Swift Transportation shoots higher on earnings
Swift Transportation shoots up more than 10 pct after market closes; results beat predictions
PHOENIX (AP) -- Swift Transportation shot higher in after-hours trading Wednesday, after the truck company reported fourth-quarter results that blew past analysts' expectations.
Net income jumped 27 percent over the year, to $47 million from $37 million. After stripping out one-time charges, those earnings amounted to 38 cents per share. Analysts polled by FactSet had predicted 26 cents per share.
Revenue for the quarter rose 7 percent to $923 million from $861 million a year ago. That also beat the expectations of analysts, who had predicted $885 million.
Phoenix-based Swift operates trucks, trailers and other equipment to help customers move goods. The company cut its number of trucks but improved revenue per truck, benefiting from lower insurance costs and improved fuel efficiency. It paid down debt, benefiting from lower interest rates.
Swift's stock closed down 25 cents, more than 2 percent, to $10.23 on Wednesday. It made a sharp turnaround after the company released results after the market closed. Shares were up $1.07, more than 10 percent, to $11.30 in after-hours trading.
