Swift Transportation Expects Q1 Adj. EPS Below Analysts View

(RTTNews) - Swift Transportation Co. (SWFT) announced that it expects first quarter adjusted earnings per share to be within the range of $0.11 to $0.13. On average, 16 analysts polled by Thomson Reuters expected the company to earn $0.23 per share for the quarter. Analysts' estimates typically exclude special items.

The lower than expected adjusted EPS in the first quarter of 2014 is primarily related to the severe weather experienced throughout the quarter and its effect on overall volume, fuel and maintenance expense, as well as insurance and claims expense, the company stated.

Given that approximately 60% of Swift's volume is east of the Rockies, the weather impact was substantial and will be discussed in more detail in its letter to stockholders, which will be published on April 24, 2014.

Utilization, as measured by loaded miles per tractor per week, in the Truckload segment was down year over year for the quarter, but improved sequentially each month with March increasing 1% year over year.

Growth in the Dedicated segment continues to improve with an increase of almost 550 trucks during the first quarter.

In addition, container on flat car volume in the Intermodal segment increased 7.2% despite the difficulty some of the railroads experienced with weather.

Richard Stocking, President and Chief Operating Officer of Swift said, " Capacity remains tight, demand is increasing, we are gaining momentum with pricing, and we are starting to realize positive results from our strategic initiatives. We are focused on servicing our customers and drivers and executing on our goals".