Turnaround at Swift Nets $90 Million Profit

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.

-- Contact William B. Cassidy at wcassidy@joc.com. Follow him on Twitter @wbcassidy_joc.