Knight Transportation reported its net income in the second quarter of 2013 was $18.9 million, sliding 1.8 percent from $19.3 million in the second quarter of 2012.
However, revenue for Knight Transportation, No. 23 on JOC’s list of the Top 50 Trucking Companies, was $244.8 million, increasing 3.6 percent year-over-year from $236.3 million.
“We have continued to expand our market share in our wide range of truckload logistic services in a challenging operating and economic environment,” said Kevin Knight, chairman and CEO, in a written statement. “Our consolidated revenue, before trucking fuel surcharge, increased 6.0 percent on a year-over-year basis. Our non-asset service offerings lead the way with revenue growth of 64.2 percent, and now make up approximately 20.0 percent of our total revenue before trucking fuel surcharge.”
“Compared to the same quarter last year, our revenue per loaded mile, net of fuel surcharge, increased just less than 1.0 percent, while our length of haul and miles per tractor were virtually flat,” Knight said. “We experienced an improvement in our revenue per tractor compared to the same quarter last year, while operating income was essentially unchanged.”
Average tractor count for the quarter decreased by 107 trucks year-over-year to 3,963 tractors. The average age of Knight Transportation’s tractor fleet was 2.1 years, and gain on sale of revenue equipment was $1.6 million, down from $2.2 million in the second quarter of 2012.
“For a company long known for its ability to grow through thick and thin, the flattish performance must be frustrating to management,” said Stifel Transportation & Logistics Research Group, in its analysis of Knight's results.