Swift Transportation to Halt Fleet Growth on Weak Demand, Pricing

Swift’s shares were up more than 3% to $15.40 in midday trading Tuesday after falling about 4% earlier in the day.

 

That was more than a couple of years ago. He didn't take it private AGAIN, he took it over again after being ousted a few years earlier. After taking it back he went public with it.

 

Umm.. WTF?

Once you go public, there is no going back.
You are actually lucky for any length of time you can actually maintain some control.

You have sold your company to shareholders, IE the public.
The future is now in the hands of the Board of directors.

 

https://cdllife.com/2015/money/trucking-stocks-plummet-dramatically-today/

It's not just Swift, this has been a brutal quarter for most. I suspect the herd will be thinned by the end of this coming winter.

 

Yes, but swift is actually taking steps to get rid of drivers, and/or condense drivers/trucks.

Just got these messages on QC,

1.) Anyone who gets a "preventable" accident... (which by the way is ANYTHING here) is sent to the top of the list for drive cams.

2.) Drive cams...lol

3.) They are now writing up drivers then enforcing suspensions, then termination for dci (driver controlled idle) above 18%!

Between radars/sensors on the trucks being triggered by every bump and recording "critical events" and drivecams coming on for "events"...which by the way are defined in the vaguest possible language by swift and subject to change without any notice to the driver. It's literally a safety witch hunt to ruin drivers' DAC and with the new autos being mandated for training, it won't be long before drivers will have nowhere else they can go....

Oh hell, don't let me forget their new "team matching system" they're rolling out... we already have more teams than true team loads on 747 and they want to pair people up straight out of academy....

 

And now....(drumroll)......you have an overworked safety Dept lol

Swift swift swift.......like a colossal dumb giant walloping over itself

 

Anyone that has a preventable is also at the top of the list for "random' drug tests as well. You can expect a 'random' between every 2 months to 2 weeks after a preventable, for at least a year.
So why not the camera?
Not to mention, every new truck has them. It won't be long before every driver has them as well, accident or not.

Drive(r) cams, radar, auto's... they are all coming to nearly every truck soon enough - just like e-logs.
As soon as someone can show a study of a few lives saved, it will be mandated. Maybe even sooner.

I'll let y'all know when I get suspended or fired for my idle time.
But I was in a face to face with my DM this afternoon, for the first time in over 2 years. I don't get down here often.
He didn't even mention it, just said how well I am doing. I'm one of his 5 star drivers, lazy as I may seem.

 

Why would they keep buying trucks if they can't find people to drive them ?

QUOTE="Bluess, post: 4860714, member: 168374"]http://www.wsj.com/articles/swift-t...leet-growth-on-weak-demand-pricing-1445968928

What do you think the effects of this will be on the industry as a whole? Do you think that it will affect just Swift or all carriers? Didn't know that there was that much of a decline in freight at this time of year.[/QUOTE]

 

The company growth has continued since 1988 with the purchasing of (11) different motor carriers throughout the United States, including M.S. Carriers, of Memphis, Tennesseein 2000. The shareholders of M.S. Carriers obtained a 22% stake in the combined company.[7]

Moyes was about to retire, but was forced out as chief executive officer (CEO) at Swift in October 2005 after an United States Securities and Exchange Commission (SEC) investigation into insider trading. Without admitting or denying wrongdoing he paid a $1.26 million settlement. The Moyes family still controlled about 39% of the issued public stock.[8][9]

In November 2006 Moyes offered to buy Swift for $29 a share. The offer was raised to $2.4 billion ($31.55 per share) for all outstanding shares not controlled by the family and assuming $332 million in outstanding debt, the transaction was closed on May 10, 2007.[10] To finance the acquisition, Moyes formed Saint Acquisition Corporation, and issued $2.1 billion of a senior secured credit facility and $835 million in second-lien senior secured notes.[8] The company's drivers and eighty-three percent of all outstanding shares (approximately half of those controlled by the family) supported the buyout.[9]

Swift’s terminal network grew to over forty full service facilities in both the continental United States and Mexico, but then closed a few after the 2008 financial recession. The total number of employees dropped from 21,900,[11] to approximately 17,700.[1] Swift owns 100% of Trans-Mex, a Nuevo Laredo, Mexico, based carrier. Swift offers border crossing services at all major Mexican border crossings. Swift maintains a presence in every Canadian province.[3]

The company operated 16,200 units (12,300 tractors by company drivers and 3,900 owner-operator tractors), a fleet of 48,600 trailers, and 4,500 intermodal containers from 35 terminals in the United States and Mexico, generating just over $2.5 billion in revenue for the year ended December 31, 2009.[1]

Swift Transportation went public once again on December 16, 2010, trading on the New York Stock Exchange (NYSE).[12] The company offered 73,300,000 shares at USD$11.00 per-share, raising almost USD$766 million, with the proceeds being used for debt reduction. The offering represented 54.9% of the company, valuing the company at USD$1.86 billion. Due to the economic downturn, the IPO was below Moyes leveraged-buyout (LBO) price of USD$17.61. With the offering the name officially change from Swift Holdings Corp. to Swift Transportation Company.[1][13

Not so much. You can always take a Publicly traded company back to a Privately held company. Does not happen all that often but yes you can do it.

 

Mmmmmmm just left a company that was, lets say unscrupulous, yes that's a good word. 3200 to 3400 miles a week. Idle, HOS, DOT, all that be ######, just get that where it needs to be. And that's paid miles, so figure 36 to 38 actual, some long money, but got out while the getting was good, before something tragic happened.