Research Desk Line-up: Old Dominion Freight Line Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 1, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Swift Transportation Co. (NYSE: SWFT), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SWFT, following the Company's posting of its second quarter fiscal 2017 earnings results on July 24, 2017. The trucking Company reported a y-o-y decline in revenue and earnings. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
http://protraderdaily.com/register/
Get more of our free earnings reports coverage from other constituents of the Trucking industry. Pro-TD has currently selected Old Dominion Freight Line, Inc. (NASDAQ: ODFL) for due-diligence and potential coverage as the Company announced on July 27, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Old Dominion Freight Line when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on SWFT; also brushing on ODFL. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/?symbol=SWFT
http://protraderdaily.com/optin/?symbol=ODFL
Earnings Reviewed
For the second quarter 2017, Swift Transportation reported operating revenue of $993 million, down compared to revenue of $1.01 billion in Q2 2016. The Company's revenue, excluding fuel surcharge revenue (xFSR), totaled $898.95 million compared to $935.41 million in the prior year's same quarter. Swift Transportation's revenue numbers fell short of analysts' estimates of $1.02 billion.
During Q2 2017, Swift Transportation's operating expenses were $940.90 million compared to $937.65 million in Q2 2016. The Company's operating profit was $52.16 million compared to $74.21 million in the prior year's corresponding quarter.
For Q2 2017, Swift Transportation's net income was $26.30 million, or $0.20 per share, compared to $42.90 million, or $0.32 per share, in Q2 2016. The Company's earnings, adjusted for non-recurring costs, came in at $0.25 per share and were ahead of Wall Street's expectations for earnings of $0.20 per share.
Operating Segments
During Q2 2017, Swift Transportation's Truckload segment's revenue totaled $292.24 million compared to $517.59 million in Q2 2016. The segment's operating income came in at $29.28 million in the reported quarter versus $50.48 million in the prior year's comparable quarter.
Swift Transportation's Dedicated segment's revenue jumped 8% to $157.73 million on a y-o-y basis, while the segment's operating income came in at $18.98 million compared with $20.52 million in the year ago same period.
During Q2 2017, Swift Transportation's Refrigerated segment's revenue totaled $182.86 million compared to $178.16 million in Q2 2016. The segment's operating income came in at $8.29 million in the reported quarter compared to $12.74 million in the prior year's same quarter.
Swift Transportation's Intermodal segment's revenue grew 1% to $92.16 million on a y-o-y basis while the segment's operating income came in at $1.50 million compared with $903,000 in the year ago corresponding period.
Cash Matters
During H1 2017, Swift Transportation's cash flow from operations was $182.96 million compared to $243.97 million in the year ago same period. The Company's capital expenditures were $86.92 million in H1 2017 compared to capital expenditures of $68.96 million for H1 2016.
Merger Agreement
On April 10, 2017, Swift Transportation announced an all-stock merger agreement with Knight Transportation, Inc. (NYSE: KNX) ("Knight"), which was unanimously approved by the Board of Directors of both companies, and it is expected to close during the quarter ended September 30, 2017. The combined company will be named Knight-Swift Transportation Holdings Inc. ("Knight-Swift"). Knight is expected to be the accounting acquirer. Under terms of the definitive agreement, each Swift Transportation's share will convert into 0.72 shares of Knight-Swift by means of a reverse stock split.
Each share of Knight will be exchanged for one Knight-Swift's share. On April 07, 2017, based on the last trading day prior to the announcement where the closing price of Knight's shares was $30.65, the implied value per share of Swift Transportation is $22.07. Upon closing of the transaction, Swift Transportation's stockholders will own approximately 54.0% and Knight's stockholders will own approximately 46.0% of the combined company. The combined company would have an implied enterprise value of approximately $6.0 billion.
Due to the anticipated merger with Knight, Swift Transportation did not host a separate conference call for the second quarter.
Stock Performance
At the closing bell, on Monday, July 31, 2017, Swift Transportation's stock slightly advanced 0.71%, ending the trading session at $25.50. A total volume of 1.11 million shares have exchanged hands. The Company's stock price soared 4.38% in the last three months, 10.87% in the past six months, and 32.47% in the previous twelve months. Moreover, the stock gained 4.68% since the start of the year. The stock is trading at a PE ratio of 32.24 and currently, has a market cap of $3.40 billion.
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