Overnite stays on a
As it continues to report first-year results as an independent company, Overnite Corp.'s first quarter is outperforming its pro-forma results for the first quarter of 2003. The company, which is made up of national less-than-truckload (LTL) carrier Overnite Transportation and regional LTL carrier Motor Cargo, reported Q1 2004 operating income of $14.0 million, an increase of 30.2% over $10.7 million reported for Q1 2003.
Shipment volumes and weight also increased in the quarter. Gross weight hauled for the period ended March 31, 2004, totaled 2.2 billion pounds of LTL freight and 439 million pounds of truckload freight. This compares with 1.9 billion pounds of LTL freight Q1 2003 and 364 million pounds of truckload freight. This is an increase of roughly 11% for LTL and just under 21% for truckload volumes.
Overnite also experienced a 4% increase in the number of LTL shipments, equating to a nearly 7% increase in weight per shipment.