Celadon Group (CGI) Tops Q1 EPS by 2c

Celadon Group (NYSE: CGI) reported Q1 EPS of $0.41, $0.02 better than the analyst estimate of $0.39. Revenue for the quarter came in at $266.1 million versus the consensus estimate of $251.69 million.

Paul Will, Chief Executive Officer, made the following comments: "We are pleased overall with our operating results in a less-than-robust freight environment. We saw improvement in some of our key operating statistics that we believe will be beneficial long term as capacity is challenged by a very competitive driver recruiting market, in addition to the numerous pending and proposed federal safety initiatives such as electronic logging devices (ELDs) and mandatory truck speed limiters. The increase in average seated tractor count of 1,730, or 53.1%, to 4,985 in the September 2015 quarter compared with 3,255 in the September 2014 quarter was a significant operating metric improvement that resulted in increased revenue for the quarter. Our average revenue per tractor per week decreased $88, or 3.0%, to $2,889 in the September 2015 quarter, from $2,977 in the September 2014 quarter. This decrease is a result of a lackluster freight environment coupled with the significant growth in our seated tractor count. We continue to increase our customer freight to better align with our increased fleet size. In addition, our average revenue per loaded mile increased to $1.872 per mile in the September 2015 quarter from $1.633 in the September 2014 quarter, which is a 14.6% increase.

For earnings history and earnings-related data on Celadon Group (CGI) click here.

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