Finance

Share gains come despite another net loss, sharp drop in operating income

Canadian Pacific executives on the company’s second-quarter 2022 earnings call discussed precision scheduled railroading, synergies with Kansas City Southern and intermodal strength in the second half of the year.

Forward Air raised its earnings expectations again. Management believes it has the ability to generate higher results even in a recession.

Shipping lines are still racking up extraordinary profits. Hapag-Lloyd forecasts continued strength in the second half.

Commentary from the C-suites of trucking remains positive for the 2022 back half.

Converting two flat switching yards back to hump yards and adjusting train schedules are broader initiatives that aim to serve customers better, Norfolk Southern executives said during the company’s second-quarter 2022 earnings call Wednesday.

Robinson’s NAST revenue rises despite LTL volume declines and modest TL growth.

Less-than-truckload carrier Saia reports record results for the second quarter and said it has no plans of slowing its growth initiatives.

Logistics giant Ryder posted total revenue of $3.03 billion and earnings per share of $4.43 during the second quarter.

Old Dominion Freight Line’s 69.5% operating ratio during the second quarter was not only a company best but a best-ever result for a public carrier.

Anticipated strength in domestic intermodal and higher grain volumes will support CN in the back half of this year, company executives said during the Canadian railway’s second-quarter 2022 earnings call.

Shopify posted a $1.2 billion loss in the second quarter a day after it announced it was slashing 10% of its workforce.

Paccar Inc. defied analyst estimates and posted top- and bottom-line beats in second-quarter revenue and income.

Despite a murky economic outlook, Covenant remains optimistic about the company’s business prospects through 2023.

The Atlanta-based company also reveals a plan to improve on-time performance across its U.S. network.

Kuehne + Nagel continued profit growth in Q2 by charging customers more for extra service to keep supply chains fluid.

Covenant Logistics Group’s truckload revenue increased 29% year over year to $218 million, despite unprecedented cost inflation and higher insurance costs.

Truckload carrier Heartland Express said it expects freight demand to exceed its available capacity for the rest of 2022.

If you’re an owner-operator, chances are that money-wise 2021 felt pretty good to you. Has 2022 been quite as generous?

Pent-up demand for railcars will support GATX even as rail service clears up.

Nikola’s could keep adjourning its annual meeting as it pursues unvoted proxies to raise the number of authorized shares.

With over $170 million from investors, executive leadership from legacy companies and a restructured plan for long-term growth, Emerge’s leadership is looking forward to continuing its core mission of modernizing procurement processes.

Union Pacific executives said it wasn’t precision scheduled railroading but running the network too tightly that brought on the service issues.

Triumph Bancorp posts strong second-quarter financial results while remaining “cautiously optimistic” for a relatively flat trucking and transportation market through the end of 2022.

Broker Landstar System missed second-quarter expectations but noted pricing metrics are holding firm.

An unanticipated high attrition rate among new hires has affected the pace of CSX’s planned operational recovery, according to executives on the railroad’s second-quarter earnings call.

Knight-Swift Transportation rode higher revenues and better margins in all of its divisions to a beat-and-raise second quarter.

Passenger travel carried United Airlines to a second-quarter profit, while cargo sales eased for the first time in two years.

“This allows Samsung to set a new bar of service levels for logistics customers, and Vizion supports this through hyperfocus on enhanced visibility technologies,” said Kyle Henderson, co-founder and CEO of Vizion.

FreightWaves announces a new Chief Revenue Officer and its Q2 earnings.

J.B. Hunt Transport Services beat second-quarter expectations despite persistent rail congestion and supply chain bottlenecks.

J.B. Hunt Transport Services’ second quarter came in ahead of forecasts.

Volvo Group reported higher truck sales, profits and market share in the second quarter despite ongoing supply chain disruptions.

Temperature-controlled carrier Marten Transport rode higher yield metrics to a record quarter.

