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Celadon misses mark despite jump in revenue, profit

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Celadon 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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