Swift Transportation, Phoenix, saw its net earnings slashed for the first quarter despite increased revenues.
Revenues for the quarter ended March 31, 2001 increased 12.3% to $327.4 million, compared with $291.5 million for the corresponding quarter of 2000. Net earnings decreased to $1.2 million or 2 cents per share, compared to $10.7 million or 17 cents per share for the three months ended March 31, 2000.
Part of the loss was due to lower equipment sales. The gain from the sale of 720 tractors and trailers was $960,000 this quarter, versus $4.6 million in 2000 for 2,241 tractors and trailers.
The good news, said Swift Chairman and CEO Jerry Moyes, was the company continued to gain market share, as revenue grew by 12.3%.
However, net earnings were slammed by decreased utilization and increased deadhead miles.
Swift plans to complete its merger with M.S. Carriers this summer.

Yellow Corp., Overland Park, Kan., said operating results were on par with last year after excluding the impact of fuel hedging last year.
Operating revenue for the first quarter was $832 million, compared with $882 million in the 2000 first quarter.
"On an apples to apples comparison of actual operating results, we delivered a respectable performance in the first quarter, given the dramatic slowdown in the economy," said Bill Zollars, Yellow chairman, president and CEO.
At Yellow Freight, revenue for the first quarter was $635.6 million, versus $680.4 million in the 2000 first quarter, down 5% on a per-day basis. LTL tonnage per day for the quarter was down 12.6 percent, while shipments per day were down 12.3 percent. Pricing yields remained strong, with LTL revenue per hundred-weight up 8.6 percent from the 2000 first quarter.
At regional carrier Saia Motor Freight Line, first quarter revenue was $119.1 million, compared to first quarter revenue of $118 million the same quarter last year. Jevic reported first quarter revenue of $76.9 million, compared with 2000 first quarter revenue of $78.4 million.
In the first quarter, Transportation.com concluded its first nine months of operation with positive momentum on a number of fronts. Revenue for the first quarter was $6.7 million, including international freight forwarding, and Transportation.com experienced a 42 percent increase in total transactions over the first six months of operation. Registered customers now total more than 8,400 companies. Zollars predicts that Transportation.com will be in the profit column by the end of the year.

Arkansas Best Corp., Fort Smith, Ark., said it had a good quarter despite negative economic conditions. Net income for the first quarter of 2001 of $9.1 million, compared to 2000 first quarter income of $13.2 million.
"ABF's operating ratio was one of its best first quarter operating ratios (93.6%) in the last 25 years," said Robert A. Young III, president and CEO. "G.I. Trucking improved its operating income versus last year while continuing to grow its revenue. Due to economic factors and lower rail utilization, Clipper was unprofitable during the first quarter."