Knight Transportation, Inc. (NYSE: KNX), one of North America’s largest and most diversified truckload transportation companies, today reported revenue and net income for the third quarter ended September 30, 2012.
For the quarter, total revenue increased 4.8% to $237.9 million from $227.1 million in the third quarter of 2011. Revenue before fuel surcharge increased 5.0% to $192.6 million compared to $183.4 million in the same period of 2011. Net income for the quarter was $16.6 million, or $0.21 per diluted share, compared to $16.6 million, or $0.21 per diluted share, in the third quarter of 2011.
Key financial results for the third quarter were as follows:
|Three Months Ended September 30,(dollars in thousands, except per share data)|
|Revenue, excluding trucking fuel surcharge||$||192,550||$||183,436||5.0||%|
|Income from operations||$||27,767||$||27,705||0.2||%|
|Earnings per diluted share||$||0.21||$||0.21||0.4||%|
Year-to-date, total revenue increased 8.0% to $693.7 million from $642.1 million for the nine-month period in 2011. Revenue before fuel surcharge increased 7.9% to $557.0 million compared to $516.3 million in the same period of 2011. Net income increased to $46.4 million, or $0.58 per diluted share, from $42.8 million, or $0.52 per diluted share, in the 2011 nine-month period. 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, year-to-date net income would have increased 17.6% to $50.3 million, or $0.63 per diluted share, a 21.4% increase, when compared to the same period in 2011.
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