Knight Increases Profit in First Quarter

Truckload carrier Knight Transportation increased its profit 2.9 percent in the first quarter to $11.7 million, with strong brokerage and refrigerated business offsetting steep declines in core trucking volume.

Phoenix-based Knight said revenue fell 15.7 percent to $148.7 million, but the company said business also improved late in the quarter ending March 31.

“The rapid decline in industry-wide shipment activity that was evident in the fourth quarter initially carried over into the first,” said Knight Chairman and CEO Kevin P. Knight. “However, as the quarter progressed we did experience some moderation in the pace of the decline as some sectors of the economy appeared to replenish very low inventory levels.”

Knight said his company benefited from a diversified business model, including its brokerage service and 30 percent year-over-year volume growth in its refrigerated segment.

The company is also growing its intermodal drayage business at ports in Southern California, Knight said.