Swift Transportation Co. Inc., Phoenix, Ariz., said revenues for the second quarter of 2004 increased 18.1%, including approximately 7% from the acquisition of Merit Distribution Services,
to $691.0 million, compared with $584.9 million for the corresponding quarter of 2003.
The second quarter of 2004 includes $40.6 million of fuel surcharge revenue versus $23.4 million in the second quarter of 2003. Excluding this fuel surcharge revenue, the increase in revenues would have been 15.8%. Net earnings were $34.6 million, compared to $19.2 million for the second quarter of 2003. The second quarter of 2004 results include the benefit of a $3.5 million noncash pre-tax adjustment for the reduction in market value of interest rate derivative agreements of M.S. Carriers, while the results for the second quarter of 2003 includes a $1.2 million pre-tax charge for the increase in market value of the interest rate derivative agreements.
For the six months ended June 30, 2004, the company's revenues increased 15.6%, including approximately 7% from the acquisition of Merit Distribution Services, to $1.313 billion from $1.136 billion in 2003. The first six months of 2004 include $66.5 million of fuel surcharge revenue versus $46.5 million in 2003. Excluding this fuel surcharge revenue, the increase in revenues would have been 14.4%. Net earnings were $41.0 million, compared to $28.1 million. The results for the six months ended June 30, 2004 include the benefit of a $2.4 million noncash pre-tax adjustment for the reduction in market value of interest rate derivative agreements of M.S. Carriers, while the results for the six months ended June 30, 2003 includes a $1.1 million pre-tax charge for the increase in market value of the interest rate derivative agreements.
Jerry Moyes, chairman and CEO, said, "Coming out of the first quarter we faced the challenge of retaining and recruiting drivers to improve productivity. We met this challenge as well as the challenge of maintaining excellence in customer service in a very strong freight environment. We hope to build on this momentum and continue to service our customers while we move toward our financial goal of an operating ratio below 90%."