TopNews

Swift Third-Quarter Profit Surges

October 24, 2014

By Evan Lockridge

SHARING TOOLS        | Print Subscribe
Photo: Evan Lockridge
Photo: Evan Lockridge

Swift Transportation Co. saw a big upturn in its third quarter profit, according to numbers it released late Thursday.

Net income surged from $30 million in the third quarter of last year to $50.2 million in the most recent quarter, a gain from 21 cents per diluted share to 35 cents per diluted share. Total revenue increased from $1.03 billion to $1.07 billion, a more than 4% increase.

“We were able to generate year-over-year profitability improvement in our truckload, intermodal and Central Refrigerated Service segments,” the company said in a statement.

As for the dedicated segment, Swift said it is saw sequential improvement, in-line with expectations. The fleet says it will "continue to target a return to historical profit margins by year end, as we completely absorb the significant number of contract awards this year.

"Above all, the operational trends we experienced in each segment as the third quarter developed were very positive.”

Swift said it was able to achieve these results despite the cost of recently announced driver wage increases.

During the third quarter the Arizona-based trucking services provider saw consolidated revenue, less fuel surcharge, increased 5.8% compared to the same time last year, while its average truck count increased by 500. Loaded miles per tractor, per week, increased 2.2%.

Revenue, less fuel surcharge, in the company’s truckload segment was essentially flat compared to a year ago at $460 million. Revenue grew 31.7% in the dedicated trucking segment, totaling $197.7 million. Central Refrigerated Service reported a 12.5% drop in revenue, minus fuel surcharge, totaling $80.6 million. Revenues were up 4.5% in the intermodal segment, totaling $80.1 million.

More details are on the Swift Transportation website.

Comments

  1. 1. Chris A. Milburn [ October 27, 2014 @ 09:10AM ]

    While Swift announced the new driver pay packages it will have no effect on their profitability as it is not a true increase for their owner/lease operator division. It is smoke and mirrors as far as a wage increase. In order to see any net increase you must increase your deadhead percentage significantly. Otherwise you will lose money over the previous pay package. They are once again shifting the cost of company operations onto the owner/lease operator division.

 

Comment On This Story

Name:  
Email:  
Comment: (Maximum 2000 characters)  
Leave this field empty:
* Please note that every comment is moderated.

Newsletter

We offer e-newsletters that deliver targeted news and information for the entire fleet industry.

GotQuestions?
sponsored by
sponsor logo

ELDs and Telematics

Scott Sutarik from Geotab will answer your questions and challenges

View All
GotQuestions?

Sleeper Cab Power

Steve Carlson from Xantrex will answer your questions and challenges

View All