Celadon Group Inc. topped Wall Street expectations with big increases in quarterly revenue and profit.
The Indianapolis-based trucking company said fiscal first-quarter profit was $11.4 million, or 41 cents per share, up from $8 million, or 35 cents per share, in the same period of 2014. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
Celadon posted revenue of $266.1 million in the period, up from $193.4 million a year ago. Three analysts surveyed by Zacks expected $252.6 million.
"We are pleased overall with our operating results in a less-than-robust freight environment," Celadon CEO Paul Will said in written remarks. "We saw improvement in some of our key operating statistics that we believe will be beneficial long term as capacity is challenged by a very competitive driver recruiting market, in addition to the numerous pending and proposed federal safety initiatives."
Celadon shares closed at $14.15 each on Wednesday, down 3 cents on the day. The stock price has fallen 38 percent since the beginning of the year.