Smithway Motor Xpress Corp., Fort Dodge, Iowa, said net earnings improved 6 percent to $1.7 million for the third quarter this year compared to $1.6 million for the same quarter in 2005. For the first nine months
of 2006, net earnings improved 24 percent to $4.3 million compared to $3.5 million in the 2005 period.
For the third quarter of 2006, operating revenue increased approximately 3 percent to $59.0 million from $57.3 million for the corresponding quarter in 2005. Operating revenue, excluding fuel surcharge revenue of $10.4 million, decreased approximately 1 percent to $48.6 million from $49.1 million, excluding fuel surcharge revenue of $8.2 million, for the corresponding quarter in 2005.
For the first nine months of 2006, operating revenue increased approximately 9 percent to $177.6 million from $162.4 million for the corresponding period in 2005. Operating revenue, excluding fuel surcharge revenue of $28.7 million, increased approximately 4 percent to $148.9 million from $142.7 million, excluding fuel surcharge revenue of $19.7 million, for the corresponding period in 2005.
G. Larry Owens, president and chief executive officer, said, "Our third quarter 2006 earnings marked the highest quarterly earnings in Smithway history. Our earnings for the first nine months of 2006 were also the highest in history.”