fourth-quarter earnings rose 7% from a year ago, topping estimates.
The company earned $39.3 million, or 53 cents a share, in the quarter, compared to $36.8 million, or 50 cents a share, a year ago. Adjusted for a gain, Swift earned 52 cents a share in the latest quarter, beating estimates by 10 cents a share.
Revenue increased 7.4% from last year to $843.64 million, higher than the consensus estimate of $840.9 million. The fourth quarter includes $128.1 million of fuel surcharge revenue versus $74.6 million in 2004. Excluding this fuel surcharge revenue, revenue increased 1%.
"While revenues excluding fuel surcharges were essentially flat, reflecting strategic decision to pare our fleet, we believe our progress over the past year will position us well for improved profitability and growth in our intermodal and dedicated lines", said Robert W. Cunningham, CEO and president.
Operating profit increased by 17.26% to $71.91 million in the fourth quarter while operating profit margin rose 71 basis points to 8.52%, primarily due to higher productivity and utilization on a smaller fleet.
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