Swift Transportation says 1Q profit down 74 percent

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Swift Transportation Co. announced today, April 19, that first-quarter profit fell 74 percent because of its pending buyout, bad weather, higher fuel costs and less freight shipping demand. The Phoenix-based truckload carrier said in a U.S. regulatory filing that first-quarter net income was $10 million, down from $37.9 million a year earlier.

First-quarter results in 2007 and 2006 include $36,000 and $811,000, respectively, in pre-tax benefit for the reduction in market value of the interest rate derivative agreements. In addition, first-quarter 2006 results include a $5.1 million gain from the settlement of litigation.

Swift shareholders are scheduled to vote soon on a $2.5 billion, $31.55-a-share cash bid by founder Jerry Moyes to take the company private. The company’s board agreed to the offer in January. Moyes left as chief executive officer in 2005.

To view Swift’s regulatory filing, click here.