Swift Transportation reports record 4Q revenue, net income

user-gravatar

Swift Transportation reported revenue of $843.6 million for the fiscal fourth quarter ending Dec. 31, a 7.4 percent increase compared with $785.5 million in the year-ago quarter. For the fiscal year, Swift reported revenue of $3.197 billion, a 13.1 percent increase compared with $2.826 billion in 2004.

Both the fourth quarter and yearend revenue figures include fuel surcharges that affected the company’s revenue outcome. The fourth quarter includes $128.1 million of fuel surcharge revenue, compared to fuel surcharge revenue of $74.6 million in 2004. Excluding this revenue, fourth quarter revenues increased 1 percent. The fiscal year includes $391.9 million of fuel surcharge revenue, compared to $189.7 million in 2004. Excluding this revenue, fiscal year revenues increased 6.4 percent.

Swift said fourth quarter net income was $39.3 million, a record for the company. Swift reported that the net income increased 6.8 percent from $36.8 million in fourth quarter 2004. Net income for the year ended Dec. 31 was $101.1 million, a decrease of 2.3 percent compared with $103.5 million.

“While revenues excluding fuel surcharges were essentially flat, reflecting our strategic decision to pare our fleet, we believe our progress over the past year will position us well for improved profitability and growth in our intermodal and dedicated lines,” says Robert W. Cunningham, chief executive officer of Phoenix-based Swift. Driver shortages that plagued trucking companies in 2005 would remain a problem in 2006, Cunningham says, and Swift is working to address that challenge.