Swift Transportation ended the second quarter with adjusted earnings of $151.2 million, an increase of more than $7 million over the same period in 2012 and a rise of nearly $20 million when compared to 2011.
Earnings for the first six months of the year rose by more than $15 million to $274.8 million.
Swift’s dedicated operating ratio improved by 370 basis points in the second quarter due to operational improvements and business mix changes; the intermodal operating ratio increased by 90 basis points, the company said.
“We are pleased with our team’s continued ability to deliver positive results in a relatively lackluster freight environment,” the company said in a statement. “This quarter, freight demand was generally soft in April and May before improving in June, with the strength coming primarily in the Southern and Southeastern portions of the United States.”
In the truckload segment, operating revenue ended the quarter at $588.7 million, a slight, year-over-year increase. The operating ratio rose to 89 percent due to an increase in deadhead percentage and higher equipment costs, coupled with higher driver and owner-operator pay. The company’s truck count grew by 71 vehicles, year over year.
“We expect year over year average fleet growth of approximately 200 to 300 trucks in our truckload segment for the full year, but may adjust those figures based on freight volumes and overall economic conditions,” the company said. - Jon Ross