Swift's 4th Quarter Revenues Up 6%; Net Earnings Up 54%
Swift Transportation Co. Inc. has reported its results for the three months and year ended Dec. 31, 2002.
Swift Transportation Co. Inc. has reported its results for the three months and year ended Dec. 31, 2002.
Revenues for the fourth quarter of 2002 increased 5.5% to $560.1 million, compared with $530.7 million for the corresponding quarter of 2001. The fourth quarter of 2002 includes $16.5 million of fuel surcharge revenue versus $9.5 million in 2001.
Excluding this fuel surcharge revenue, revenues increased 4.3%. Net earnings were $20.0 million or 24 cents per share, compared to $13.0 million or 15 cents per share for the fourth quarter of 2001. The fourth quarter of 2002 and 2001 results include a $4,500 and $1.6 million noncash pre-tax benefit for the decrease in market value of interest rate derivative agreements.
For the year ended Dec. 31, 2002, the company's revenues were $2.101 billion compared to $2.112 billion in 2001. The year ended 2002 includes $37.8 million of fuel surcharge revenue versus $59.4 million in 2001. Excluding this fuel surcharge revenue, revenues would have increased $10.9 million. Net earnings for the year ended Dec. 31, 2002 were $63.5 million or 73 cents per share, compared to $27.2 million or 32 cents per share, for the same period in 2001. The year ended Dec. 31, 2002 and 2001 results include a $5.9 million and $4.0 million noncash pre-tax expense for the increase in market value of interest rate derivative agreements.
Jerry Moyes, chairman and chief executive officer, said, "We are pleased with our progress in several key areas. Our revenue per loaded mile was up 1.3 cents versus the third quarter of 2002 as we projected, and revenue per total mile was up 2 cents versus the fourth quarter of 2001. Revenue per tractor per day was up $16 versus the fourth quarter of 2001. Deadhead was reduced by 8.8% from 15.12% in the fourth quarter of 2001 to 13.79% this quarter. We continued to address the driver retention issue and successfully reduced our umanned truck count from 650 at the end of the first quarter of 2002 to 156 at year end. We saw continued progress in our operating ratio which moved to 93.5% versus 95.4% in the same period last year."
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