Indianapolis-based trucking firm Celadon Group Inc. on Monday reported lower profit in its latest quarter despite a 14-percent rise in revenue.
Profit fell 20.5 percent, to $6.6 million, in the fiscal first quarter ended Sept. 30 compared with $8.3 million in the same period a year ago. Earnings per share fell 22 percent, from 36 cents last year to 28 cents in the latest quarter.
Revenue rose from $153.3 million to $175.1.
Earnings missed analyst predictions by 3 cents per share while revenue exceed estimates by almost $12 million.
Celadon CEO Paul Will said a 10-percent increase in trucks being used drove the rise in revenue.
"This increase was a result of expanding our recruiting efforts at terminal locations, having established a driving school and training program at our Indianapolis headquarters as well as the acquisition of select assets" at several trucking businesses, Will said.
Operating expenses rose significantly due to some of those acquisitions, dragging down earnings.
Celadon declared a dividend of 2 cents per share of common stock payable on Jan. 17 to shareholders of record at the close of business on Jan. 6.
Celadon shares fell 9 cents Monday, to $18.02 each, before the earnings report was released.