US company Swift Transportation has announced its third-quarter profit declined from a year ago due to “less than ideal market conditions”.
While revenue rose four per cent to $1 billion, net income declined to $30 million from $33.7 million, or 24 cents, a year ago.
In August, Swift acquired Central Refrigerated Service for $225 million. Revenue in the new CRS division increased to $110.8 million from $96.3 million the prior year. Swift combined the historical results of CRS with its own.
“Our industry is experiencing substantial head winds, including higher equipment and maintenance costs, an increasingly constrained driver market, challenging new hours-of-service regulation and a lacklustre freight environment,” Swift said in a statement, while also pointing out that overall development is pointing in the right direction.
“By focusing on our area of influence, rather than what we cannot control, we have been able to make progress in a less than ideal situation. We are proud of our progress and we are excited about the future, and in particular, the fourth quarter.”