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Knight Transportation Reports Revenue And Net Income For The Second Quarter Ended June 30, 2012

Knight Transportation, Inc. (NYSE: KNX), one of North America’s largest truckload transportation companies, today reported revenue and net income for the second quarter ended June 30, 2012.

For the quarter, total revenue increased 3.4% to $236.3 million from $228.5 million in the second quarter of 2011. Revenue before fuel surcharge increased 3.6% to $188.8 million compared to $182.4 million in the same period of 2011. Net income increased to $19.3 million, or $0.24 per diluted share, from $16.4 million, or $0.20 per diluted share, in the second quarter of 2011.

Key financial results for the second quarter were as follows:
   

Three Months Ended June 30,(dollars in thousands, except per share data)
2012   2011   % Change
 
Total revenue $ 236,268 $ 228,483 3.4 %
Revenue, excluding fuel surcharge $ 188,838 $ 182,350 3.6 %
Income from operations $ 32,103 $ 27,134 18.3 %
Net income $ 19,289 $ 16,358 17.9 %
Earnings per diluted share $ 0.24 $ 0.20 22.7 %
 
 

Year-to-date, total revenue increased 9.8% to $455.8 million from $415.0 million in the first half of 2011. Revenue before fuel surcharge increased 9.5% to $364.4 million compared to $332.9 million in the same period of 2011. Net income increased to $29.8 million, or $0.37 per diluted share, from $26.2 million, or $0.31 per diluted share, in the first half of 2011. The first quarter of 2012 included a $4.0 million pretax non-cash stock compensation charge ($3.9 million after tax) relating to the accelerated vesting of certain stock options that had been issued prior to 2009. Excluding the non-cash charge, net income for the first half of 2012 would have been $33.7 million, or $0.42 per diluted share.

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