Swift's 1Q earnings slip

Swift Transportation Co. Inc. yesterday reported a drop in quarterly earnings, which it blamed on higher fuel prices and harsh winter weather. The Phoenix-based carrier posted a first-quarter net profit of $8.9 million compared to a net profit of $9.4 million in the same period last year. First-quarter revenue increased 15.9% to $551.3 million, compared with $475.8 million for the corresponding quarter

Swift Transportation Co. Inc. yesterday reported a drop in quarterly earnings, which it blamed on higher fuel prices and harsh winter weather.

The Phoenix-based carrier posted a first-quarter net profit of $8.9 million compared to a net profit of $9.4 million in the same period last year.

First-quarter revenue increased 15.9% to $551.3 million, compared with $475.8 million for the corresponding quarter of 2002. However, the first quarter of this year includes $23.1 million of fuel surcharge revenue versus $2.7 million in 2002.

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