Revenues for the third quarter of 2002 increased to $537.0 million, compared with $536.4 million for the corresponding quarter of 2001. Excluding $10.5 million of fuel surcharge revenue, the carrier said revenues increased $5.5 million.
Net earnings for the third quarter of 2002 were $16.3 million compared to $2.8 million last year. However, chairman & CEO Jerry Moyes noted that the third quarter of 2001 includes a $10.5 million noncash pretax adjustment for the recognition of the impairment of the company's investment in Transportes EASO.
Moyes said the recent closure of the West Coast ports had a minimal effect on its results, but the carrier is seeing stronger freight demand as the ports return to normal operations.
In addition, the company announced that it has completed a three million-share repurchase program previously announced in July. Swift's board has authorized the company to repurchase up to an additional three million shares of its common stock.