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.
Old-school aerodynamics technologies such as TruckWings can contribute to economic and environmental sustainability.
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.
Supply chain software provider E2Open is now trading on the NYSE under a new symbol.
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.
Slync.io, a Dallas-based operating system for global logistics, announced the close of its $60 million Series B funding round.
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.
Supply chain technology provider Manhattan Associates bests fourth-quarter forecast and raises 2021 guidance. Management sees “robust” global demand for cloud solutions.
Amazon announces a leadership shift as it crushes fourth-quarter 2020 estimates and reports $125 billion in revenue.
Ocean Network Express takes giant profitability leap — from $5 million to $944 million year-over-year.
Logistics provider ArcBest sees positive tonnage trends continue in the first quarter. The less-than-truckload carrier is attempting to break the historical margin decline seen from the fourth quarter to the first.
E-commerce and shipping solutions provider Pitney Bowes reported “the highest modern-day, organic growth rate on record.”
UPS reports all-time annual records for revenue and earnings per share.
Logistics provider ArcBest reported better-than-expected results for the fourth quarter Tuesday. Less-than-truckload tonnage increased by double-digit percentages as weight per shipment jumped 10%.
Forward Air is the latest transportation provider to implement general rate increases amid a tight capacity environment. The company’s 6% GRI will apply to all shipments.
YRC announced Monday the further expansion of its regional next-day service at YRC Freight. This rollout will make the service available out of 13 terminals throughout the mid-Atlantic.
Only a week removed from the $800 million purchase of UPS Freight, TFI International is back at it. On Monday, the company announced the acquisition of van and flatbed carrier Fleetway Transport.
Despite strong Q4, Daimler Trucks likely to miss analyst consensus on sales and profits based on parent company’s forecast.
An interview with flatbed carrier Daseke outlines the company’s operational focus and plan to get back to growth through acquisitions.
Flatbed truckload company Daseke beats earnings per share estimates in the fourth quarter but revenue and operating ratios slide. 2021 guidance provides a bit of a mixed bag.
In what amounted to an “encore,” the end of the Q&A didn’t mean an end to the discussion on Variant and its role in USX’s future.
Fuller: Variant initiative was 9.4% of truckload revenues in fourth quarter
Truck broker Landstar System expects high demand and elevated truckload rates to carry through the first quarter of the year. However, the company’s CEO has a bit of a contrarian “pessimistic” view for the second half.
Truck broker Landstar System set records in the fourth quarter. The company is expecting the high-demand environment and improved truckload pricing to carry through at least the first quarter.
Canadian Pacific reported a fourth-quarter operating ratio of 53.9%, a record low. Fourth-quarter net profit was CA$802 million, up nearly 21% year-over-year.
Hapag-Lloyd credits higher freight rates and lower bunker prices as “the main drivers of these positive business developments.”
Knight-Swift Transportation reports a big jump in results during the fourth quarter. However, while some may view this as a victory lap, investors appear to be calling the end to the TL trade.
Alaska Airlines’ parent company is one of the better managed airlines in the industry. Its financial results during a pandemic year show why.
Knight-Swift Transportation capitalizes on strong truckload fundamentals to post much higher year-over-year results. Fourth-quarter numbers came in slightly ahead of expectations and the company’s full-year 2021 guidance remains unchanged.
Fourth-quarter net profit was $671 million. An 8% decrease in operating expenses helped to offset a 4% decline in operating revenues.
Operating ratios for all its segments improved in the final three months of the year.
Net income rebounded 49.1% year-over-year from one of the 3PL’s worst quarters.
CN’s fourth-quarter net income was C$1.02 billion amid a 2% increase in revenue and a 5% decrease in operating expenses.
Prologis enters the new year with “optimism and confidence” as logistics real estate remains in high demand. Fourth-quarter financial results and 2021 guidance come in ahead of forecasts.
Wall Street reacts negatively to the latest earnings report, but Covenant suggests it’s playing a long game.
The continuing impact from COVID impacts results but the Kenworth, Peterbilt and DAF parent company still turns in positive numbers.
Logistics real estate operator Prologis reports better-than-expected fourth-quarter results as the “pandemic has pushed global supply chains to their limits.”
Past Forward Air CFO Andy Clarke outlines his outlook for improving returns at his former company. He represents an activist investor group, which includes turnaround investment firm Ancora Advisors and Forward’s founder.
The Triumph acquisition of TFS has had plenty of problems since it was first announced.
KCS’ fourth-quarter 2020 net profit was $165.7 million, compared with $127.2 million in Q4 of 2019.
Fourth-quarter figures at Triumph were impacted by the third-quarter acquisition of Covenant’s factoring business.
CSX’s fourth-quarter net income slipped 1% to $760 million amid a 2% decline in revenue.
The MDH Acquisition Corp. looks to raise more than $200 million in an IPO.
Supply chain-focused private equity firm Red Arts Capital acquires Canadian third-party logistics provider Radius Logistics.
