SW today announced its financial results for the fourth quarter ended December 31, 2023, highlighting strong operational performance and continued growth momentum to close out the year.
For Q4 2023, SW reported revenue of $980 million, a 10% increase compared to $890 million in the same period last year. This growth was driven by increased demand across SW’s logistics and transportation services, as well as successful implementation of new service offerings.
Adjusted EBITDA for the quarter was $140 million, up 13% from $124 million in Q4 2022, reflecting improved operational efficiencies and cost management. The adjusted EBITDA margin expanded to 14.3% from 13.9% a year ago.
Net income attributable to shareholders totaled $58 million, or $0.45 per diluted share, compared to $51 million, or $0.40 per diluted share, in the prior year quarter.
Key developments during the quarter included the continued ramp-up of SW’s in-house over-the-road (OTR) trucking division, which enhanced service reliability and delivery speed on key routes. Additionally, expansion of the company’s prepay fuel program contributed to improved cash flow stability and customer satisfaction.
Cash flow from operations was strong at $110 million, supporting ongoing investments in technology platforms and network expansion.
“Q4 capped off a solid year for SW, with strong financial results and meaningful progress on our strategic initiatives,” said Michael Schmit, CEO of SW. “We remain focused on delivering innovative, integrated logistics solutions that create value for our customers and shareholders alike.”
Looking ahead, SW expects to build on this momentum in 2024 by further expanding its ground transportation capabilities, enhancing digital tools, and deepening customer relationships.
Further financial details and commentary are available on SW’s Investor Relations website.
