Tom Biery/Trans Pixs
Swift Transportation Co. reported its first-quarter net income fell 59% to $12.3 million, or 9 cents per share, as winter weather drove down profits.
Revenue rose 2.7% to $1.01 billion, primarily because of increases in the dedicated unit, where 550 more tractors were deployed during the quarter.
Operating income, which excludes interest and taxes, fell by one-third to $46.2 million, which was reduced by about $15 million due to weather-related factors such as reduced freight volume and effects on insurance and maintenance expenses.
Phoenix-based Swift’s earnings report said adjusted net income was 12 cents per share, down from 24 cents per share, reflecting amortization and debt-related costs.
Truckload unit revenue declined 1% to $553.1 million, dedicated revenue increased 8.5% to $193.7 million, refrigerated revenue rose 0.4% and intermodal revenue rose nearly 10% to $91.3 million. Operating income declined in all of the units, compared with the 2013 quarter.