Swift Transportation Profits Triple in First Quarter
April 23, 2013
Swift Transportation, a mainly truckload carrier, saw its first quarter profit jump much higher while earnings also increased from the same time a year ago.
Net income moved from $ 6.2 million in the first quarter of 2012 to $23.3 million in the most recent quarter. During the same time revenue rose almost 4% to $856.8 million, from $826.9 million.
The company said loaded miles per truck per week in its truckload segment increased by 3.2% during the first quarter of this year when compared to the first quarter of 2012. The combined total loaded miles for its truckload and dedicated segments increased by approximately 1% year-over-year in the first quarter, despite a 130 truck decrease in Swift’s average operational fleet.
In Swift’s truckload division it averaged 252 fewer trucks in the first quarter of 2013, when compared to the first quarter of 2012, but was able to generate a 1.6% increase in revenue.
Revenue for its dedicated segment increased 3.1% during the first quarter of 2013, it said largely due to growth with existing customers and the addition of new customer accounts, partially offset by the termination of a few underperforming customer contracts during the latter half of 2012 and the first quarter of 2013.
Intermodal segment revenue increased 11%.
You can get more details from the Swift Transportation website.