Revenue up, profit down for Swift

Swift Transportation Co. Inc. reported 1Q revenues increased 12.9% to $422.4 million, while net earnings decreased 28.1% to $6.4 million.

The decrease in profits is consistent with Swift’s March 15 announcement that bad weather, early retirement changes, lack of driver availability, and fuel cost were going cut into the company’s bottom line.

Of the 12.9% revenue increase, 7% came from the acquisition of Merit Distribution Services Inc.

While fuel surcharge revenue increased 12.6% to $26 million, sales revenues exclusing the surcharges still showed a 12.9% increase.

Net earnings were 8 cents per share, compared with 10 cents per share in 1Q 2003.

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