Transport Topics Online
The Newspaper of Trucking and Freight Transportation
Welcome  Guest  Log In         
7/25/2014 9:00:00 AM Write a Letter to the Editor Write a letter to the Editor

Swift Transportation Net Dips 19%


Joshua Lott/Bloomberg News

Swift Transportation Co. said net income slipped 19% to $40.2 million, hurt by weaker profit margins at its dedicated and refrigerated units.

Net income was 28 cents per share, including 5 cents per share in one-time costs, and 33 cents per share including those expenses to reduce debt. In the year-earlier period, net income was $49.9 million, or 35 cents.

Revenue increased nearly 5% to $1.076 billion from $1.029 billion.

Profitability rose, however, at the truckload unit, resulting from a 3.7-cent increase in revenue per mile. Profit before interest and taxes rose 7% to $69.6 million, accounting for about 75% of all profit at Swift.

The Phoenix-based firm ranks No. 6 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.

“We are continuing to make progress on our goals with utilization improvements, rate increases, dedicated growth and intermodal growth in the second quarter,” the company said in a letter to shareholders posted July 24.

“Despite these improvements, we were constrained in the Truckload and Central Refrigerated segments by the challenging driver market. Our driver turnover and unseated truck count were higher than anticipated.”

By Transport Topics

Follow Transport Topics on Subscribe to get up to the minute news briefs and more from our feeds. RSS Twitter Twitter Facebook Facebook

© 2014, Transport Topics Publishing Group. All rights reserved.


  RELATED ARTICLES

 
LATEST NEWS



 
LATEST JOBS
Follow Us

Newsletters

TTExpress
This free daily newsletter delivers the latest headlines.

TT Executive Suite
This subscriber-only newsletter program tailors your news.

Services

Advertising




© American Trucking Associations, Inc., All Rights Reserved TTNews.com Privacy Statement