Swift Transportation Company Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter and Fourth Quarter of 2014
Jul 24 14
Swift Transportation Company announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported operating revenue of $1,075,898,000 against $1,029,071,000 a year ago. Operating income was $94,022,000 against $100,266,000 a year ago. Income before income taxes was $65,363,000 against $76,842,000 a year ago. Net income was $40,198,000 against $49,879,000 a year ago. Basic and diluted earnings per share were $0.28 against $0.35 a year ago. Adjusted operating income was $97,934,000 against $104,178,000 a year ago. EBITDA was $146,736,000 against $162,673,000 a year ago. Adjusted EBITDA was $155,018,000 against $163,566,000 a year ago.
For the six months, the company reported operating revenue of $2,084,344,000 against $2,010,679,000 a year ago. Operating income was $140,192,000 against $169,984,000 a year ago. Income before income taxes was $85,372,000 against $121,821,000 a year ago. Net income was $52,503,000 against $80,171,000 a year ago. Basic and diluted earnings per share were $0.37 against $0.57 a year ago. Adjusted operating income was $148,016,000 against $177,808,000 a year ago. EBITDA was $251,236,000 against $293,059,000 a year ago. Adjusted EBITDA was $263,492,000 against $299,601,000 a year ago. Net cash provided by operating activities was $183,483,000 against $245,646,000 a year ago. Capital expenditures were $135,068,000 against $164,320,000 a year ago. Net Debt was reduced by $41.2 million during the quarter.
For the third quarter, the company expects adjusted EPS in the third quarter of 2014 to be in the range of $0.33-$0.37.
The fourth quarter, the company expects to be more robust with various seasonal business opportunities, operational improvements, contractual wins and pricing gains, which should drive. Adjusted EPS in the range of $0.47-$0.52, resulting in a full year range of $1.24-$1.33.
Swift Transportation Company Announces Executive Changes
Jul 17 14
On July 11, 2014, the Board of Directors of Swift Transportation Company appointed Jos C rdenas as a director effective immediately, to serve until the next annual meeting of stockholders which is expected to be held in May 2015. Mr. C rdenas will be subject to annual election thereafter. Mr. C rdenas was also appointed to the Audit Committee, Compensation Committee and the Nominating and Corporate Governance Committee of the company. Also, on July 11, 2014, the Board of Directors of the company appointed William Riley as a director effective immediately, to serve until the next annual meeting of stockholders which is expected to be held in May 2015.
Mr. Riley will be subject to annual election thereafter.
Swift Transportation Company to Replace Existing Senior Secured Credit Facility with an Amended and Restated Senior Secured Credit Facility
May 28 14
Swift Transportation Company initiated the process to replace its existing senior secured credit facility with an amended and restated senior secured credit facility. The Amended and Restated Credit Facility is expected to include a $450 million revolving credit facility maturing in 2019, a $450 million delayed-draw first lien term loan A tranche maturing in 2019 and a $450 million first lien term loan B tranche maturing in 2019. The purpose of the Amended and Restated Credit Facility is to reduce interest rates and improve certain other terms in a manner consistent with Swift's improved credit profile, as well as to extend the maturities of the Existing Credit Facility. Proceeds from the first lien term loan B tranche under the Amended and Restated Credit Facility will be used to repay the company's existing the first lien term loan B-1 and B-2 tranches under its Existing Credit Facility. The first lien term loan A tranche is expected to remain undrawn at the close while the company anticipates utilizing the delayed-draw feature to redeem its existing 10.0% Senior Secured Second Lien Notes on or before December 31, 2014. The Amended and Restated Facility is expected to close on June 9, 2014, subject to customary closing conditions. There can be no assurance that the company will be able to affect the foregoing credit facility changes, and the final terms may differ from current expectations.