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K April 21 , 2021 TRANSPORTATION Phoenix , Arizona SWIFT TRANSPORTATION Knight - Swift Transportation Holdings Inc. Reports First Quarter 2021 Revenue and Earnings Knight - Swift Transportation Holdings Inc. ( NYSE : KNX ) ( " Knight - Swift " or " the Company " ) , North America's largest truckload transportation company , today reported first quarter 2021 net income attributable to Knight - Swift of $ 129.8 million and Adjusted Net Income Attributable to Knight - Swift of $ 139.4 million . We reported GAAP earnings per diluted share of $ 0.77 for the first quarter of 2021 , compared to $ 0.38 for the first quarter of 2020. Our Adjusted EPS was $ 0.83 for the first quarter of 2021 , compared to $ 0.44 for the first quarter of 2020 . Key Financial Highlights Our consolidated revenue , excluding trucking fuel surcharge , grew by 10.3 % during the first quarter of 2021 , as a result of revenue growth across all of our reportable segments . We generated consolidated Adjusted Net Income Attributable to Knight - Swift of $ 139.4 million , which represents an 83.0 % increase from $ 76.2 million during the first quarter of 2020. Our Trucking segment overcame inclement weather conditions and driver sourcing challenges during the quarter and improved average revenue per tractor by 7.7 % , which resulted in a 470 basis point improvement in the Adjusted Operating Ratio to 81.8 % in the first quarter of 2021 from 86.5 % in the first quarter of 2020. Our Logistics segment grew revenue by more than 50 % and more than doubled operating income year - over- year . Despite weather and service disruptions during the first quarter of 2021 , our Intermodal segment achieved year - over - year improvements in operating results , and we anticipate ongoing improvement in the coming quarters . Knight - Swift Consolidated Results Quarter Ended March 31 , 2021 2020 Total revenue Revenue , excluding trucking fuel surcharge Operating income SASA SA $ Change ( Dollars in thousands , except per share data ) 1,223,014 $ 1,124,798 8.7 % $ 1,133,105 $ 1,027,095 10.3 % $ 162,259 $ 102,119 58.9 % Adjusted Operating Income $ 175,250 $ 116,788 50.1 % Net income attributable to Knight - Swift $ 129,790 $ 65,426 98.4 % Adjusted Net Income Attributable to Knight - Swift 1 $ 139,433 $ 76,205 83.0 % Earnings per diluted share $ 0.77 $ 0.38 102.6 % Adjusted EPS 1 $ 0.83 $ 0.44 88.6 % 1 See GAAP to non - GAAP reconciliation in the schedules following this release . Other Income ( Expenses ) , net - During the first quarter of 2021 , we recognized $ 16.1 million in income within " Other income ( expenses ) , net " in the condensed consolidated statements of comprehensive income , compared to $ 6.5 million of expense for the same quarter of last year . The year - over - year improvement was primarily driven by gains recognized within our portfolio of investments in the first quarter of 2021 . Income Taxes - The effective tax rate was 25.9 % for the first quarter of 2021 , compared to 27.2 % for the first quarter of 2020. We expect the 2021 effective tax rate to be in the range of 25.5 % to 27.0 % before discrete items .