Celadon Group reported its net income in the third quarter of fiscal year 2013, ending March 31, 2013, was $4.4 million, dropping 22.8 percent year-over-year.
Quarterly revenue for Celadon, No. 35 on JOC’s list of the Top 50 Trucking Companies, decreased 2.4 percent year-over-year to $149.6 million. Freight revenue fell 1.9 percent to $118.7 million from $121.0 million in the same quarter in fiscal 2012.
However, year-to-date, net income increased to $20.0 million, versus $16.6 million for the same period the year before. Total revenue increased 2.2 percent year-over-year to $451.0 million, and freight revenue rose 1.9 percent to $357.6 million.
“The quarter was impacted by several factors when compared with prior year,” said Paul Will, president and CEO, in a written statement. “Due to leap year in 2012 and an early Easter in 2013, there were basically two fewer business days. In addition, winter weather storms in 2013 resulted in decreased availability for freight movements compared with the prior year.”
“Our benefits expense related to medical claims negatively impacted the 2013 quarter by approximately three cents in earnings per share compared with prior year due to some unusually high medical claims that were incurred in the quarter,” he added.