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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based trucking company Celadon Group Inc. on Wednesday announced quarterly financial results that topped analyst expectations.
Celadon reported a profit of $1.3 million, or 5 cents per share, in the second fiscal quarter ended Dec. 31.
It was a big drop from the profit of $6.6 million, or 24 cents per share, the company realized in the same quarter of the previous year, but it exceeded the average estimate of 3 cents per share from five analysts surveyed by Zacks Investment Research.
The company reported revenue of $265.7 million in the period, down from $275.4 million in the year-ago period. The revenue was higher than an estimate of $262.1 million from analysts.
Celadon said earnings were lower primarily because of a $5 million decline in the gain on disposition of equipment.
“This decline related to discontinuing sales of equipment by our Quality Companies subsidiary, sale of fewer tractors and trailers formerly used in our trucking operations, and lower gain on sale per unit due to a weak market for used revenue equipment,” the company said in its quarterly report.
Celadon shares closed at $7.40 each Wednesday, prior to the earnings announcement. Shares are up 3.5 percent this year but down 10 percent over the past 12 months.
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