Abundant Truckload-Market Capacity Still a Headwind in Swift’s 4Q, but No Major Surprises
Swift’s fourth-quarter revenue before fuel surcharges fell 4.5% year over year, modestly below our forecast mostly because of fluctuating fuel surcharge revenue. Core top-line results for the trucking businesses and intermodal were mostly in line—for-hire truckload and refrigerated pricing remain soft thanks to abundant industry capacity and the firm is calibrating fleet size to boost tractor utilization. Similar to previous quarters, intermodal continues to grapple with pricing pressure linked ...
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