Knight Transportation reported net income in the first quarter of 2013 totaling $15.2 million, a 44 percent jump from $10.5 million in the first quarter of 2012.
Quarterly revenue for Knight Transportation, No. 23 on the JOC’s list of Top 50 Trucking Companies, rose 7.2 percent from $219.5 million in 2012 to $235.4 million in 2013. It is the 14th consecutive quarter of revenue growth, said Kevin Knight, chairman and CEO, in a written statement.
Revenue growth in the company’s asset-based businesses was hindered by a 1.6 percent year-over-year decline in tractor utilization, which was slightly offset by a 0.7 percent increase in average revenue per loaded mile, according to Stifel Transportation & Logistics Research Group.
The market “remains challenging” for hiring “high quality” truck drivers, as Knight Transportation braces for the hours-of-service rules that will go into effect on July 1, the Phoenix-based company said.