Company Earnings

Supply chain technology provider Trimble posted impressive Q3 results but said transportation revenue could slow down in the next quarter.

Profits being reported by container shipping lines are down from the stratosphere but many still surpass pre-COVID returns.

Forward Air will primarily focus on less-than-truckload opportunities moving forward as it tries to exit a burdensome merger agreement.

Air Canada said it is taking a slower approach to adding cargo jets because there isn’t enough demand now to justify the investment.

Forward Air said it would accelerate a strategic review of its assets after missing third-quarter consensus and providing a weaker-than-expected fourth-quarter outlook.

Third-quarter earnings reports show how Yellow Corp.’s market share was redistributed across the less-than-truckload industry.

Tough freight market hits Echo’s debt ratings, down a notch at S&P.

XPO said Monday it plans to increase capital spending to respond to a tightening capacity dynamic following Yellow’s closure.

XPO reported a third-quarter-earnings beat on Monday as fallout from a competitor’s closure overshadowed a soft macroeconomic environment.

Hawaiian Airlines is finally on its way to positive cash flow from its new Amazon Air contract after spending money to launch freighter operations.

ArcBest’s less-than-truckload operation saw a meaningful step up in profitability in the third quarter as it remains selective on market share opportunities.

Saia posted across-the-board gains but its operating ratio worsened as it absorbed higher-than-expected costs.

Universal Logistics Holdings released its third-quarter financial results on Friday, reporting year-over-year decreases in its trucking, intermodal and brokerage segments.

The Greenbrier Companies, GATX and Wabtec all reported quarterly earnings this week. Among the themes expressed during earnings calls was pervading market uncertainty domestically but an abundance of international opportunities.

ArcBest reports a third-quarter earnings beat when adjusting for several one-off items.

Hub Group reported $1 billion in revenue and earnings per share of 97 cents during the third quarter.

Link Logistics added 24 million square feet of space during the third quarter while holding occupancy level.

Amazon’s EPS handily beat estimates, while operating and net income posted four- and three-bagger gains.

Heartland Express books a third-quarter net loss and makes changes to cull unprofitable accounts.

Truckload carrier Covenant Logistics Group said the freight market is bottoming out, and the company is eyeing only a “modest decline” in earnings next quarter.

UPS’ third-quarter results reflect struggles with macro weakness, volume diversions and higher labor costs.

Uncertainties over consumer demand and inflation rates are causing Canadian Pacific Kansas City to adopt a more cautious stance as 2024 approaches.

Chattanooga, Tennessee-based Covenant Logistics Group’s third-quarter revenue declined 7% year over year to $288.7 million.

Freight broker Landstar System told analysts on a Thursday call that it expects the current freight downturn to last eight quarters, not six as previously hoped.

CPKC reported a 12% decline in net profit in the third quarter despite higher combined revenues.

Rush Enterprises experienced softer Class 8 aftermarket revenue at its dealership network, but it had other business to replace it in Q3.

Truck leasing giant Ryder posted total revenue of $2.9 billion and earnings per share of $3.58 during the third quarter.

Old Dominion sees a 6% uptick in shipments following Yellow’s closure but says the industry’s freight reshuffle hasn’t been permanently settled.

Wabash’s reorganization is continuing to pay off as service revenue rises as trailer sales fall amid improved profits.

Short-term pain will lead to long-term gain for Norfolk Southern, the railway’s CEO said when asked about his company’s higher margins amid plans to continue improvements to rail service.

Consistent with its rivals, Traton sees orders slowing but strong deliveries across its brands including Navistar.

NS’ third-quarter net income fell 50% amid a $163 million incident charge related to the East Palestine, Ohio, train derailment in February.

Old Dominion Freight Line reported better-than-expected third-quarter results as Yellow’s departure provided a tailwind.

Partnerships with other Class I railroads will help the freight rail industry gain market share, CN executives said during the Canadian railway’s third-quarter 2023 earnings call Tuesday.

Less-than-truckload carrier Saia will implement a 7.5% general rate increase in early December.

TFI’s overall third-quarter results reflect a weak macro environment.

Paccar Inc. posted record third-quarter net income and continued to build on a streak of beating analyst estimates.

Enabling information sharing between departments will help CSX not only cut costs but discover new business opportunities, COO Mike Cory said on the railway’s third-quarter earnings call.

Knight-Swift Transportation beat lowered third-quarter expectations Thursday and said the market appears close to a tipping point.

Triumph Financial’s earnings saw a tighter EBITDA loss at TriumphPay and a largely flat average invoice price in its transportation factoring business.

Eastern U.S. Class I railroad said its third-quarter net profit fell 24% amid lower operating revenues.

On his first earnings call as Union Pacific’s CEO, Jim Vena said his goal for the railway is to “win and be the best in the industry.”

American Airlines Cargo had a disappointing, but expected, third quarter. Management says new aircraft and operational enhancements should help attract customers as the market improves.

Pam Transportation Services sees truckload fundamentals weaken further during the third quarter.

Lower revenues dented Union Pacific’s earnings for the third quarter of 2023.

Automaker Tesla’s plan to build a factory in Mexico could be delayed past 2025, CEO Elon Musk said Wednesday.

Truckload carrier Marten saw its earnings fall from a year ago and detailed how much of that was caused by higher fuel prices. 

Volvo Group reported strong third-quarter results but reported slowing orders as trucking demand returns to normal.

J.B. Hunt’s overall financial performance in the third quarter was weak, but slight strengthening in intermodal volumes was celebrated.

