CORRECTED - CORRECTED-(April 26)-UPDATE 1-Celadon Group posts Q3 profit

Tue Apr 27, 2010 1:25pm EDT

(In April 26 story, corrects analysts' average estimate in paragraph four to 2 cents per share, from 23 cents)

* Q3 EPS $0.02 vs loss/shr $0.10 year-ago

* Q3 sales $129.4 million vs est $123 mln

April 26 (Reuters) - Truckload company Celadon Group (CGI.N) swung to a third-quarter profit, largely boosted by stronger freight volumes, suggesting a gradual recovery of the trucking sector.

For the quarter ended March 31, the company posted a net income of $400,000, or 2 cents a share, compared with net loss of $2.1 million, or 10 cents per share, a year earlier.

Revenue rose 21 percent to $129.4 million, as freight revenue increased 14 percent to $109.9 million in the quarter.

Analysts on average expected Celadon to earn 2 cents a share, excluding special items, on revenue of $123 million, according to Thomson Reuters I/B/E/S.

Shares of the Indianapolis-based company closed at $15.29 Monday on the New York Stock Exchange. (Reporting by Biswarup Gooptu in Bangalore; Editing by Gopakumar Warrier)

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