Swift's revenues increase

Oct. 25, 2002
Swift Transportation Co. Inc. today announced that its third-quarter revenues and net earnings were higher than the same period last year. Revenues for the third quarter of 2002 increased to $537.0 million, compared with $536.4 million for the corresponding quarter of 2001. Excluding $10.5 million of fuel surcharge revenue, the carrier said revenues increased $5.5 million. Net earnings for the third
Swift Transportation Co. Inc. today announced that its third-quarter revenues and net earnings were higher than the same period last year.

Revenues for the third quarter of 2002 increased to $537.0 million, compared with $536.4 million for the corresponding quarter of 2001. Excluding $10.5 million of fuel surcharge revenue, the carrier said revenues increased $5.5 million.

Net earnings for the third quarter of 2002 were $16.3 million compared to $2.8 million last year. However, chairman & CEO Jerry Moyes noted that the third quarter of 2001 includes a $10.5 million noncash pretax adjustment for the recognition of the impairment of the company's investment in Transportes EASO.

Moyes said the recent closure of the West Coast ports had a minimal effect on its results, but the carrier is seeing stronger freight demand as the ports return to normal operations.

In addition, the company announced that it has completed a three million-share repurchase program previously announced in July. Swift's board has authorized the company to repurchase up to an additional three million shares of its common stock.

About the Author

Tim Parry

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