William B. Cassidy | Jan 25, 2011 1:41PM EST
Swift Transportation raised its operating revenue 16.8 percent year-over-year in the fourth quarter to $780.4 million as it increased volume and raised rates.
Revenue net of fuel surcharges was $661.8 million, a 13.8 percent year-over-year increase, its largest quarterly year-over-year increase in four years.
The nation's largest truckload carrier reported a net loss of $48.3 million for the quarter, compared with a loss of $357.1 million in the same period in 2009.
For the full year, the company reported a net loss of $125.4 million, including $118.1 million in costs related to its IPO and refinancing in the fourth quarter.
Phoenix-based Swift cited gains in load volume, truck capacity, pricing and revenue per tractor in its first quarterly report as a publicly owned company.
Rates that fell during the recession are rising, said CEO Jerry Moyes. "Our pricing is improving as customers align with our strong capacity and quality service."
Loaded miles increased 6.2 percent, and average revenue per loaded mile rose 5.1 percent. Average weekly revenue per tractor rose 6.8 percent, the company said.
Much of the fourth-quarter loss is attributable to debt refinancing transactions and expenses related to Swift's initial public offering in December, the company said.
Excluding those costs, the company would have reported a $24.6 million net profit compared with a $21.8 million adjusted net loss in the 2009 fourth quarter.
-- Contact William B. Cassidy at wcassidy@joc.com.
