Operating Revenues Up 2.7% for Swift Transportation
Swift Transportation Co. Inc. said first quarter operating revenues were $763.0 million for the first quarter of 2006, up 2.7 percent from $742.6 million in the first quarter of 2005.
Swift Transportation Co. Inc. said first quarter operating revenues were $763.0 million for the first quarter of 2006, up 2.7 percent from $742.6 million in the first quarter of 2005.
Net earnings were $37.5 million or $0.50 cents per share for the first quarter of 2006, up 92 percent from $19.4 million or $0.26 cents per share in the first quarter of 2005.
First quarter 2006 operating revenue includes $99.1 million of fuel surcharge revenue versus $66.4 million for the corresponding quarter of 2005. Excluding this fuel surcharge revenue, operating revenue decreased $12.3 million or 1.8 percent. The decrease was primarily due to the reduction in average linehaul tractors of 1,329 from the first quarter of 2005 to the first quarter of 2006. Most of the decrease in average linehaul tractors occurred in the last two quarters of 2005. The decrease in operating revenue resulting from the reduction in average linehaul tractors was partially offset by an increase in revenue per loaded mile. Revenue per loaded mile was $1.6126 in the first quarter of 2006 compared to $1.5461 in the first quarter of 2005, an increase of 4.3 percent.
Key operational metrics: rate, utilization and deadhead percentage, all trended positive, resulting in revenue per tractor per week of $2,991, up 4.9 percent from $2,851 in the first quarter of 2005. The company achieved a 91.3 percent operating ratio in the first quarter of 2006.
Robert W. Cunningham, chief executive officer and president, said, "The company's results reflect our disciplined approach to improving performance and the hard work and dedication of a terrific group of drivers and staff. While we are delighted with this quarter's progress and results, the process to return our company to profitability levels we once enjoyed is a journey. We caution against projecting the scope of this quarter's rate of improvement out for subsequent quarters. Our long-term goals remain unchanged. We intend to continue on the course we have set, focused on bottom line growth through improvement in utilization, rate and cost control."
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