Swift Reports Lower 3Q Net Income
Swift Transportation Co. reported its third-quarter profit declined from a year ago on “less than ideal market conditions.”
Net income declined to $30 million, or 21 cents per share, from $33.7 million, or 24 cents, a year ago. Revenue rose 4% to $1 billion.
In August, Swift acquired Central Refrigerated Service for $225 million. Revenue in the new CRS division increased to $110.8 million from $96.3 million the prior year. Swift combined the historical results of CRS with its own.
Overall revenue excluding fuel surcharges at its truckload segment rose 2.9% to $460.4 million, Swift said in a statement.
“Our industry is experiencing substantial head winds, including higher equipment and maintenance costs, an increasingly constrained driver market, challenging new hours-of-service regulation and a lackluster freight environment,” the company’s statement said.
Revenue excluding fuel surcharges at its intermodal segment increased 4.9% to $89.8 million.
Its dedicated services segment’s revenue excluding fuel surcharges rose to $150.1 million from $149.9 million.
Adjusting for the CRS acquisition, Swift had a profit of 29 cents per share, a 26.1% increase over the adjusted 23 cents per share a year earlier.
CRS is based in West Valley City, Utah, and was majority owned by Swift CEO Jerry Moyes.
Swift Transportation is ranked No. 7 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
