Knight Transportation, Inc. (NYSE: KNX), one of North America’s largest truckload transportation companies, today reported revenue and net income for the fourth quarter ended December 31, 2011.
For the quarter, total revenue increased 19.0% to $224.1 million from $188.3 million for the same quarter of 2010. Revenue before fuel surcharge increased 14.6% to $181.0 million compared to $158.0 million in the fourth quarter of 2010. Net income per diluted share increased 30.0% to $0.22 compared to $0.17 for the same quarter of 2010. Net income increased 22.7% to $17.5 million compared to $14.2 million for the same quarter of 2010.
As reported previously, the fourth quarter of 2010 included a non-cash $2.5 million pre-tax ($2.0 million after tax) stock compensation charge related to an adjustment to the straight-line recognition of expense as prescribed in ASC 718 and the accelerated vesting of equity awards under the plan as a result of the passing of a senior executive. Any year over year operating ratio comparisons made below exclude this 2010 non-cash charge. Excluding the 2010 non-cash charge, net income per diluted share increased 14.0% to $0.22 compared to $0.19, and net income increased 7.6% to $17.5 million compared to $16.2 million for the same quarter of 2010.
For the year, total revenue increased 18.5% to $866.2 million from $730.7 million for the same period of 2010. Revenue before fuel surcharge increased 13.3% to $697.3 million compared to $615.7 million for the same period of 2010. Net income per diluted share increased 5.2% to $0.74 in 2011 compared to $0.70 in 2010. Net income increased 2.0% to $60.2 million for 2011 from $59.1 million for 2010. Excluding the 2010 non-cash charge discussed above, net income per diluted share increased 1.7% to $0.74 from $0.72, and net income decreased 1.4% to $60.2 million from $61.1 million for 2010.
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