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Knight Transportation Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 9, 2012 04:33PM
Knight Transportation Inc. (KNX) filed Quarterly Report for the period ended 2012-06-30. Knight Transportation has a market cap of $1.19 billion; its shares were traded at around $14.79 with a P/E ratio of 18.8 and P/S ratio of 1.4. The dividend yield of Knight Transportation stocks is 1.6%. Knight Transportation had an annual average earning growth of 7.8% over the past 10 years.
Highlight of Business Operations:In the second quarter of 2012, average revenue per tractor (excluding fuel surcharges) decreased slightly as higher rates were offset by lower utilization, while average fleet count increased 5.1% when compared to the same period of 2011. The slight decrease in revenue per tractor was driven by a 2.1% increase in revenue per total mile offset by a 3.0% decrease in miles per tractor. We realized improvement in revenue per loaded mile, which improved 1.6%, while non-paid empty miles improved to 10.1% in the current quarter compared to 10.5% for the same quarter of 2011.
Our capital expenditures, net of equipment sales, were $56.5 million for the six months ended June 30, 2012, compared to $33.9 million for the same period a year ago. At June 30, 2012, our cash and cash equivalents totaled $2.8 million, and our shareholders' equity was $504.7 million, compared to $9.6 million and $476.4 million at December 31, 2011.
Total revenue for the six months ended June 30, 2012, increased 9.8% to $455.8 million from $415.0 million for the same period in 2011. Total revenue included $91.4 million of fuel surcharge revenue in the 2012 period compared to $82.1 million in the 2011 period. Total revenue for the quarter ended June 30, 2012 increased 3.4% to $236.3 million from $228.5 million for the same period in 2011. Total revenue for the quarter included $47.4 million of fuel surcharge revenue in the 2012 period compared to $46.1 million in the 2011 period.
Miscellaneous operating expenses as a percentage of revenue, before fuel surcharge, decreased to 1.5% for the six months and three months ended June 30, 2012, from 1.9% for the same periods in 2011. These decreases are primarily due to an increase in gains from the sale of used equipment, which are included in miscellaneous operating expenses. Gains from sale of equipment increased to $4.8 million in the six months ended June 30, 2012, compared to $2.6 million for the same period a year ago, and to $2.2 million for the three months ended June 30, 2012, compared to $1.5 million for the same period in 2011.
As a result of the above factors, our operating ratio, net of fuel surcharge (operating expenses, net of fuel surcharge, expressed as a percentage of revenue, before fuel surcharge), was 85.7%, or 84.7% excluding the $4.0 million non-cash stock compensation charge, for the six months ended June 30, 2012, compared to 87.1% for the same period in 2011. For the quarter ended June 30, 2012, our operating ratio was 83.0% compared to 85.1% for the same quarter in 2011.
Stocks Discussed: KNX,