Swift Earnings Increase Due to Pickup in Truckload and Intermodal Operations
July 25, 2013
The multi-service trucking provider Swift Transportation saw an increase in both earnings and revenue during the second quarter of the year.
The Arizona-based operation posted a profit of $42.9 million compared to $33.7 million from the same time a year ago.
Total revenue increased during the period to $898.1 million from $872.6, while revenue minus fuel surcharges move to $725.4 from $696.6 a year earlier.
The company also improved its operating ratio from 90.1% a year earlier to 89.7 in the most recent quarter.
In a letter to shareholders the company said, “This quarter, freight demand was generally soft in April and May before improving in June, with the strength coming primarily in the Southern and Southeastern portions of the United States.”
It noted in the second quarter of 2013, loaded miles per truck, per week in the truckload segment increased by 1.5% when compared to the second quarter of 2012.
“This utilization improvement was realized while growing the average fleet more than 230 tractors sequentially and more than 70 tractors year over year,” it said. “This marks the 6th consecutive quarter, and the 14th of the last 15 quarters, where our team has been able to improve the year over year loaded utilization in our Truckload segment.”
Swift also made gains with its intermodal segment, seeing a 4.7% increase in revenue to $84.4 million during the quarter. Its average container count grew by 34.3% to 8,717 in the second quarter of 2013 when compared to the same period in 2012, but remained unchanged from the container count at December 31, 2012.
For more details visit the Swift Transportation website.