Swift swings to 2Q profit

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Swift Transportation Co. on Thursday, July 21, said operating revenue for the second quarter of 2011 increased 15.5 percent over the second quarter of 2010 to $850.5 million. Excluding fuel surcharge revenue, revenue increased 7.7 percent, driven by a 4.3 percent increase in trucking volumes and a 4.7 percent increase in average trucking rates. These increases contributed to a 4.8 percent increase in productivity, measured by weekly trucking revenue per tractor.

The Phoenix-based company said the increases in volumes and pricing were the primary reasons for the 100-basis-point improvement in adjusted operating ratio, and were offset partially by increases in fuel and equipment maintenance expenses. Net income in accordance with GAAP was $19.6 million compared to a net loss of $23.1 million. Operating income rose 18.6 percent to $72.6 million.

“We are proud of the efforts of our team in achieving our highest second-quarter operating income of the last five years while continuing to maintain excellent customer service,” said Jerry Moyes, chief executive officer. “We are pleased to see rate improvement in line with our expectations and plan to continue our focus on cost control and disciplined execution.”