Knight Transportation Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Capital Expenditure Guidance for the Year 2012
January 25, 2012 at 09:00 pm
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Knight Transportation Inc. reported unaudited consolidated earnings results for the fourth quarter and full year 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 attributable to company increased 22.7% to $17.5 million compared to $14.2 million reported in the same quarter of 2010. The company invested $40.3 million of net capital expenditures in the fourth quarter against $4.4 million reported last year. Income from operations was $29.2 million against $23.4 million and income before income taxes was $29.5 million against $23.9 million reported last year. Adjusted cash flow from operations excluding change in short-term investments was $38.3 million against $44.6 million reported last year.
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 attributable to company increased 2.0% to $60.2 million for 2011 from $59.1 million for 2010. For the year, net capital expenditures were $138.3 million against $91.5 million reported last year. Income from operations was $100.0 million against $95.2 million and income before income taxes was $101.2 million against $97.6 million reported last year. Adjusted cash flow from operations excluding change in short-term investments was $136.3 million against $126.2 million reported last year.
The company expects net capital expenditures to decrease significantly in 2012, as company's newer fleet will require fewer replacement trucks.
Knight-Swift Transportation Holdings Inc. is a diversified freight transportation company. The Company provides multiple full truckloads, less-than-truckload (LTL), intermodal, and logistics services. Its segments include Truckload, LTL, Logistics, and Intermodal. The Truckload segment consist of irregular route and dedicated, refrigerated, expedited, flatbed, and cross-border operations. The LTL segment provides its customers with regional LTL transportation services through a network of approximately 120 service centers in the Company's geographical footprint. The Logistics segment consists of brokerage and other freight management services utilizing third-party transportation providers and their equipment. The Intermodal segment offers transportation services, which include arranging the movement of customers' freight through third-party intermodal rail services on the Companyâs trailing equipment, such as containers and trailers on flat cars.
Knight Transportation Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Capital Expenditure Guidance for the Year 2012