Higher Fuel Costs Hurt Swift
July 18, 2000
Swift Transportation Co., a truckload carrier in Phoenix, Ariz., posted second quarter 2000 profits of $16.6 million on revenues of $316 million versus profits of $17.5 million on $262.6 million second quarter 1999.
“We are pleased with our results,” said Chairman and CEO Jerry Moyes. “We continue to operate with sustained high fuel prices.” In second quarter, he said, higher fuel costs trimmed about three cents per share from earnings, even with fuel surcharge revenue.
For the first six months of 2000 Swift’s revenues were $608 million, up significantly from $497.5 million posted for the same period in 1999, but net earnings were $27.2 million versus $29.6 million first half of 1999.