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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCeladon Group Inc. on Wednesday afternoon reported surging profit and revenue in its latest quarter, but its performance fell short of analyst expectations.
The Indianapolis-based trucking company reported $197.4 million in revenue in the fiscal fourth quarter ended June 30, up 21.4 percent from the same period of 2013.
Analysts had predicted revenue of $204.2 million.
Profit rose to $15.5 million, or 65 cents per share, in the latest quarter, up from $7.2 million, or 31 cents per share, for the same quarter last year.
About $8.8 million, or 36 cents per share, of the profit was related to Celadon's $21 million sale of its minority ownership interest in Truckers B2B LLC during the quarter.
Without the sale, Celadon realized a profit of 29 cents per share in the period, which missed analyst expectations of 32 cents per share.
Celadon shares slipped 1.1 percent in after-hours trading, to $20.93 per share.
Freight revenue, which excludes fuel surcharges, increased 22.3 percent in the quarter, to $160.7 million.
For the fiscal year, Celadon reported a 23.7-percent increase in revenue, to $759.3 million, over the previous year. Profit rose 12.4 percent, to $30.7 million, or $1.29 per share.
The company approved a cash dividend of 2 cents per share of common stock payable on Oct. 17 to shareholders of record at the close of business on Oct. 3.
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