Celadon Group Inc. put together its best fourth fiscal quarter since 2006, with earnings doubling to $5.5 million, or 24 cents a share.
That compares with $2.7 million and 12 cents a share in the same quarter a year ago, the Indianapolis-based trucking company announced Wednesday.
Revenue grew 6.3 percent over the year-ago period, to $147.7 million.
For the fiscal year ended June 30, Celadon profit soared to $14.7 million, up from $4.7 million in the 2010 fiscal year.
“Several key factors attributed to the improvement, including an increase of 4 percent in rates, a decrease in our equipment costs and a decrease in insurance and claims,” Chairman and CEO Steve Russell said in a prepared statement.
The company has $173 million in stockholders equity, nearly $26 million in cash and has no outstanding bank borrowings, which amount to “significant liquidity to support the growth of our business,” Russell added.
Following the downturn in the economy, Celadon snapped up a number of struggling trucking lines that are now contributing to the bottom line.