Swift Transportation's First-Quarter Profit Soared

Swift Transportation's First-Quarter Profit Soared

Swift Transportation reported its profit in the first quarter of 2013 was $23.3 million, compared with $6.2 million in the first quarter of 2012.

Total quarterly revenue for Swift, No. 6 on the JOC’s list of Top 50 Trucking Companies, was a record $856.8 million, versus $826.9 million in the same quarter in the previous year.

The truckload segment’s revenue in the first quarter was $559.6 million, up from $551.2 million in the first quarter of 2012. The dedicated segment earned $179.2 million in quarterly revenue, compared with $171.5 million in the same period in 2012, and the intermodal segment’s revenue was $77.3 million, rising from $69.0 million. Other revenue, including revenue generated by logistics and brokerage services and from subsidiaries, rose 5.7 percent year-over-year in the first quarter.

“Despite the typical seasonal patterns in the first quarter, combined with a difficult year-over-year weather comparison and a reduction in business days, we are pleased with the results our organization has been able to deliver this quarter,” said Jerry Moyes, CEO; Richard Stocking, chief operating officer; and Ginnie Henkels, CFO, in a joint written statement. “Our key trucking metrics are trending favorably, and we have seen revenue growth in each of our operating segments.”

“We again delivered on our commitment to pay down our debt, with a $56.3 million net debt reduction this quarter,” they added.