The trucking company said it "is comfortable" with its previously announced third quarter earnings guidance of 33 cents to 36 cents a share. Analysts surveyed by Thomson Reuters expect earnings of 35 cents a share for the third quarter.
Swift Transportation said it "felt it prudent to provide public updates on the current quarter" ahead of the American Trucking Associations Conference and because it was unable to participate in RBD Capital Markets' Industrials Conference.
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The company said its driver academies are full, and that it is experiencing record recruiting weeks. Swift Transportation said unseated truck count fell about 20% from the end of the second quarter, and utilization of its linehaul fleet improved 3% year over year in the current quarter.
TheStreet Ratings team rates SWIFT TRANSPORTATION CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SWIFT TRANSPORTATION CO (SWFT) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."