Swift expects higher results

Swift expects higher results

Truckload carrier Swift Transportation Co. said it sees better-than-expected earnings in the second quarter, and it expanded its stock buyback program.

Phoenix-based Swift also said its chief executive bought a large block of shares during the past few months.

Swift said it expects June quarter earnings of 24 to 30 cents a share, citing improvement in April 2004 results compared with the year-ago period.

The company also said it had repurchased 5.54 million shares since announcing a $100 million stock buy-back program on Feb. 11, spending $99.1 million. At a meeting last week, Swift's board authorized the purchase of an additional $40 million in shares through May 31 of next year.

Swift Chairman and Chief Executive Jerry Moyes, meanwhile, purchased 353,000 common shares in the same period.