Smithway reports 2Q income up 15%

user-gravatar

Smithway Motor Xpress announced Thursday, July 20, that net earnings for the second quarter improved 15 percent to $1.6 million compared to $1.4 million for the same quarter in 2005. For the first six months of 2006, net earnings improved 40 percent to $2.6 million compared to $1.9 million in the 2005 period.

For the second quarter of 2006, operating revenue increased about 10 percent to $60.9 million from $55.4 million for the corresponding quarter in 2005. Operating revenue, excluding fuel surcharge revenue of $10.2 million, increased about 4 percent to $50.7 million from $48.7 million, excluding fuel surcharge revenue of $6.6 million, for the corresponding quarter in 2005.

For the first six months of 2006, operating revenue increased about 13 percent to $118.6 million from $105.1 million for the corresponding period in 2005. Operating revenue, excluding fuel surcharge revenue of $18.4 million, increased about 7 percent to $100.2 million from $93.6 million, excluding fuel surcharge revenue of $11.5 million, for the corresponding period in 2005. For the first six months of 2006, net earnings were $2.6 million, compared with net earnings of $1.9 million for the same period in 2005.

“We were able to achieve these improved results despite escalating fuel prices and increased driver pay which negatively impacted our results for the quarter,” said G. Larry Owens, president and chief executive officer of Fort Dodge, Iowa-based Smithway. “We are proud of our second-quarter results which were achieved during a time of increasing costs. We continually work to contain costs and improve our operations so that we can positively impact future earnings.”