OVERNITE SEES SHARP FALL IN FIRST-QUARTER NET INCOME
Overnite Transportation Co., the nation's largest non-union less-than-truckload carrier, reported first-quarter net income of $2.3 million, down $6.2 million from the year earlier quarter.
The Union Pacific Corp. subsidiary has been the target of a continuing Teamster protest. A nationwide walkout against Overnite was called by the union's leadership in October, but sputtered.
The carrier noted that the first quarter operating income of $500,000 marked a $14.2-million turnaround from the $13.7-million operating loss for the fourth quarter of 1999. Operating income for the first quarter of 1999 was $10.3 million.
Revenue increased 6.4 percent to $269.0 million.
The company's first-quarter operating ratio was 99.8 percent, compared to 95.9 percent for the year earlier period and 105.3 percent for the fourth quarter of 1999.