Covenant Transport, Chattanooga, Tenn., and Swift Transportation, Phoenix, announced Wednesday that second quarter results will fall short of analysts' expectations.
Covenant expects earnings for the quarter to be .02 -.05 cent per share, significantly less than analysts' estimates of 19 cents per share.
Swift expects its earnings for the quarter to be 8-12 cents per share, shy of published analysts' expectations of 16 cents per share. The number does not reflect the effects of a previously announced one-time increase in insurance reserves of $9 to $13 million that it expects to take after it completes its merger with M.S. Carriers, which should be final June 30. It also does not reflect M.S. Carriers results for the second quarter or the additional outstanding shares to be outstanding upon closing the merger.
Officials from both companies point to a weak economy and high fuel prices as reasons for their disappointing profits.
Covenant expects earnings for the quarter to be .02 -.05 cent per share, significantly less than analysts' estimates of 19 cents per share.
Swift expects its earnings for the quarter to be 8-12 cents per share, shy of published analysts' expectations of 16 cents per share. The number does not reflect the effects of a previously announced one-time increase in insurance reserves of $9 to $13 million that it expects to take after it completes its merger with M.S. Carriers, which should be final June 30. It also does not reflect M.S. Carriers results for the second quarter or the additional outstanding shares to be outstanding upon closing the merger.
Officials from both companies point to a weak economy and high fuel prices as reasons for their disappointing profits.
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