Swift Transportation Income Up for 2013, Falls in Fourth Quarter
January 27, 2014
Photo: Evan Lockridge
Trucking company Swift Transportation reported a drop in earnings for the final quarter of 2013 but an increase for all of last year.
For the final quarter of 2013, revenue increased to $1.08 billion from $1.05 billion a year ago and from $978.9 million in the final quarter of 2011 for the Arizona-based operation.
Consolidated revenue, minus fuel surcharge, grew 4.8% in the quarter, led by growth in Central Refrigerated of 17%, dedicated of 3.4% and intermodal of 2.8%.
Net income during the same time was $45.3 million, down from $54.7 million from a year ago, but higher than the $42.6 million two years earlier.
For all of last year Swift had record revenue and operating income of $4.12 billion and $357 million, respectively, while net income was $155.4 million, compared to $140.1 million in 2012 and $102.7 million in 2011.
Consolidated revenue minus fuel surcharge grew 4.6%, led by Central Refrigerated Service growth of 13.1% and intermodal growth of 5.5%.
Last year Swift purchased Central Refrigerated for $225 from Swift CEO Jerry Moyes, who was also the principal owner of Central.
Central Refrigerated last year had operating revenue of $140.9 million, compared to $125.4 million in 2012 and $118.6 in 2011.
More details are available on the Swift Transportation website.