Higher rates and a more profitable mix of freight boosted earnings of Overnite Transportation Co. in the second quarter.
The less-than-truckload carrier said net income rose 9.3% to $12.6 million 鈥 the highest income for any quarter since 1994. Revenue increased 3.7% to $283.4 million.
Overnite officials said the company鈥檚 financial results represent a turnaround from a $13.7 million operating loss in the fourth quarter of 1999 and a $500,000 operating profit in the first quarter of 2000.
鈥淭his quarter鈥檚 results reflect the benefits of the company鈥檚 focus on quality, service and productivity,鈥 Chief Executive Officer Leo Suggs said in a statement. 鈥淒eliveries without exception improved 11% from the same period last year, on-time service has been consistently at 98% and productivity is at an all-time high.鈥
For the full story, see the July 31 print edition of Transport Topics. .
