Truckload carrier Swift Transportation Co. ended 2002 on a strong financial note, despite lower fuel surcharge revenue, charges to cover investment losses in a Mexican carrier and a multi-million legal judgement stemming from a vehicle crash.
Phoenix, AZ-based Swift posted net earnings of $63.5 million on $2.1 billion in revenue, up from $27.2 million in earnings on revenues of $2.11 billion in 2001. For the fourth quarter, Swift said net earnings climbed to $20 million on revenues of $560.1 million, up from net earnings of $13 million on revenues of $530.7 million during the same quarter in 2001.
Swift posted those gains despite several negative financial situations last year. The company's fuel surcharge revenue dropped 36% to $37.8 million last year, down from $59.4 million in 2001.
Swift also had to make a $10.5 million noncash pretax adjustment to cover investment losses in Mexican carrier Transportes EASO, and had to take a $7 million noncash pretax adjustment to insurance and claims reserves and a $2 million charge to cover merger expenses related to the company's acquisition of Memphis, TN-based M.S. Carriers over two years ago.