Swift Transportation reported its first annual profit since 2006 as the nation’s largest truckload carrier rebuilt its revenue base and slashed debt in 2011.
After four years of losses exceeding $817 million, Swift Transportation reported a $90.6 million net profit for 2011, compared with a $125.4 million loss in 2010. Heading into 2012, “volumes are improving, operating metrics are favorable, and our driver pipeline continues to be full,” the company said in a statement.
The company’s total revenue rose 13.8 percent in 2011 to $3.3 billion. Excluding fuel surcharges, Swift’s net revenue increased 7.2 percent to $2.7 billion.
Swift had a fourth quarter net profit of $36.8 million compared with a $48.3 million loss a year ago and a $357.1 million loss in the 2009 fourth quarter. Fourth-quarter revenue rose 10.3 percent to $860.7 million. Excluding fuel surcharges, net revenue increased 5.1 percent to $695.3 million.