Swift Transportation’s third-quarter net income fell 10% to $27.9 million, or 20 cents per share, from $31.0 million, or 22 cents per share, in the third quarter as freight volume weakened and fuel costs rose.
Revenue rose 1% to $871.1 million, the company announced. The results included an increase in revenue per truck per week of 3.6% and a 41.5% increase in intermodal revenue.
Swift said a lag in fuel surcharge collections that was related to fast-rising diesel prices lowered earnings by 3.5 cents to 4 cents per share.
Increased driver compensation cost 2 cents per share to 2.5 cents per share in the quarter that was offset by improved driver retention and recruiting trends.
Swift is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.