Swift Surpasses $1 Billion In Revenue
January 21, 2000
Swift Transportation, Phoenix, reported record revenues, earnings and earnings per share for the fourth quarter and year ended Dec. 31, 1999.
Revenues for the three months ended Dec. 31 were up 19.1% to $284.3 million, while net earnings increased 12.6% to $18.5 million or 28 cents per share. For the year ended Dec. 31, 1999, Swift's revenues increased 21.5% to $1.06 billion, while net earnings increased 20.4% to $66.8 million, or $1.02 per share.
Jerry Moyes, Swift chairman and CEO said the record earnings came despite an increase in fuel costs of 26 cents per gallon in the fourth quarter of 1999 versus the fourth quarter of 1998.
Moyes said the company also resolved a 1997 EEOC action challenging a policy of having new drivers trained by experienced drivers of the same sex. As part of the consent decree, Swift agreed to pay an amount significantly below the originally anticipated amount.