Swift Transportation Announces Anticipated Range for First Quarter 2017 Earnings
Investment Weekly News
By a News Reporter-Staff News Editor at Investment Weekly News — Swift Transportation Company (“Swift”) (NYSE:SWFT) announces that it expects Diluted Earnings Per Share (“Diluted EPS”) to be between $0.09 – $0.10 and Adjusted EPS (“Adjusted EPS”) to be within the range of $0.11 to $0.12 for the first quarter of 2017. Adjusted EPS represents Diluted Earnings Per Share adjusted to add-back intangible amortization, which reflects an approximately $0.02 per share impact.
Freight volumes in the first quarter did not materialize to the extent anticipated. In addition, although the demand trend improved throughout March, it did not meet previous expectations. This softer freight market and the corresponding impact on pricing were key contributors to the slight shortfall in the earnings expectations for the quarter.
Swift’s President and Chief Executive Officer, Richard Stocking, said, “Despite the challenges of the current operating environment, we are pleased with the hard work and focus our entire organization has exhibited in executing on our key initiatives. We successfully realized year over year utilization improvements in each of our reportable segments, and the team remains aggressively focused on controlling costs as we wait for the market to strengthen. We anticipate that the difficult operating environment will persist into the second quarter, and as such, expect our Diluted EPS to be in the range of $0.16 – $0.21 and Adjusted EPS to be in the range of $0.18 – $0.23 (reflecting the net impact adding back intangible amortization expense of $0.02 per share). We are cautiously optimistic about the back half of 2017, and look forward to a great 2018 and beyond for our company.” About Swift Swift is based in Phoenix, Arizona, and operates a tractor fleet of approximately 18,000 units driven by company and owner-operator drivers. The company operates more than 40 major terminals positioned near major freight centers and traffic lanes in the United States and Mexico. Swift offers customers the opportunity for “one-stop shopping” for their truckload transportation needs through a broad spectrum of services and equipment. Swift’s extensive suite of services includes general, dedicated and cross-border U.S./Mexico/Canada service, temperature-controlled, flatbed and specialized trailers, in addition to rail intermodal and non-asset based freight brokerage and logistics management services, making it an attractive choice for a broad array of customers.
Keywords for this news article include: Finance, Swift Transportation Company.
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