Swift Transportation revises guidance for 2015; authorizes stock buyback

Swift Transportation company (NYSE: SWFT) said it has revised its full year 2015 Adjusted EPS guidance range to USD1.43-USD1.52 from USD1.64-USD1.74 as compared to USD1.38 in 2014.

The change in the full year range is the result of the following items: the development on prior year accident and workers´ compensation claims and the corresponding impact to reserves which is expected to be a USD0.07 impact in the third quarter of 2015; the settlement of a class action lawsuit and related items which is expected to be a USD0.02 impact in the third quarter of 2015; the settlement of a previous lawsuit that resulted in a USD0.03 charge in the second quarter of 2015; the additional carrying expense associated with the large volume of new tractors received late in the second quarter due to delivery delays and the catch up throughout the third quarter that has resulted in a significant backlog of tractors being processed for trade or sale which is expected to have an impact of approximately USD0.05-USD0.06 in the second half of 2015; and a reduction in expected volumes of seasonal project business in the fourth quarter of 2015 due to customers´ recent logistical changes which could have an impact of USD0.05-USD0.06 of Adjusted EPS.

Due to these developments, the company now expects Adjusted EPS to be USD0.30-USD0.33 for the third quarter of 2015 and USD0.48-USD0.54 for the fourth quarter of 2015.

In other news, the company´s board of directors approved the repurchase of up to USD100 million of its outstanding Class A common stock.