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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCeladon Group Inc.’s earnings fell 20 percent in its latest quarter, but revenue spiked and overall results topped analyst expectations.
Shares in the Indianapolis-based trucking company were up 3.6 percent Tuesday afternoon, to $19.96 each, less than a day after the earnings announcement.
Celadon reported earnings of $7.2 million, or 31 cents per share, in the fourth fiscal quarter ended June 30, down from $9 million, or 39 cents per share, in the same quarter of 2012.
Revenue for the quarter increased 3.2 percent, to $162.6 million, compared to a year ago.
Analysts expected Celadon to post earnings of 30 cents per share and revenue of $159.2 million.
Celadon saw quarterly increases in average seated truck counts, average revenue per truck and average revenue per loaded mile over the year-ago quarter.
Gains on sales of assets were $600,000 in the latest quarter compared with $3.2 million in the same quarter a year ago, a factor that helped explain the drop in overall profit.
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