Swift’s Net Income Falls in 4Q
Swift Transportation Co. said its fourth-quarter profit fell as expenses such as salaries, supplies and claims increased.
Swift had a net income of $45.3 million in the quarter, or 32 cents a share, compared with $54.7 million, or 39 cents, the year before. Revenue grew to $1.08 billion from $1.05 billion in the 2012 quarter.
After adjusting for amortization of intangibles and lower tax costs, Swift’s income was 36 cents a share, down from 41 cents the prior year.
For the full year ended Dec. 31, Swift’s net income increased to $155.4 million, or $1.09 a share, from $140.1 million, or $1, in 2012. Revenue rose to $4.12 billion from $3.98 billion.
Adjusting for amortization, taxes and debt extinguishment loss, among other factors, Swift’s full-year profit was $1.23 a share, up from $1.11.
Swift purchased Central Refrigerated Service for $225 million in August. Central’s operating revenue in the quarter was $140.9 million, up from $125.4 million the previous year.
Swift Transportation is ranked No. 7 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
