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Celadon reports higher quarterly profit, revenue

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Indianapolis-based Celadon Group Inc. reported late Wednesday that its fiscal second-quarter profit jumped 35 percent on higher freight revenue and lower operating expenses.

Celadon shares rose 7 percent in morning trading Thursday, to $21.66 each, a 52-week high.

For the quarter ended Dec. 31, the trucking company said profit increased to $7.4 million, or 32 cents per share, compared with $5.5 million, or 24 cents per share, in the same period in 2011.

Celadon attributed the improvement to higher revenue per loaded mile and a decrease in operations and fuel expenses.

The stronger earnings were partially offset by a 3-percent decline in miles driven per truck from the prior year.

Revenue increased 2.7 percent, to $148.1 million. Excluding fuel surcharges, freight revenue rose 1.5 percent, to $116.8 million.

On Tuesday, Celadon directors approved a cash dividend to shareholders for the quarter ended March 31 of 2 cents per share, payable April 16.

 

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