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December 20, 2013
05:12 EDTSWFTSwift Transportation lowers Q4 adjusted EPS view to 33c-36c from 40c
Consensus 41c. The lower than expected adjusted EPS in Q4 is primarily related to four variables. First, during Q4, Swift has experienced unfavorable accident claims development, specifically related to our current year claims, and to a lesser extent on prior year claims, resulting in a negative impact on insurance and claims expense of approximately $12M, or 5c of adjusted EPS. The second headwind experienced during the quarter was associated with new fleet start-up and integration related costs. During the quarter, Swift was awarded several sizable new dedicated contracts. These new dedicated contracts in addition to the ongoing integration of both Central Refrigerated Services and a new 300 truck owner operator fleet during the quarter resulted in higher than expected start-up and integration related costs. The final two variables experienced during the quarter were the severe weather experienced throughout the United States and the negative impact associated with the recent changes to the hours of service regulations, both of which negatively impacted Swift’s operational metrics, including overall miles, utilization, and engine idle time. Swift remains committed to continue to focus its efforts on training all driving and non-driving personnel on these new regulations, including the more than 3,000 new employees and owner operators brought into the Swift team from the expansions noted above, with the goal of minimizing the utilization and mileage impact on a go forward basis.
News For SWFT From The Last 14 Days
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April 8, 2014
08:36 EDTSWFTSwift Transport weakness a buying opportunity, says RW Baird
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April 7, 2014
18:47 EDTSWFTSwift Transport sees Q1 adjusted EPS 11c-13c, consensus 23c
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