fuel during the first quarter was $2.19, compared to $3.55 in the first quarter of 2008.
KNX closed Wednesday's trading at $16.01, up $0.16 or 1.01%, on a volume of about 2.35 million shares.
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