Increased costs dent Swift’s 3Q

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Similar to other major carriers who’ve reported third quarter results, Swift Transportation says lower freight volumes and higher fuel costs have caused its adjusted earnings per share to drop from 25 cents per share in the third quarter of 2011 to 21 cents per share in the third quarter of this year. New driver and owner-operator pay packages also accounted for an increase in costs, Swift said. 

However, both operating and net revenue grew year over year: Operating revenue rose to $871.1 million in the third quarter from $863.8 million in the same quarter of 2011. Net revenue jumped from $691.3 million in 2011 to $702.4 million this year. Earnings before interest, depreciation, taxes and amortization dropped to $125.6 million from 2011’s $146.4 million. 

Year to date, adjusted EBITDA is up from the same point in 2011 — $385.2 million, up from 2011’s $382.9 million — while actual EBITDA is down — $357.8 million this year, compared to $377.4 million last year. 

Swift says its revenue per truck per week rose 3.6 percent in the third quarter of 2012 over the same quarter last year, and a deadhead percent of 11.4 represents the lowest quarterly percentage since 2006.