Nikola will try for a fourth time to win a proxy fight with indicted founder Trevor Milton as the electric truck maker fell short of votes again.

Logistics real estate investment trust Prologis on Monday pointed to some moderation in demand trends but pushed its full-year financial expectations higher.

Logistics warehouse owner Prologis reported in-line second-quarter financials Monday but full-year expectations were increased on “healthy demand.”

“While this was not an easy decision to make, restructuring our organization keeps us on a path of success, provides the opportunity to improve efficiency and collaboration and allows us to better address the evolving needs of our customers,” said project44 founder and CEO Jett McCandless.

Customers are eager to move products via rail once network congestion subsides, executives said during Greenbrier’s quarterly earnings call on Monday.

To date, drivers have completed 45,000 loads and have earned over $75 million using CloudTrucks’ solutions, according to co-founder and CEO Tobenna Arodiogbu.

Less-than-truckload carrier Pitt Ohio announced the acquisition of assets from Teal’s Express, which will provide it coverage in New York.

NewRoad Capital Partners leads Series B investment in cloud fulfillment platform Logiwa.

Transport analyst conducts virtual beer get-togethers to gain knowledge and build contacts.

A shipping researcher dubbed July 1 “Bloody Friday” due to a large drop in stock prices for several shipping companies.

The company specifically runs its fleet on Interstate 5 using proprietary technology to relay drivers.

Baton eliminates 25% of its workforce to pivot its business model to focus on its artificial intelligence transportation management software for drop-freight operation

Burris Logistics expands cold chain service map for subsidiary Honor Foods in its latest acquisition.

FreightWaves founder and CEO Craig Fuller assesses the potential for a “great purge” in trucking fleets.

FedEx Freight’s gains won’t make investors forget about FedEx Ground’s issues, but they help.

A midyear report showed mixed data for deal flow in the transportation and logistics sector.

Red Arts Capital makes another acquisition in the supply chain, adding contract packaging provider Coregistics to its portfolio.

FreightWaves founder and CEO Craig Fuller analyzes the bullwhip effect on the current retail and trucking environments.

The air cargo market has lost some steam from 2021 but is still going strong, according to the airline trade group IATA.

Qatar Airways posted record profit and strong cargo business for the fiscal year 2021-22.

As the economy corrects itself, where does VC stand?

Following an acquisition that gave ShipX end-to-end e-commerce delivery capabilities, the company is looking to expand its geography.

“Cash flow and back-office support has always been a large part of what we do. Yet there are so many other ways to help small and midsized carriers better compete in the industry, to not only survive tough market conditions but thrive during the better days as well,” said co-founder and CEO Fritz Owens.

DSV has been reported to be interested in acquiring C.H. Robinson’s global forwarding unit for as much as $9 billion.

It’s the end of the line for Electric Last Mile Solutions as it becomes the first transportation SPAC to file for bankruptcy liquidation.

Logistics provider LeeWay Services Inc. filed for an initial public offering of up to $17 million with the Securities and Exchange Commission Monday.

Logistics warehouse operators Prologis and Duke Realty have come to terms in a $26 billion deal.

Less-than-truckload carrier Yellow Corp. reported another drop in tonnage during May as its terminal rationalization continues.

Schneider announced the acquisition of deBoer Transportation, a regional dedicated fleet of 160 power units.

Old Dominion Freight Line reported a continuation in positive revenue, pricing and tonnage trends during May.

“Shifex has tremendous insight and we hope to inspire other freight forwarders to come out, be transparent about pricing and move this industry forward,” said Shifl founder and CEO Shabsie Levy.

Ryder management told an investors meeting late last week it had rejected a takeover offer by an activist investor and can meet its valuation targets.

“The cost of trucking is dramatically going down and we’re hitting a recession that is not going to get any better. It’s surprising how many shippers are running annual bids when they should be running three-month bid cycles on almost all of their lanes,” said Emerge founder and CEO Andrew Leto.

