Company Earnings

Broker Landstar System blew out analysts’ expectations for the first quarter. The company’s earnings almost doubled from the year-ago quarter, which wasn’t materially impacted by COVID. Landstar’s new guidance calls for more of the same.

The bank’s book of business grew at a pace that far exceeded the additional business that came with its acquisition of Covenant’s factoring operation

Canadian Pacific’s revenue for the first quarter of 2021 dipped 4% to CA$1.96 billion.

Heartland Express reported a slight miss on first-quarter earnings expectations Wednesday. The carrier pointed to relative strength in March as it exited the quarter, noting that driver pay will need to be raised again.

CSX has capacity on its network, space on its trains and the workforce and locomotives it needs to handle an anticipated growth in service needs in 2021, according to company executives.

Knight-Swift Transportation posted a large headline earnings beat in the first quarter but it was less impressive by comparison when excluding nonoperating income. The company now sees over-the-road contract rates increasing in the mid-teen percentage range during 2021.

CSX’s first-quarter net income fell 8% to $706 million from $770 million a year ago.

United performed worse in the first quarter than some analysts expected, but the consumer mood has shifted as the economy reopens and United says it can get to breakeven this year on a pretax basis.

Logistics warehouse provider Prologis sees the real estate market tightening further in 2021. Rents are expected to step higher by mid-single digits even as more capacity comes online.

Logistics warehouse provider Prologis reports a beat-and-raise quarter. The company is forecasting occupancy to continue to tick higher even as new properties come online.

Kansas City Southern expects to maintain its financial targets for 2021 on a recovering economy and an anticipated volume rebound. It declined to comment on post-merger operational changes.

Kansas City Southern’s net income for the first quarter of 2021 rose 0.7% despite a 4% decline in revenue and a 1% drop in carload volumes.

J.B. Hunt Transport Services updated its long-term division margin targets on its first-quarter call Thursday.

The weather-related closure of three Walmart DCs had an outsized impact on the company.

J.B. Hunt Transport Services announced first-quarter results well ahead of analysts’ expectations.

One more quarter taking its pandemic lumps and then Delta says it will steer out of the COVID vortex and start making more money than it loses.

Forward Air’s growth plans net 11 new final-mile terminal locations in the first quarter. While recent activist shareholder interests called into question the company’s capital allocation strategy, it appears the final-mile segment remains part of the plan.

Railcar manufacturer Greenbrier expects economic conditions and the rail market to improve in the second half of the year and that optimism is starting to be reflected in higher inquiry activity.

An anticipated increase in North American rail traffic, coupled with FreightCar America’s move of its manufacturing to Mexico, should provide support to the company in 2021, executives said.

Ocean carrier ZIM just released record results and confirmed huge gains for contract rates. So why did its stock sink?

Less-than-truckload carrier Saia announces the addition of its 20th facility in the Northeast in just the last four years. The LTL market continues to garner incremental investment dollars as demand rises.

Two bullish equity research reports this week on transportation stocks both highlight expectations around consumer spending and what that means for freight demand.

The company moves to broaden its footprint and introduce services as it posts stellar fiscal 2021 third-quarter results.

Smith sees no let-up in the demand for the company’s services.

February freight data from Cass shows a deceleration in the growth rates of shipments and expenditures. Recent weather events have only “coiled the spring” for a continuation of high demand and rising rates.

“2020 has been exceptional, with stellar performance in the industry,” says Hapag-Lloyd CFO Mark Frese.

After raising pay earlier in the year, Cargo Transporters has implemented a flexible pay package, allowing company drivers to earn paid time off and bonus payments on a prorated basis.

While the less-than-truckload market is experiencing a boom, it’s not without growing pains, according to Recon Logistics’ pricing and analytics expert Curtis Garrett.

Activist investor Ancora Advisors gains two seats on Forward Air’s board and endorses three others. The company’s former CFO has been brought on in a consulting role.

West Coast carrier Cheema Freightlines announces a pay bump for drivers and plans to expand its fleet in 2021.

After a fresh round of pay increases at the beginning of the year, some carriers are continuing to raise rates further. Bay & Bay Transportation announced effective immediately it has raised pay for independent contractors by 20 cents per mile.

Cold storage provider Lineage Logistics announced Thursday that it completed a $1.9 billion equity raise to fund new developments, M&A and technology initiatives.

Flatbed carrier Daseke announced Wednesday it has reduced debt and refinanced the bulk of its remaining debt. The transaction, which will lower annual interest payments, is the latest in the company’s efforts to improve margins and financial returns.

