Company Earnings

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.

The day after CEO Dave Bozeman’s first call with analysts, they weighed in on the company’s outlook.

Multimodal provider Schneider National reeled in its 2023 earnings outlook by roughly 13% on Thursday.

GXO Logistics is one of few companies to better its 2023 estimates and raise its guidance.

Lufthansa Cargo last year was able to avoid much of the fallout from the shrinking freight market, but the bottom line is feeling the negative effects in 2023.

Less-than-truckload provider Forward Air missed second-quarter earnings expectations but management noted it’s seeing a lift from Yellow’s shutdown.

Cummins posted higher second-quarter sales and income thanks to its acquisition of Meritor, but EBITDA declined.

New C.H. Robinson CEO Dave Bozeman waxed philosophical on his first earnings call with analysts.

Asian demand for propane continues to build, as does US supply, equating to booming business for LPG tanker owners in the middle.

GXO’s full-year EPS guidance was raised by 5 cents, while adjusted EBITDA was increased by $10 million.

RXO was flat between the first and second quarters, and that proved to be a turnoff for investors in the 3PL.

Korean Air is the latest Asian airline to announce outsize declines in cargo revenue for the latest quarter.

Shipping lines are seeing higher cargo volumes and successfully integrating newly built vessels into their fleets, says Textainer’s CEO.

Like other trucking OEMs, Daimler Truck rode higher prices to solid second-quarter results while incoming orders fell.

DHL Group forecasts $7.7 billion in earnings before interest and taxes should a recovery take hold early in the second half.

Yellow’s demise is a “huge benefit for our industry,” TFI International CEO Bedard says.

Uber Freight’s negative EBITDA was improved from the first quarter, but revenue has declined steadily for more than a year.

Volume declines ate into TFI International’s revenue in the second quarter.

“It is extremely difficult to announce a reasonable business forecast at this time,” said ONE, citing container shipping market uncertainties.

Truckload carrier Heartland Express reported worse-than-expected second-quarter results on Monday.

Because container liner profits plummeted off an extraordinarily high peak, some carriers are still posting hefty profits despite huge declines.

CPKC eyes opportunities for intermodal and for beefed-up business in Mexico to help recoup higher costs and lost revenue in the second quarter.

All Nippon Airways underperformed competitors by a wide margin in cargo during the last quarter as it prepares to invest in growing the cargo business.

On an earnings call with analysts, Saia’s CEO and CFO tried to address the pending collapse of Yellow without mentioning the company’s name.

Universal Logistics reported revenue of $413 million and earnings per share of 90 cents during the second quarter.

Saia’s second-quarter earnings show a decline in volume but by a relatively small amount.

ArcBest reported an earnings miss Friday but that may not matter as its less-than-truckload unit is quickly taking on volume as a competitor winds down.

Hub Group reported $1 billion in revenue and earnings per share $1.44 during the second quarter.

CPKC released second-quarter earnings results as a merged company.

NS is seeking to improve network fluidity after the East Palestine train derailment, cut down on Ohio-related costs and match resources with market demand in the second half of 2023.

Navistar saw a big drop in orders, but deliveries of new International trucks helped parent Traton to strong second-quarter results.

Even truckload companies are being asked how a Yellow collapse might benefit them; Covenant had an answer on its second-quarter earnings call.

Rush Enterprises posted strong Q2 sales and profits, relying on its parts and services business amid trucking headwinds.

Truck broker Landstar issued worse-than-expected third-quarter guidance Thursday and said most metrics are still underperforming normal seasonal trends.

Revenue declines and a $416 million expense charge put pressure on Norfolk Southern’s second-quarter 2023 net profits.

Two of the top three global logistics powers took a big profit haircut during the second quarter and aren’t very optimistic about a seasonal upturn in shipping.

New sick leave agreements and other deals will increase Union Pacific’s labor costs. Investors on UP’s second-quarter 2023 earnings call wanted to know by how much.

Covenant Logistics’ second-quarter earnings reflected, as expected, a weaker truckload market.

Ryder’s second-quarter performance was mixed, but it forecast a much stronger second half, sending the stock climbing.

Consumer demand is putting pressure on intermodal and lumber volumes and that is weighing on how CN views the back half of this year.

Old Dominion reported what will likely be best-in-class results for the second quarter and said recent turmoil at competitor Yellow Corp. hasn’t altered its strategy any.

Former Union Pacific and CN executive Jim Vena will be UP’s next CEO, while sustainability and strategy EVP Beth Whited has been promoted to president.

Wabash reported record Q2 earnings because it was able to price its trailers and truck bodies higher than the cost of materials.

Hawaiian Airlines is starting an in-house cargo airline that will fly dedicated routes for Amazon Air starting this fall.

The Canadian wildfires and lower volumes for intermodal and crude oil put pressure on Canadian railway CN’s revenue for the second quarter of 2023.

What’s behind Paccar’s stunning Q2 profits? Inflation is part of the answer. So is a burgeoning parts footprint.

Paccar continued a string of record quarterly performances in Q2, posting a 70% gain in profits and a 24% increase in sales.

