Swift Adjusts Earnings Report From Lawsuit

[Tazz]

Swift Transportation reversed course after reporting third-quarter earnings were up 4.7% year-over-year to $38 million on Oct. 24, lowering the number to $24 million, or a 34% decline lower than a year ago. The Phoenix-based company wrote in a letter to investors Nov. 1 that pending litigation forced it to add $22 million in legal reserves, lowering earnings before tax and interest. As a result, Swift also will pay $8 million less in taxes and thus the total impact is a $14 million decline in overall earnings.

Read more at: Swift Lowers Earnings Based on Pending Class-Action Lawsuit | Transport Topics Online

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But the good news for @Injun is


Dedicated contract carriage revenue climbed 8.9% to $234.4 million, and weekly revenue per tractor was up 8.1% to $3,603.

 

[Injun]

Yeh.. Inherited litigation left over from Central. That's something to keep in mind when absorbing another company. You get the whole shitteroni, warts and all.