First quarter earnings for truckload carrier Swift Transportation dropped slightly due to higher fuel costs.
The Phoenix-based fleet had profits of $10.7 million, down from $12.1 million in the first quarter of 1999. Revenues increased 24.1 percent to $291.5 million, compared with $234.9 million for the corresponding quarter last year.
Jerry Moyes, chairman and chief executive officer, said, the fleet's average cost per gallon of fuel in the latest quarter was 44 cents higher than the first quarter of 1999. "On a positive note, we are pleased with the significant increase in the number of experienced drivers we hired during the quarter," he said. "Also, on March 3, we completed our acquisition of a 49 percent interest in Trans-Mex."
The Phoenix-based fleet had profits of $10.7 million, down from $12.1 million in the first quarter of 1999. Revenues increased 24.1 percent to $291.5 million, compared with $234.9 million for the corresponding quarter last year.
Jerry Moyes, chairman and chief executive officer, said, the fleet's average cost per gallon of fuel in the latest quarter was 44 cents higher than the first quarter of 1999. "On a positive note, we are pleased with the significant increase in the number of experienced drivers we hired during the quarter," he said. "Also, on March 3, we completed our acquisition of a 49 percent interest in Trans-Mex."
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