Swift Transportation Company (NYSE:SWFT) Files An 8-K Results of Operations and Financial Condition
Item2.02.
|
Results of Operations and Financial Condition |
On April10, 2017, Swift Transportation Company (the Company)
issued a press release revising its previously provided earnings
guidance for the quarter ending March31, 2017.
| Item9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
|
Exhibit Number |
Description |
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| Press Release, dated April10, 2017 |
A copy of the press release is attached hereto as Exhibit 99. The
information contained herein and in the accompanying Exhibit
shall not be incorporated by reference into any filing of the
Company, whether made before or after the date hereof, regardless
of any general incorporation language in such filing, unless
expressly incorporated by specific reference to such filing. The
information furnished in this report on Form 8-K, including
Exhibit 99, shall be deemed to be furnished and therefore shall
not be deemed to be filed for the purposes of Section18 of the
Securities Exchange Act of 1934, or otherwise subject to the
liabilities of that section or Sections 11 and 12(a)(2) of the
Securities Act of 1933, as amended. This information will not be
deemed an admission as to the materiality of any information
contained herein that is required to be disclosed solely by
regulation FD.
Forward-Looking Statements
This communication contain statements that may constitute
forward-looking statements, which are based on information
currently available, usually defined by words such as
anticipates, believes, estimates, plans, projects, expects,
hopes, intends, will, could, should, may, or similar expressions
which speak only as of the date the statement was made. Such
forward-looking statements are made to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to, statements
concerning:
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our estimated range of GAAP Diluted EPS and Adjusted EPS for the quarter-ended March31, 2017; |
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our estimated range of GAAP Diluted EPS and Adjusted EPS for the quarter-ended June30, 2017; and |
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our expectations about the performance of the Company in the second half of 2017 and 2018. |
Such forward-looking statements are inherently uncertain, and are
based upon the current beliefs, assumptions and expectations of
Company management and current market conditions, which are
subject to significant risks and uncertainties, as set forth in
the Risk Factors section of our Annual Report on Form 10-K for
the year ended December31, 2016. As to the Companys business and
financial performance, the following factors, among others, could
cause actual results to materially differ from those in
forward-looking statements:
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economic conditions, including future recessionary economic cycles and downturns in customers business cycles, particularly in market segments and industries in which we have a significant concentration of customers; |
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increasing competition from trucking, rail, intermodal, and brokerage competitors; |
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our ability to execute or integrate any future acquisitions successfully; |
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increases in driver compensation to the extent not offset by increases in freight rates and difficulties in driver recruitment and retention; |
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additional risks arising from our contractual agreements with owner-operators that do not exist with Company drivers; |
| our ability to retain or replace key personnel; |
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our dependence on third parties for intermodal and brokerage business; |
| potential failure in computer or communications systems; |
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seasonal factors such as severe weather conditions that increase operating costs; |
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the regulatory environment in which we operate, including existing regulations and changes in existing regulations, or violations by us of existing or future regulations; |
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the possible re-classification of owner-operators as employees; |
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changes in rules or legislation by the National Labor Relations Board, Congress, or states, and/or union organizing efforts; |
| our Compliance Safety Accountability rating; |
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government regulation with respect to our captive insurance companies; |
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uncertainties and risks associated with our operations in Mexico; |
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a significant reduction in, or termination of, our trucking services by a key customer; |
| our significant ongoing capital requirements; |
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volatility in the price or availability of fuel, as well as our ability to recover fuel prices through our fuel surcharge program; |
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fluctuations in new and used equipment prices or replacement costs, and the potential failure of manufacturers to meet their sale and trade-back obligations; |
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the impact that our leverage may have on the way we operate our business and our ability to service our debt, including compliance with our debt covenants; |
| restrictions contained in our debt agreements; |
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adverse impacts of insuring risk through our captive insurance companies, including our need to provide restricted cash and similar collateral for anticipated losses; |
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potential volatility or decrease in the amount of earnings as a result of our claims exposure through our captive insurance companies and third-party insurance; |
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the potential impact of the significant number of shares of our common stock that is eligible for future sale; |
| goodwill impairment; |
| that we do not currently pay dividends; |
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the significant amount of our stock owned by Jerry Moyes and the related control over the Company; |
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related-party transactions between the Company and Jerry Moyes; and |
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conflicts of interest or potential litigation that may arise from other businesses owned by controlling shareholder and board member, Jerry Moyes, including pledges of Swift stock and guarantees by Jerry Moyes related to other businesses. |
Important factors, in addition to those listed above and in our
filings with the SEC, could impact us financially. As a result of
these and other factors, actual results may differ from those set
forth in the forward-looking statements, and the prices of the
Companys securities may dramatically fluctuate. The Company makes
no commitment, and disclaims any duty, to update or revise any
forward-looking statements to reflect future events, new
information or changes in these expectations, except as required
by law.
About Swift Transportation Company (NYSE:SWFT)
Swift Transportation Company (Swift Transportation Co.) is a multi-faceted transportation services company, which operates the fleet of truckload equipment in North America from over 40 terminals near key freight centers and traffic lanes. The Company operates in four segments: Truckload, Dedicated, Swift Refrigerated and Intermodal. The Truckload segment consists of one way movements over irregular routes throughout the United States, Mexico and Canada. The Company, through the Dedicated segment, devotes use of equipment to specific customers and offers personalized solutions under long-term contracts. The Company’s Swift Refrigerated segment primarily consists of shipments for customers that require temperature-controlled trailers. The Intermodal segment includes moving freight operations, including moving the freight over the rail in its containers and other trailing equipment, and drayage of transport loads between the railheads and customer locations. Swift Transportation Company (NYSE:SWFT) Recent Trading Information
Swift Transportation Company (NYSE:SWFT) closed its last trading session up +4.75 at 24.77 with 896,995 shares trading hands.
