Smithway Motor Xpress on Tuesday, Oct. 24, announced that for the third quarter, net earnings improved 6% to $1.7 million compared to $1.6 million for the same quarter in 2005. For the first nine months of 2006, net earnings improved 24% to $4.3 million compared to $3.5 million in the 2005 period.
For the third quarter of 2006, operating revenue increased about 3% to $59.0 million from $57.3 million for the corresponding quarter in 2005. Operating revenue, excluding fuel surcharge revenue of $10.4 million, decreased about 1% to $48.6 million from $49.1 million, excluding fuel surcharge revenue of $8.2 million, for the corresponding quarter in 2005. For the first nine months of 2006, operating revenue increased about 9% to $177.6 million from $162.4 million for the corresponding period in 2005. Operating revenue, excluding fuel surcharge revenue of $28.7 million, increased about 4% to $148.9 million from $142.7 million, excluding fuel surcharge revenue of $19.7 million, for the corresponding period in 2005.
“Our third-quarter 2006 earnings marked the highest quarterly earnings in Smithway history,” said G. Larry Owens, President and Chief Executive Officer of Fort Dodge, Iowa-based Smithway. “Our earnings for the first nine months of 2006 were also the highest in history. We were able to achieve these improved results despite lower freight demand, escalating fuel prices and increased driver pay, which increased our costs and reduced our truck production. We are proud of our record earnings this quarter, which were achieved by our team during a time of moderating freight demand and increasing costs. We continue our focus on excellence in operations as well as our commitment to disciplined cost controls so that we can positively impact future earnings.”
