Mike
Well-Known Member
Profits for two trucking operations in the first quarter of the year fell dramatically, both saying they battled a tough pricing environment and excess capacity.
Swift Transportation Co. on Monday reported net income fell 83.7% from the same time a year ago to $5.2 million, or from 23 cents per share to 4 cents per share, less than the 12 cents per share expected by a consensus estimate of analysts.
Total revenue fell to $871.1 million from $906.9 million, despite fuel surcharge revenue increasing more than $30 million to $92.7 million, with much of that outweighed by higher fuel prices.
Earnings Watch: Swift, Covenant Profits Plummet More Than 80% - TopNews - Fleet Management - TopNews - TruckingInfo.com
Swift Transportation Co. on Monday reported net income fell 83.7% from the same time a year ago to $5.2 million, or from 23 cents per share to 4 cents per share, less than the 12 cents per share expected by a consensus estimate of analysts.
Total revenue fell to $871.1 million from $906.9 million, despite fuel surcharge revenue increasing more than $30 million to $92.7 million, with much of that outweighed by higher fuel prices.
Earnings Watch: Swift, Covenant Profits Plummet More Than 80% - TopNews - Fleet Management - TopNews - TruckingInfo.com