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Knight Transportation Reports Revenue And Net Income For The Third Quarter Ended September 30, 2012

Stocks in this article: KNX

The company previously announced a quarterly cash dividend of $0.06 per share to shareholders of record on September 7, 2012, paid on September 28, 2012.

Chairman and Chief Executive Officer, Kevin P. Knight, offered the following comments:

''The third quarter of 2012 proved to be more challenging than expected due primarily to eleven consecutive weeks of escalating fuel prices and a slowing economy that yielded seasonally weak freight demand. Despite the difficult environment, we continued to grow our top line revenue. Our average revenue per total mile (excluding fuel surcharges) increased 0.9% in the third quarter, when compared to the same period last year, while our length of haul increased by 0.8%. Our average revenue per tractor (excluding fuel surcharges) declined 2.5% due to lower utilization, which was a result of lower demand and additional tractor count.''

The following chart reflects the year-over-year operating ratio comparison and revenue growth (excluding trucking fuel surcharge revenue) for each of our businesses for the third quarter of 2012 and 2011.

    Operating ratios (1)  

Revenue growth(excluding truckingfuel surcharge)

2012   2011  
 
Dry van 82.7 % 82.4 % 4.0 %
Refrigerated 88.6 % 85.4 % -2.3 %
Port and Rail Services 87.3 % 89.7 % 14.7 %
Asset based operations 84.1 % 83.4 % 3.5 %
 
Brokerage 92.9 % 94.4 % 1.1 %
Intermodal 96.4 % 103.5 % 46.3 %
Other 96.9 % 89.9 % 34.0 %
Non-asset based operations 94.5 % 94.9 % 14.8 %
 
Consolidated 85.6 % 84.9 % 5.0 %
 

(1) Operating ratio is defined as total operating expenses, net of trucking fuel surcharge, as a percentage of revenue before trucking fuel surcharge.

Kevin Knight further commented, ''Given the challenging environment, we are generally pleased with the efforts in our asset-based businesses. Most notably, our dry van business continued to produce a low 80’s operating ratio while growing revenue and our port and rail services business continued to improve their operating ratio also while growing revenue on a year over year basis. The results of our refrigerated business, however, came in below our expectations for the quarter. Our operational discipline enabled us to maintain our non-paid empty mile percent at 10.7% from a year ago despite the challenging freight market.

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