United Airlines had a weak quarter for cargo revenue, but it’s on par with the rest of the industry.

Cosco earned more than $800 million in the third quarter, while one analyst expects Zim to lose more than $200 million.

Logistics warehouse owner Prologis on Tuesday noted some cracks in demand, which it attributed to interest-rate policy and geopolitical fears.

Logistics warehouse landlord Prologis beat expectations for the third quarter on Tuesday.

Delta Air Lines cargo revenue fell by more than a third in the third quarter, reflecting weak market conditions.

Equity research analysts are taking less-than-truckload earnings forecasts higher following the industry’s successful absorption of defunct Yellow’s freight.

FedEx’s fiscal first-quarter results give efficiency the nod over growth. (Photo: Jim Allen/FreightWaves)

FedEx beat analysts’ estimates despite downgrading its full-year revenue outlook.

Radiant Logistics is looking to deploy its unleveraged balance sheet on M&A.

J.B. Hunt provided a slightly more positive outlook at an investor conference on Wednesday.

Forward Air’s August tonnage improved from July but likely came in lower than expected.

Less-than-truckload carrier Old Dominion reported a large turnabout in operating trends during August.

Supply chain visibility provider Descartes leans on past acquisitions to grow through the downcycle.

Less-than-truckload carrier XPO appears to have maintained the market share gains it acquired following Yellow’s closure in July.

ArcBest said Monday that shipments from its primary less-than-truckload customers have increased 20% since June.

Knight-Swift Transportation announced late Friday that its top two executives have taken a reduction in base pay amid other cost-cutting measures at the company.

Third-party logistics provider GXO received two solid analyses this week from the debt and equity side of the ledger.

Freight booking platform Freightos is working to reduce its cash burn as it continues to grow and add new products.

Walmart posted revenue gains of 5.7% in its fiscal 2024 second quarter, paced by a 6.4% gain in U.S. same-store sales.

Zim lost $213 million in the second quarter. Will rising trans-Pacific spot rates help it reverse course in the third?

The current valley in airfreight demand hasn’t spooked Air Transport Services Group, which continues to invest in freighter aircraft for its leasing and airline businesses.

Less-than-truckload carrier Saia sees freight surge in the first two weeks of August.

Werner Enterprises’ CEO said Tuesday that the worst of the cycle is in the rearview and that he will remember which shippers stood by the company during the recent freight recession.

Cargojet trimmed its express flying in Canada, but lower fuel costs and other cost measures made for a relatively healthy bottom line last quarter under weak market conditions.

Looming rail car retirements and high rates for rail car scrapping — not rail volumes — are driving the rail car market, according to the CEOs of rail car leasing companies and rail equipment manufacturers.

Second-quarter cargo revenue at Air Canada fell 24% — not so bad in the context of global market conditions.

Looking ahead, Taiwanese ocean carrier Yang Ming said that “the overall momentum for economic recovery over the next two years still appears relatively weak.”

Ocean carrier HMM attributed much of its first-half net-profit nosedive of 90% to overcapacity in the container shipping industry.

“Weaker demand and lower freight rates are having a very noticeable impact on our earnings,” said Hapag-Lloyd CEO Rolf Habben Jansen.

Cathay Pacific is rebuilding its passenger network after a three-year pandemic freeze, and the network effect is greatly benefiting the freighter operation.

Hyliion Holdings has enough cash and investments to run its business through 2024 without raising new capital.

Yellow Corp. released second-quarter financials Wednesday following a bankruptcy petition earlier in the week.

The U.S. Postal Service’s non-GAAP loss nearly doubled year over year, while shipping volume was down slightly and revenue was flat.

Atlanta-based FleetCor Technologies reported fuel transaction revenue of $399 million in the second quarter, a 6% year-over-year increase.

About 1 million daily packages were diverted from UPS and 200,000 more did not enter the system due to lost sales.

Hyzon Motors is willing to consider selling itself or merging to keep making progress on its fuel cell system.

Expeditors had a second-quarter financial performance that might be expected from a company active in the air and ocean freight markets.

Workhorse Group claims business progress, but it needs approval for new shares to raise capital to make electric trucks and drones.

UPS’ full-year guidance change reflects the volume and cost impact from labor negotiations with the Teamsters.

Investors in Danaos thought they were buying a container shipping stock. Now they’re invested in dry bulk, too.

The quarterly earnings report from Berkshire Hathaway was the first with a full set of financial numbers from Pilot.

Second-quarter freight volumes fell 11% across BNSF’s segments for consumer, agricultural and industrial products and coal.

Asset sales in Q2 helped Nikola add cash to its balance sheet, but losses widened as ramp-up of fuel cell trucks consumed cash.

Sun Country Airlines had a strong quarter for cargo thanks to growth in its Amazon business.

Less-than-truckload carrier XPO said it would add capacity to meet the increased demand created by Yellow’s departure.

Less-than-truckload carrier XPO saw shipments and tonnage surge in July as a competitor shut down.

Despite upgrading its full-year outlook, container shipping giant Maersk no longer sees a second-half demand rebound.

Texas-based flatbed carrier Daseke does not expect to see improvement in the freight market the rest of the year.

Werner Enterprises reported an earnings miss for the second quarter on Thursday after the market closed.

Supply chain technology provider Trimble posts impressive Q2 results and says truck spot rates may have “bottomed out.”

Amazon’s earnings per share of 65 cents nearly doubled consensus estimates.