Canadian trucking and logistics firm Titanium Transportation Group had a very good fourth quarter on the strength of its U.S brokerage business. But 2021 is set to be even bigger with its recent acquisition of ITS.

The German logistics giant forecasts more than $7 billion in operating profit as far out as 2023.

Booming sales, thin inventories and more stimulus on the way provide the backdrop for potentially setting a new record for retail container imports in 2021. The National Retail Federation raised its outlook again for loaded containers landing at U.S. ports in the first half of the year.

Less-than-truckload carrier Yellow Corp., like other LTLs, reports a weather-related falloff in February trends. However, industrial data continues to suggest this LTL freight recovery has legs.

Wells Fargo transportation research analyst Allison Poliniak-Cusic raises expectations for intermodal providers in a new report. Favorable catalysts for the mode are expected to carry into 2022.

J.B. Hunt believes recent winter storms will negatively impact first-quarter operating income by $15 million to $20 million. The company said it had been successful advancing its intermodal service initiatives prior to the storms.

Several of the nation’s largest retailers say inventory positions are improving. However, retail sales continue to outpace efforts to stock up, suggesting trucking demand could stay elevated well into 2021.

Supply chain software provider Descartes Systems Group has “sold more stuff than we’ve ever sold before” in recent quarters, its CEO says as revenue and profits soar.

Flatbed transportation and logistics provider PS Logistics remains on the acquisition trail, purchasing the assets of Indiana carrier Jason Jones Trucking. The tuck-in deal allows JJT to keep operating under its own name.

Less-than-truckload carrier Saia reported a small decline in volumes during February, reversing the more than 5% increase recorded in January. Excluding inclement weather, the carrier said trends remain consistent with January.

Carrier Averitt Express said it was raising pay for its newly hired regional truckload and flatbed drivers. The company becomes the latest to increase driver pay as the industry struggles to seat tractors.

The company’s 2020 sales gains were higher than in the past 11 years combined.

Less-than-truckload carrier Old Dominion reported Tuesday that February results were impacted as inclement weather took hold on parts of its network during the month. However, the carrier noted that the deceleration from January’s robust growth rate lasted for only one week.

Logistics provider ArcBest Corp. reported that the positive trends in its asset-based segment during January were derailed by poor weather in February. Overall, less-than-truckload fundamentals “remain generally positive,” according to one analyst.

Lower fuel expenses helped privately held BNSF’s net income grow by 5% in the fourth quarter of 2020.

Nikola reports a lower-than-expected loss in Q4 as it drops its Powersports division to focus on Class 8 electric trucks and hydrogen fueling stations. Federal probes ongoing.

The truckstop operator, in the midst of a makeover, saw its diesel sales far exceed any recent quarter.

Earlier debt concerns raised by ratings agencies should be eased by the 3PL paying back all the revolving funds pulled down at the start of the pandemic.

Although market conditions are improving for Trinity Industries (NYSE: TRN), the railcar lessor and rail equipment manufacturer anticipates persistent headwinds through the first half of 2021 as prospective customers take […]

The Rochelle Park, New Jersey-based company posted revenue of $63.8 million during the fourth quarter, an 8% decline from the same period last year.

Fuel card provider WEX Inc. continues to see gradual sequential improvement but at a pace below analysts’ expectations. The company’s fourth-quarter result was slightly below expectations and its first-quarter revenue guidance disappoints. Shares are off 4% in early trading.

Write-offs for the quarter are better than even the strong freight market of 2018.

One of the largest players in public LNG shipping, GasLog Ltd., plans to give up its NYSE listing. Will more shipowners opt to go private?

Ryder CEO Robert Sanchez gets two opportunities to talk about the company’s outlook, in an earnings call and at a Citi conference.

Cold storage operator Americold saw occupancy dip year-over-year during the fourth quarter as food manufacturers struggled to keep proteins in stock.

Prospective North American and international customers are inquiring about Wabtec’s battery electric, heavy-haul locomotive, which is undergoing advanced tests with BNSF. The company reported its fourth-quarter results on Thursday.

Star Bulk and Golden Ocean have recently acquired almost $1 billion in ships between them as they seek more exposure to the dry bulk market.

Cass freight data released Thursday shows a huge surge in freight spending with solid growth in shipments. The report indicated that 2021 is unlikely to produce the “rate relief” to shippers that 2019 provided.

Walmart shares drop hard as investors focus on lower-than-expected fiscal year 2021 fourth-quarter results and uninspiring FY 22 guidance.

Cargo shippers hamstrung by the global container shortage should not expect a box building spree in China to come to their rescue.

