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Soaring fuel prices hammer Celadon profit

April 23, 2008
Profit at Celadon Group Inc. plunged to $1.1 million in its third fiscal quarter, from $6.6 million a year earlier, the Indianapolis trucking firm announced yesterday.

The penny of profit per share in the quarter ended March 31 was well under the 6 cents anticipated by analysts surveyed by Thomson Financial.

Skyrocketing diesel fuel prices slashed 10 cents per share from a year earlier, CEO Steve Russell said in a statement. Another 3 cents per share was lost through the U.S. dollar's weakness against the Canadian dollar.

However, Russell said the industry is stabilizing as competitors leave the business and manufacturers turn out fewer trucks.

Celadon specializes in long-haul, full-truckload freight service among the United States, Canada and Mexico.

Celadon shares slipped 3.3 percent, to $9.48, this morning.
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