Swift Lowers 4Q Profit Expectations
Swift Transportation Co. said it will earn a profit of 33 cents to 36 cents per share in the fourth quarter, lower than its estimate of 40 cents.
In a Dec. 19 statement, Swift attributed the lower earnings prediction to multiple factors, including “unfavorable” developments in accident claims, costs related to integrating acquired companies and the hours-of-service rule for truck drivers that took effect July 1.
“While we are disappointed by the impact of the extraordinary challenges we experienced this quarter, we remain committed to our goals,” Swift President Richard Stocking said.
Swift Transportation is ranked No. 7 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
