Boston, MA 09/26/2014 (wallstreetpr) – Transportation services provider, Swift Transportation Co (NYSE:SWFT) President and Chief Operating Officer, Richard Stocking said that the company was able to witness over sixteen percentage points improvements in its driver turnover of its over-the-road fleets during the current third quarter from the second quarter of the current year.
COO Comments
However, Swift Transportation Co (NYSE:SWFT)’s COO said that it was still well below the industry average, its statement revealed. Moreover, its wide unseated truck count witnessed a downtick of about 20% during the third quarter, which would end in a few days from now. However, its utilization in its linehaul fleet has recorded improvements of over 3% on a year-on-year basis during the current quarter.
Swift Transportation Co (NYSE:SWFT) COO said that it was pleased with the driver wage hikes that came into effect from August 4, and the feedback was very encouraging since it reflected in its operational results. He pointed out that its driver academies were full and was witnessing record recruiting weeks.
Swift Transportation Co (NYSE:SWFT) also indicated that it was actively working with its customers to convince them of a need to lift the rates in tune with the recent wage hikes so as to cover the increased charges that it would have to pay. It said that there was an encouraging response from its customers and believed that it would translate into higher revenue per loaded mile, which would be exclusive of fuel surcharges. As a result, Swift Transportation Co (NYSE:SWFT) estimates 4% – 5% year-over-year increase on its road business.
Updates EPS Outlook
Swift Transportation said that it was comfortable with its earlier adjusted earnings outlook of 33 – 37 cents a share for the third quarter. On average, Wall Street analysts expect Swift Transportation Co (NYSE:SWFT) to deliver earnings of 35 cents a share.
Swift Transportation Co (NYSE:SWFT) indicated that it was not able to participate in the Industrials Conference of the RBC Capital Markets earlier this month due to some unforeseen situations and thought of providing updates on the current quarter ahead of the American Trucking Associations Conference. The company would be releasing its third quarter results on October 23 and would hold a conference call the next day.