Union Pacific’s net profit was $1.4 billion in the fourth quarter of 2020, on par with the fourth quarter of 2019.
An economic outlook report from truckload carrier U.S. Xpress calls for tight truckload dynamics to remain in place at least through the third quarter. The forecast calls for contractual rates to increase as high as 15% in the year.
Another supporter of improving less-than-truckload fundamentals was identified this week. UBS analyst Tom Wadewitz initiated coverage of the group with a favorable outlook.
Cardinal Logistics has acquired heavy-goods final-mile provider NRX Logistics. The deal marks the third final-mile transaction for M&A advisory firm Tenney Group in the last year.
Cross-border logistics platform looks to scale sustainably as it prepares to raise more capital.
J.B. Hunt Transport Services’ fourth quarter came in better than expected. However, the company said it was reviewing long-term margin targets across all segments. Intermodal margin forecasts may be reduced but other units could see upward revisions.
Cortera report shows surge in business spending as the year drew to a close.
J.B. Hunt Transport Services’ fourth quarter outpaces analysts’ forecasts. Brokerage, truck and final-mile divisions benefit from revenue surge.
Rivian has closed an investment round of $2.65 billion as the electric truck company best known in freight circles for making the Amazon custom delivery van gears up for mass production.
Fourth-quarter results for Heartland Express displayed a revenue dip on driver employment headwinds but operating income jumped 35%. The company mentions getting back into M&A.
Interview with Daseke’s leadership team covers recent changes and the return to M&A.
Penske Logistics “strongly refutes” claims by Loves but defers other comments.
The December rates subindex jumped 13% year-over-year, setting the stage for big rate hikes in 2021, according to Cass data.
Delta’s downsizing helped it contain costs during an extremely challenging pandemic year. On Thursday, it reported a fourth-quarter loss before taxes of $2.1 billion.
Each company is the other’s “preferred partner” in the factoring/truck stop cooperation
Surging activity around logistics properties dominated the headlines in a fourth-quarter industrial real estate report. The strong trends are expected to advance into 2021 with some moderation seen as more supply comes online.
Temperature-controlled carrier Nagle Toledo announced a 17% pay increase for its drivers. The company was one of the first to start paying drivers a straight salary.
Relay Payments, a fintech company operating in the logistics space, has raised $43 million in funding over the last six months as it seeks to digitize an industry that has long relied on checks and cash.
Electric vehicle chassis maker Motiv Power Systems has secured $20 million in debt financing from Crescent Cove Advisors.
ORBCOMM’s privately transacted $200 million refinancing means the ELD provider is entering 2021 with a markedly different balance sheet than in recent years.
Deutsche Bank’s December geofencing data suggests LTL volumes continued the positive trends seen in the first two months of the fourth quarter.
Bed, Bath & Beyond reported EPS of less than half consensus estimates. CEO Mark Tritton pointed to tight shipping capacity and elevated freight costs for the miss. Get used to hearing this.
Uber’s stock dips on a report that Goldman Sachs is looking to unload 38 million shares. The company has made several moves recently to shore up the balance sheet and sustain its cash-intensive brokerage segment.
UBS equity research analyst Tom Wadewitz’s 2021 outlook calls for a continuation of healthy freight activity during the first half of the year with a little more uncertainty in the back half.
Ridgemont becomes Seko’s majority investor by buying Greenbriar Equity’s stake. Greenbriar retains a minority position.
A congressional oversight report highlights flaws in the Defense Department’s designation of less-than-truckload carrier YRC Worldwide as a company vital to national security.
Flatbed carrier Daseke announced several moves Tuesday. The company’s CEO has resigned, former founder Don Daseke will be renominated to the board and institutional shareholder Lyons Capital will occupy a board seat.
Former executives at Forward Air along with an activist investor have been acquiring shares since October in efforts to make changes to the management team, board and capital allocation strategy, which may include divesting “non-core assets.”
The trucking sector has been on a historic run of late, with some pointing to an end nearing. Don’t tell that to Deutsche Bank’s Amit Mehrotra, who sat down with FreightWaves to discuss his positive outlook for the new year.
Electric vehicle sector hottest area for SPACs
Americold announced that it has closed on a 46-facility deal valued at $1.74 billion.
Railcar lessor GATX acquires tank container lessor Trifleet in 175 million euro deal.
The plan: signing up lots of carriers who then team with brokers to use the factoring capabilities built into the platform
Indianapolis-based third-party logistics provider FitzMark announces the completion of a majority recapitalization. The transaction allows the brokerage consolidator to further pursue organic growth plans and acquisitions.
A quarterly year-over-year drop of 25% needs to be on the books for access to money.
Capstone Headwaters releases December update on logistics technology deals.
Drayage provider ContainerPort Group announces intermodal terminal operator FSI Inc. will start operating under the CPG banner at the beginning of the year.
