Swift Transportation (SWFT) Tops Q1 EPS by 5c

Swift Transportation (NYSE: SWFT) reported Q1 EPS of $0.26, $0.05 better than the analyst estimate of $0.21. Revenue for the quarter came in at $967.8 million versus the consensus estimate of $1 billion.

Key Highlights for the First Quarter 2016:
(discussed in more detail below, including GAAP to non-GAAP reconciliations)
Consolidated

• Adjusted EPS decreased to $0.25, compared to $0.29 in the first quarter of 2015, as a weaker than expected freight market could not offset the driver wage and owner-operator pay increases implemented in May of 2015 and a less favorable year over year fuel environment
• Favorable discrete tax items contributed $0.03 to Adjusted EPS
• Net Debt and Net Leverage Ratio were reduced to $1,194.4 million and 1.89, respectively, as of March 31, 2016, bolstered by strong free cash flow generation and discipline with capital expenditures
• Consolidated Average Operational Truck Count was essentially flat year over year in the first quarter, but decreased 159 trucks compared to the fourth quarter of 2015, reflecting fleet adjustments for the seasonally slow first quarter
• The Company repurchased a total of $45 million (or 3.1 million shares) of its outstanding shares of Class A common stock in the first quarter, consisting of $30.0 million repurchased in January under the prior $100
• million share repurchase authorization and $15.0 million of additional repurchases in March under the current $150 million share repurchase authorization approved by the Board of Directors in February 2016

For earnings history and earnings-related data on Swift Transportation (SWFT) click here.

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