CMA CGM, the world’s third largest liner company, froze spot rates in September-January, yet its revenue per container kept rising.

Nikola Corp. adjourned its annual meeting Wednesday after too few investors voted on a proposal to raise the number of shares in the electric truck maker.

A couple of less-than-truckload carriers reported positive demand trends for the first two months of the second quarter.

The International Air Transport Association’s chief economist points to mixed signals for the economy and air cargo activity.

Temperature-controlled warehouse operator Lineage Logistics and Bay Grove acquire supply chain visibility platform Turvo for an undisclosed amount.

ShipX creates an end-to-end e-commerce solution with the acquisition of Princeton Logistics and TriStar Carriers.

“Ensuring companies stay compliant certainly isn’t the sexiest venture, but in the trucking industry, it’s one of the most important aspects to get right.”

Motive raised $150 million to invest in products aimed at the “safety, productivity and profitability” of businesses.

BMO, a major lender to the trucking sector, reported that write-offs and allowances declined in the second quarter, with weakness not evident in the data.

Mexico-based digital freight forwarder Nowports has achieved unicorn status after closing a $150 million series C round.

The high-flying darlings of 2021, less-than-truckload stocks are finding their way back to earth quickly this year.

FreightWaves founder and CEO Craig Fuller analyzes truckload contract rates and where they may be headed.

Freight demand trends in a softening market continue to be bifurcated with large fleets remaining unscathed so far.

Baird analyst Garrett Holland says HG Vora’s offer to acquire Ryder System doesn’t fairly value a projected increase in earnings.

“The time is right for a seismic shift online in the world of open deck shipping. Thanks to its shipper TMS solution, internal TMS and carrier management portal, we feel EXO Freight is poised to fundamentally improve the economics and quality of life for open deck carriers and their drivers,” said Dan Ahrens, managing partner at Left Lane Capital.

Zim continues to outpace growth rates of rival container shipping lines, but investor demand fears are on the rise.

Third-party logistics provider Fox Logistics announced it has acquired Boxton’s automated freight platform.

FreightWaves founder and CEO Craig Fuller analyzes changes taking place in global supply chains.

Target Corp. reported Q1 2022 earnings before the bell Wednesday, turning in weaker-than-expected numbers.

Electric work truck startup Atlis Motor Vehicles has crowdfunded $32.6 million from nearly 29,000 investors as it readies a public offering.

The company blames a faster-than-expected rise in costs during the second half of the quarter.

FreightWaves founder and CEO Craig Fuller lays out the premise of Freedom Trade.

Ryder System is facing a possible hostile takeover bid, and looming is the question of whether the company is worth more apart than together.

Spencer Tenney speaks on the state of merger and acquisitions in trucking and freight brokerage; host John Kingston addresses East Coast diesel.

Ocean carrier Hapag-Lloyd sees consumer demand and spot rates slipping, with market highs in the rearview mirror.

Lordstown Motors lives to fight another day with the $230 million sale of the plant it basically got for free from General Motors.

Yellow Corp. executives told analysts that the company’s plan to close and consolidate terminals won’t reduce capacity in its network.

The company has created a new “baseline” for package-delivery activity, S&P says in assigning its debt an “A” rating.

Multimodal transportation provider Radiant Logistics reported record results again during its fiscal quarter ended March 31. Demand still remains healthy throughout its network.

U.S. Bank, a major lender to the supply chain, has brought in LiquidX as its fintech partner to speed up its digitization process.

Byrd currently services the U.K., France, Germany, Austria, Italy, Spain and the Netherlands, and with its new capital, the company plans to expand its delivery network and warehouse capabilities to Sweden, Denmark and Poland.

Logistics real estate investment trust Prologis makes a $24 billion all-stock offer for competitor Duke Realty.

The company beat analysts’ expectations in its first-quarter financial results and named a new head of its brokerage services operation.