Phoenix-based Swift said its revenues for the fourth quarter of 2001 increased 3.3% to $530.7 million, compared with $513.7 million for the same quarter in 2000. Net earnings climbed to $13 million in the quarter, compared to $11.5 million for the fourth quarter of 2000. Swift added that its fourth quarter results include the benefit of a $1.6 million non-cash pre-tax adjustment for the reduction in market value of agreements with subsidiary M.S. Carriers, which it purchased in 2000.
For 2001, Swift said its revenues increased 7% to $2.1 billion, up from $1.97 billion in 2000. The transfer of logistics business to Transplace.com, an Internet-based logistics company owned by Swift and four other truckload carriers, affected revenues for 2001, however. Excluding approximately $43 million of logistics revenue for 2000, Swift said its revenues would have increased 9.4% this year.
Swift said, however, that its net earnings dropped to $27.2 million for 2001, down significantly from $68.9 million in 2000. The carrier added that its 2001 results included a $10.5 million non-cash pretax adjustment for losses at Transportes EASO, one of the largest intra-Mexico truckload carriers. Swift's subsidiary M.S. Carriers holds a stake in Transportes EASO. Swift added that it included a $7 million pretax adjustment of the M.S. Carriers insurance and claims reserves and $2 million in merger expenses for its 2001 results.
