Swift Transportation reported its net income in the third quarter of 2013 was $30.0 million, dropping 11.0 percent year-over-year from $33.7 million.
However, quarterly revenue for Swift Transportation, No. 6 in JOC’s Top 50 Trucking Companies, was $1.0 billion, rising 4.0 percent from $992.6 million in the third quarter of 2012. Revenue for the truckload segment was $579.5 million, up from $564.8 million, and revenue for the dedicated segment was $184.6 million, up from $182.8 million. The intermodal segment’s revenue in the third quarter rose from $86.1 million in 2012 to $89.8 million in 2013. Revenue from Central Refrigerated, which was acquired by Swift in August, was $136.5 million, compared with $122.0 million.
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- Swift Transportation’s Earnings in the First Quarter
“This quarter’s results continue to demonstrate our team’s ability to improve while facing less than ideal market conditions,” Swift executives said in a letter to stockholders. “Our industry is experiencing substantial headwinds including higher equipment and maintenance costs, an increasingly constrained driver market, challenging new hours of service regulations and a lackluster freight environment.”
Despite the challenges, the U.S. motor carrier’s executives noted that they are “pleased” with improvements in the adjusted operating ratios of the truckload, dedicated and intermodal segments; profitability of the intermodal segment in the first nine months of the year; and the integration of the recently acquired Central Refrigerated, which is progressing “on schedule.” However, they also mentioned that the truckload segment’s productivity improvements have slowed, primarily because of the changes in federal hours of service regulations.
From January to September, Swift’s profit was $110.1 million, improving 28.9 percent from $85.4 million in the same period last year. Total revenue was $3.0 billion in the first nine months of 2013, increasing from $2.9 billion.