Swift’s Fourth-Quarter Loss Narrows
Swift Transportation Co., in its first public earnings statement since going public late last year, said its fourth-quarter net loss was less than that of a year earlier and that its operating revenue improved.
Swift lost $48.3 million, or 66 cents per share, compared with a loss of $357.1 million, or $5.94 share, in the fourth quarter of 2009.
Excluding costs related to vesting of stock options and debt extinguishment, Swift reported adjusted net income to $24.6 million, compared with a loss of $21.8 million on that basis in the 2009 period.
Operating revenue for the quarter rose 16.8% to $780.4 million, the truckload carrier said in a statement.
Fourth-quarter intermodal revenue rose 20.6% from a year ago, while full-year total revenue improved 13.9% to $2.93 billion, led by a 4.7% growth in loaded miles, Swift said.
Swift’s stock began trading in December at $11 a share.
Swift is ranked No. 10 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
