Celadon Group Inc. saw a big jump in profit in its latest quarter as revenue surged, the Indianapolis trucking company said Tuesday.
Earnings in the company's fiscal third quarter ended March 31 rose to $8.6 million, or 36 cents per share, up from $3.5 million, or 15 cents, in the same quarter of 2014.
Revenue jumped almost 20 percent, to $231.7 million. Freight revenue rose nearly 30 percent, to $201.7 million.
"Freight demand improved during the quarter and was not as negatively impacted from severe weather conditions in the March 2015 quarter as what was experienced in the same period last year," CEO Paul Will said in a written statement. "Operations, maintenance and fuel expenses all decreased as a percentage of revenue in the March 2015 quarter as compared with the March 2014 quarter, which was a result of a newer fleet with more fuel-efficient equipment."
Celadon shares dropped 1.9 percent Tuesday, to $25.74 each, prior to the earnings report