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 $0.20 per diluted share, in the second quarter of 2011.
Key financial results for the second quarter were as follows:
Three Months Ended June 30,(dollars in thousands, except per share data)
|Revenue, excluding fuel surcharge||$||188,838||$||182,350||3.6||%|
|Income from operations||$||32,103||$||27,134||18.3||%|
|Earnings per diluted share||$||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.