Swift Raises 3Q Earnings Forecast

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ruckload carrier Swift Transportation Co. on Monday said it now expects to earn between 50 and 52 cents a share in the third quarter, prior to a one-time charge of $9.2 million.

After the one-time charge, related to the evaluation of translucent trailers the company plans to sell over the next year, Swift said its earnings would be between 42 and 44 cents a share, up from a previous estimate of 38 to 42 cents.

Falling fuel prices and lower-than-expected workers’ compensation costs prompted the carrier to raise its quarterly guidance, Swift said in a statement.

The latest change to Swift’s third-quarter earnings estimate follows a downward revision in late September that the carrier said was prompted by a soft truckload freight environment and a continuing driver shortage. (Click here for previous coverage.)

Swift Transportation Co. is ranked No. 9 on the Transport Topics 100 list of the largest for-hire carriers in the United States and Canada.