When I spoke with Joe DiStefano from the Philadelphia Inquirer for a story about Pilot over the summer, the topic of the recession was a major theme. I explained to Joe that while our competitors were cutting jobs, facilities and services to stay afloat in 2009, Pilot saw the recession as an opportunity to grow stronger. We remained committed to maintaining our personnel and services during that difficult time. In fact, we continued to develop new service offerings, like our automotive and logistics services. We took the opportunity to add talent. And we stayed committed to taking market share. We continue to see the results of that commitment.
My interview with Joe came on the heels of an extremely strong Q2, including the largest volume month in Pilot’s history. Then Q3 started, and we blew away all of our old records. We announced today that the third quarter of 2010 was the largest quarter in company history, with $114.5 million in revenue. This number represents an incredible 36 percent growth over the same period in 2009.
In addition to our largest ever quarterly revenue, we had two record-breaking months in the third quarter. In August, we blew away all of the old records by posting $39.9 million. August represented 40 percent growth over the prior year. It was also an astonishing 13 percent higher than the previous record for any month in Pilot history. We had set a new bar. Then in September, we turned around and blew that record away, posting $41.2 million in revenue.
There’s no question that our ongoing success as a company can be credited largely to our continued focus on customer service. However, the explosive growth that we’re seeing now is really due to how we dealt with the economic slowdown last year. As a result of that strategy, as well as the continued hard work put in by our employees, 2010 will be the largest year Pilot has ever had. And more importantly, we’re positioned for continued growth and expansion of our services over the coming year. It’s an exciting time, and while the economy is certainly not out of the woods yet, I feel confident that I’ll be continuing to announce new broken records in the months to come.
Lima, Pa.—October 22, 2010—Pilot Freight Services, a worldwide provider of transportation and logistics services, announced record revenue for the third quarter of 2010. The company reported revenue of $114.5 million, up 36 percent from the same period in 2009. These results are more than 20 percent over the previous record of $94.9 million, set in the second quarter of 2010.
The quarter was closed out by the two largest months in company history, with $39.9 million in revenue for August, and $41.2 million for September. Pilot saw substantial growth across all segments of its business, led by its international shipping sector, which grew an impressive 71 percent year-over year for the quarter. Other sectors showing large increases included home delivery (38 percent), special services (29 percent) and national accounts (21 percent).
“We’re seeing great momentum, thanks to maintaining our personnel and continuing to develop new service offerings throughout the recession, while our competitors were making cuts,” said Richard Phillips, CEO of Pilot. “This was the second quarter in a row where we beat our own record revenues. We expect to see great numbers again in Q4, and anticipate that we’ll hit an all-time revenue high for the year.”
ABOUT PILOT FREIGHT SERVICES
Pilot Freight Services, Inc. is a full-service transportation and logistics provider with over 75 locations throughout North America. Pilot is also a founding member of the World Freight Alliance (WFA), operating in more than 190 countries worldwide. The company’s freight forwarding services encompasses every mode of transportation, including air, ground, and ocean, serving all corners of the globe. Pilot’s logistics programs offer a complete line of expedited and time-definite services, international shipping solutions, product warehousing, and inventory management. In addition, Pilot’s online shipment navigator, CoPilot, makes online shipping fast, convenient, and secure. Learn more about Pilot Freight Services at www.PilotDelivers.com.
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