The company said revenues were affected by the transfer of its logistics business to Transplace.com, an Internet-based logistics company that it commonly owns with five other TL carriers. The company said its revenue increase would have instead been 12%.
"Our results exceeded our previously announced expectations for the quarter due in part to the moderating of fuel costs for the month of June compared to May, when fuel prices spiked significantly and were expected to continue to rise,” said Jerry Moyes, Swift’s chairman & CEO.
The results include a $7-million pretax insurance adjustment for M.S. Carriers, which it recently merged with, and claims reserves and $2 million in merger expenses. The company previously disclosed that it anticipated an adjustment between $9 million and $13 million for the insurance and claims reserves.
Moyes said the integration of M.S. Carriers into Swift is proceeding as anticipated, and complete integration is expected by Jan. 1.
