Improving demand for Celadon Group Inc.’s trucking services led the Indianapolis-based company to post a profit in
its fiscal fourth quarter, it announced Monday.
For the fiscal quarter ended June 30, the company reported that profit increased to $2.7 million, or 12 cents per share, from $200,000, or a penny per share, during the same period last year.
Revenue for the quarter rose 18.9 percent, to $139 million.
Celadon Chairman and CEO Steve Russell attributed the improvement in earnings to a recovering freight environment, coupled with a decrease in truckload capacity in the marketplace.
“Further, we have broadened our customer base and have also benefited from the increase in trade with Mexico, as Mexico has become more competitive with Asian manufacturers,” Russell said in a prepared statement.
For the entire fiscal year, profit increased 80.8 percent, to $4.7 million, which translates to earnings per share of 21 cents. Revenue climbed 6.8 percent, to $523.5 million.
Celadon shares opened trading Monday at $15.64 each, up from a 52-week low of $8.03 last August.