Indianapolis-based trucking firm Celadon Group Inc. on Wednesday afternoon reported higher profit in its fiscal second quarter on improving revenue.
For the quarter ended Dec. 31, the company earned $5.4 million, or 24 cents per diluted share, compared with $2.9 million, or 13 cents per share, in the same period in 2010.
The company’s earnings beat analyst expectations by 5 cents per share.
Quarterly revenue increased 6.3 percent, to $141.5 million.
Celadon’s average rate per loaded mile improved to $1.53, up 5 cents from its fiscal quarter in 2010. Cost controls and operating efficiencies also helped to improve financial results, CEO and Chairman Steve Russell said in a prepared statement.
“Our balance sheet remains solid and we retain significant liquidity to support the growth of our business,” he said.
Celadon completed two acquisitions in the last quarter, purchasing the assets of Dallas-based American Eagle, the non-refrigerated division of Frozen Food Express Inc., and Carlisle, Penn.-based USF Glen Moore Inc.
Shares of Celadon closed on Wednesday at $13.73, up 36 cents for the day.