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Swift Transportation Co. said it expects its first-quarter earnings to be 11 to 13 cents per share, lower than previously expected, due to severe weather.
The truckload carrier said that the weather affected its overall volume, fuel and maintenance expenses, as well as insurance and claims expenses.
“Given that approximately 60% of Swift's volume is east of the Rockies, the weather impact was substantial and will be discussed in more detail in its letter to stockholders, which will be published on April 24,” Phoenix-based Swift said in a statement.
Despite the weather, Swift said it experienced encouraging trends in several areas.
Utilization, measured by loaded miles per tractor per week, was down for the quarter in its truckload segment from the same period last year, but improved sequentially each month, with March increasing 1% year-over-year.