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Swift posts strong 2Q gains

Truckload carrier Swift Transportation reported strong gains across the board for the second quarter and the first half of 2004, despite difficulties retaining and recruiting drivers in the beginning of the year.

Swift said net income jumped to $34.6 million in the second quarter on revenues of $691 million, compared to net income of $19.2 million on revenues of $584.9 million in the same quarter in 2003.

For the first six months of 2004, Swift said net income jumped to $41 million and revenues soared to $1.31 billion, compared to net income of $28.1 million and revenues of $1.13 billion in the first half of 2003.

“Coming out of the first quarter we faced the challenge of retaining and recruiting drivers to improve productivity. We met this challenge as well the challenge of maintaining excellence in customer service in a very strong freight environment,” said chairman & CEO Jerry Moyes. “We hope to build on this momentum and continue to service our customers while we move toward our financial goal of an operating ratio below 90%.”

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