Werner Enterprises modestly lowered earnings expectations for the first quarter of 2021 due to downtime caused by recent winter storms. The company expects no change to the tight capacity dynamic for some time.

anadian e-commerce firm Shopify continues to slowly ramp up its U.S. fulfillment network on the heels of record fourth-quarter financial results.

Appearing at an investor conference, J.B. Hunt CEO John Roberts said this year’s intermodal bid season will go a long way in determining whether the company curtails the division’s margin target.

The activist investor group seeking changes at Forward Air said the company’s recent results and guidance are “substandard” in a letter to shareholders. The group also asserts that Forward was “disingenuous” in the way it provided updates on fourth-quarter results, suggesting it was fearful of receiving other board nominations.

Most less-than-truckload carriers have implemented general rate increases for 2021. The average increase is in the mid-single digits, ahead of some increases issued in the past and likely indicative of a firm LTL market.

Amid heightened scrutiny over the direction of the company, Forward Air’s management team defends its current strategy. Fourth-quarter results were negatively impacted by a December cyberattack.

Leaf Logistics CEO Anshu Prasad believes manufacturers of food and consumer packaged goods could be in jeopardy of missing earnings expectations as transportation rates remained elevated throughout the quarter.

New unit acquired by Forward Air increases its intermodal footprint.

XPO Logistics sees strong momentum coming off an excellent fourth quarter.

Rush Enterprises sold Class 8 trucks at a level reflecting the industry’s overall COVID-impacted decline in 2020. It expects better results in 2021 and beyond.

The first reaction to earnings at Ryder from Wall Street was decidedly negative.

Trimble produced $829.7 million in revenue during the fourth quarter of 2020, with earnings per share of 71 cents.

The size of Uber Freight’s “fleet” is about 71,000 carriers.

Brokerage steals the spotlight at XPO amid a record revenue performance and strong 2021 earnings guidance.

An open letter from activist investor Ancora Advisors says “ineffective capital allocation” and diversification into “margin- and return-dilutive service offerings” have led to inferior results for Forward Air compared to other less-than-truckload carriers.

Maersk, the world’s largest container carrier, just reported record quarterly results. And its next quarter looks even better.

Third-party logistics provider Radiant Logistics beat expectations for its second fiscal quarter. The company’s improved results and low-debt profile are allowing it to pursue acquisitions.

The most important number, yield, is up from January 2020 for Forward Air.

Korean container carrier HMM expects equipment and capacity shortages to continue at least through the end of the first quarter.

TFI International CEO says it will take a hard line on UPS Freight customers who aren’t making the company money after its $800 million acquisition closes.

Less-than-truckload carrier Saia laid out expansion plans on its fourth-quarter earnings call. The carrier believes door count growth can exceed recent expansion efforts.

Old Dominion CEO Greg Gantt says nine service centers were added in 2020 and there are more to come this year — some of them soon.

Less-than-truckload carrier Saia reported fourth-quarter results well ahead of expectations Monday. The company reported record operating results in a “most unique year.”

All Nippon Airways is consolidating freighter operations at one of its Tokyo airports, and only relying on passenger planes to deliver cargo to Okinawa to save money after losing a lot of money in the first three quarters of its fiscal year.

Long grind ahead for crude tankers: Executives and analysts don’t see recovery until second half — if not later.

North American automotive and import opportunities could boost business for Universal Logistics during 2021, CEO Tim Phillips said during the Q4 earnings call.

Business payments company FLEETCOR Technologies Inc. reported EPS 19 cents above estimates for the fourth quarter.

Retailers will want to pull forward inventory ahead of the 2021 peak season, the intermodal marketing company said. Fourth-quarter 2020 revenue grew by 6% although net profit slipped by 20% year-over-year.

A Wall Street research firm calls the performance “remarkable.”

The trucking and logistics company gained from strong demand and tight supply.

Universal Logistics’ operating revenues from truckload services in the fourth quarter decreased $8.7 million to $49.8 million.

Yellow Corp. is back. The holding company formerly known as YRC Worldwide has gone back to its roots. However, fourth-quarter results missed analysts’ expectations at a net loss of 37 cents per share.

One notable number in the company’s earnings is that even with growth in all areas, compensation costs were held in check.

Weathering the COVID pandemic drove Volvo Group sales lower in 2020, but market share was stable and new orders are pouring in.

Schneider National plans to use its strong cash generation capabilities to reinvest in the fleet during 2021. The carrier will also look to allocate growth capital to its dedicated and intermodal offerings.

Schneider National posted fourth-quarter results ahead of analysts’ forecasts on Wednesday. The company’s 2021 outlook is largely in-line with the current consensus estimate.

The deal benefits TFI’s freight-centric culture and allows UPS to shed a noncore asset, Tomé says.