SWIFT TRANSPORTATION LOWERS 3RD QUARTER EXPECTATIONS
Swift Transportation Co. Inc. has dropped its third quarter earnings expectations to a range 13 cents to 16 cents per share. Analysts had originally expected earnings of 19 cents per share for the third quarter
“We attribute the shortfall to continuing difficult economic conditions, which were further hampered by the recent tragedies in New York, Washington and Pennsylvania,” said Jerry Moyes, chairman and chief executive officer.
Moyes also noted that Swift is evaluating its $10.5 million investment in Transportes EASO for potential impairment. The company owns a 50 percent stake in EASO, the largest intra-Mexico truckload carrier, through its subsidiary, M.S. Carriers.
Swift is the holding company for Swift Transportation Co. Inc. and M.S. Carriers Inc., truckload carriers headquartered in Phoenix and Memphis.