Swift Transportation Continues to Navigate a Soft Trucking and Intermodal Backdrop in Third Quarter
Swift’s third-quarter revenue before fuel surcharges contracted 2.5% year over year, mostly in line with our expected run rate. Slightly greater-than-expected rate weakness in the core for-hire truckload unit and sluggish intermodal demand were offset by an uptick in tractor utilization and solid new business wins in the dedicated contract business. Excluding a one-time ($7 million) charge related to CEO Jerry Moyes’ retirement package, profitability was mostly in line. Overall, we are boosting ...
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