Logistics real estate operator Link Logistics upgrades its portfolio in the second quarter, booking a 52% increase in leasing spreads.

Stock analysts size up less-than-truckload market dynamics following weeks of turmoil at carrier Yellow Corp.

Expectations for peak season have waned, but container lines may have bounced off the bottom.

TriumphPay dealt with the same weak conditions as other trucking-focused companies in the second quarter, but one key measure was stronger.

Figuring out how to encourage more shippers to switch from truck to rail is not something that can be done overnight, executives said during CSX’s second-quarter 2023 earnings call.

Knight-Swift Transportation called out several headwinds facing its businesses as reasons to meaningfully lower its 2023 earnings guidance.

Volume and pricing gains for CSX’s merchandise segment weren’t enough to offset a decline in intermodal volumes and falling export coal benchmark prices, CSX said.

Pam Transportation Services reported a sharp decline in earnings during the second quarter.

American and United airlines enjoyed highly profitable second quarters, but their cargo businesses were a downer.

With sequential comparisons as important as year on year, truckload carrier Marten held on in Q2 compared to Q1.

J.B. Hunt Transport Services missed second-quarter expectations Tuesday and said it is still uncertain how peak season will play out.

Logistics real estate giant Prologis beat second-quarter estimates Tuesday but lowered its rent growth forecast for 2023 as the market cools from peak activity.

Odyssey Logistics got an increase in its outlook from Moody’s, a change from earlier ratings agency actions on 3PLs.

Delta Air Lines has seen cargo revenue slide by more than a third in the past year.

Uber Freight has implemented layoffs in its legacy digital brokerage operations in the second round of cuts this year. 

Earnings at supply chain software provider E2open were a mixed bag, better than a year ago but weaker sequentially.

Earnings estimates for truckload and less-than-truckload carriers get a notable negative revision at Morgan Stanley.

Knight-Swift provided a second-quarter earnings warning on Wednesday while also confirming the closing of the U.S. Xpress acquisition.

The Greenbrier Companies sees “steady production” as the rail equipment manufacturer prepares to close out its 2023 fiscal year.

Year-on-year revenue at FedEx was down $2.7 billion, while diluted earnings per share beat estimates slightly; CFO Michael Lenz plans to retire at the end of July.

C.H. Robinson avoided a debt downgrade at S&P but the outlook was changed to negative, mostly on the size of its share buybacks.

Less-than-truckload carrier Yellow reported another large drop in volumes Friday after the market closed.

ArcBest holds on to tonnage growth in the April-May period but yields take a notable step lower.

Less-than-truckload provider Forward Air said Tuesday that demand momentum has improved as the second quarter has progressed.

Sticking to earlier forecasts, RXO’s chief strategy officer sees the 3PL’s market share growing and increased volume year on year.

Less-than-truckload carrier Old Dominion reported no seasonal inflection in volumes during May but continued to push yields higher.

Less-than-truckload carrier Saia reported second-quarter volume metrics on Friday that imply a high-single-digit sequential increase in tonnage from the first quarter.

Supply chain visibility provider Descartes beat first-quarter estimates, and management said they are optimistic about recent trends.

Freightos, an online reservation portal for freight shippers, is adding users, but heavy development costs and a weak shipping market make it difficult for the startup to reduce losses.

The quarterly earnings report of major truck lender BMO finally reflected the deterioration in the trucking market.

Freight broker Landstar cut its second-quarter revenue and earnings guidance as volumes and revenue per load were worse than expected halfway through the period.

Outsize profits are still flowing to companies like Danaos and Costamare that lease ships to container lines.

The container shipping party is over — that’s old news. Yet headlines continue to focus on comparisons to the peak.

First-quarter financials were iffy and cash was tight, but Workhorse electric stepvan manufacturing made progress.

All airlines are experiencing lower cargo revenue, but Air Canada lagged most competitors during the first quarter for reasons both unique to the airline and common for the industry.

Ratings agency Moody’s held J.B. Hunt’s debt rating steady, as the trucking company’s rating hasn’t changed since 2014.

The CEO of shipping line Hapag-Lloyd argues that current freight rates are unsustainable and will correct upward over time.

U.S. Xpress has laid off about 150 staffers and reported a hefty loss to the SEC.

Radiant Logistics said it will continue to use free cash flow and potentially debt to fund share repurchases and acquisitions.

U.S. box demand, which has experienced historic declines in the past two quarters, remains unusually weak in Q2 from all indications.

GXO, the world’s largest pure-play contract logistics provider, posted a record 12% year-over-year revenue gain.

Daseke pulled in its full-year 2023 outlook on Tuesday as the freight market has failed to yield normal springtime demand improvements.

Nikola will get $35 million in cash and 20.6 million of its shares from ending a joint venture with Europe’s Iveco Group, but ties remain.

Higher expenses and lower carload volumes contributed to a year-over-year dip in BNSF’s net profits for the first quarter.

Amazon air cargo partner ATSG has its eye on long-term growth, but investors with a shorter horizon are wary of big expenditures for cargo jets as shipping demand wanes.