Finance

J.B. Hunt Transport Services reported a miss on first-quarter expectations Tuesday after the market closed.

The air cargo market’s upturn helped Delta Air Lines in the first quarter, but revenues were still lower than in 2022.

New debt to pay a big dividend has led the two largest ratings agencies to reduce their rating of short-line rail operator Genesee & Wyoming.

A Delaware bankruptcy court overseeing Yellow’s liquidation said Wednesday it will hear the case regarding nearly $8 billion in pension withdrawal liability claims against the estate.

UPS told investors it is leaning into automation and robotics to increase parcel capacity, which in turn will allow the company to operate fewer physical facilities.

Yellow’s breach-of-contract suit against the Teamsters union has been dismissed by a federal court in Kansas.

Moody’s held its investment-grade debt rating of RXO, but its outlook was shifted to negative.

First-quarter earnings estimates for truckload carriers have been reeled in again as the industry awaits a meaningful turn in the cycle.

Norfolk Southern’s annual meeting will be May 9, when the push to oust current management comes to a head.

FedEx Express has parked more freighters, reduced aircraft capex and is integrating its daytime freighter network with the Freight segment’s less-than-truckload operation to provide linehaul connecting the U.S. and Europe to boost efficiency.

Onshore well services provider Enservco Corp. has entered an agreement to acquire Buckshot Trucking.

Bosch has a cloud-based plan for load matching; Nikola’s high-pressure product and problems;, and Cummins’ creative stock buyback via spinoff

FedEx said strong cost controls drove its fiscal third-quarter results; its shares soared in late trading.

Bulk hauler Trimac announced the acquisition of North Carolina-based Feldspar Trucking, which hauls materials used for glass and ceramics production.

The two key ratings agencies expressed caution about the debt metrics on GXO’s acquisition of Wincanton. (Photo: GXO)

TFI International has acquired less-than-truckload carrier Hercules Forwarding, which generates over $100 million in revenue each year.

PS Logistics announced the acquisition of flatbed fleet Yordy Transport on Monday.

ArcBest reported another big tonnage decline in February as it continues to replace transactional freight with better-priced business from core accounts.

Lufthansa Cargo saw a big drop in profitability last year because of difficult market conditions.

Supply chain software provider E2open, with Elliott Investment Management holding a big stake, has launched a “strategic review” on its future.

Supply chain software provider Descartes said it continued to pick up market share on its way to another record quarterly performance.

Less-than-truckload carrier XPO is seeing some of the strongest volume growth in the industry.

Old Dominion Freight Line reported modestly better trends in February compared to January but noted the market remains soft.

Less-than-truckload carrier Saia said daily shipments were up 19% in February Monday after the market closed.

Kuehne+Nagel is the largest logistics company in the world, but it wasn’t immune to downward market forces in 2023.

Air Transport Services Group is taking a more conservative approach to fleet expansion until the air cargo market picks up and customers start leasing additional freighters.

Analysts didn’t get the level of detail they were hoping for Thursday during Forward Air’s first quarterly call since its messy merger with Omni Logistics.

Forward Air’s fourth-quarter results sent shares lower in after-hours trading on Wednesday as investors hope a Thursday call will provide financial targets following a controversial merger.

Electronic freight booking and data company Freightos says a virtuous cycle of growth will enable it to become profitable within a few years.

Rising insurance costs, which were flagged by most carriers on fourth-quarter calls, present a headwind to earnings, Morgan Stanley said Tuesday.

Canadian operator Cargojet sharply scaled back fleet investments last year to stabilize the bottom line but reports the Q4 upturn in air cargo business carried over to the new year.

Financial data from Canadian bank BMO, a major lender to the trucking industry, showed further credit deterioration.

When Berkshire Hathaway bought the last 20% of Pilot Travel Centers, the deal valued the chain at significantly less than just a year earlier.

Kimberly Fisk, the new COO of Triumph’s factoring group, sat down for an interview with FreightWaves as she begins the job.

Volume data at Expeditors suggests that the year-on-year decline is slowing from where it was earlier in 2023.

Third-party logistics provider Air Van announced it acquired G&C Cartage.

Universal Logistics posted lower Q4 revenue in its trucking, intermodal and brokerage segments.

The downward slope in cargo revenue at Air Canada began to level out during the fourth quarter, and management is optimistic 2024 will be better for airfreight than last year.

Investment bank Piper Sandler cut its rating on trucking-focused bank Triumph Financial even as it offered praise for the company’s strategy.

Ryder has a plan in place to reduce its reliance on equipment leasing. Its progress could be seen in its earnings.

Revenue strength will likely be a second-half story for GXO.

Trimble Inc. reported fourth-quarter transportation revenue of $194 million, boosted by strong sales in North America.

New Jersey’s leading insurance trade group says umbrella coverage is likely the way to go for fleets  looking to meet the state’s new $1.5 million minimum.

Reaction to RXO’s fourth-quarter earnings has been decidedly negative, and the first quarter started off weak.

As many as 14,000 former Yellow Teamsters could head back to work if a would-be less-than-truckload startup can persuade creditors to approve their plan.

TFI International’s EPS in 2024 will be at least $7 a share, CEO Alain Bédard says

Radiant Logistics reported adjusted earnings ahead of consensus for its fiscal second quarter ended Dec. 31.

FleetCor reported fleet transaction revenue of $108 million in the fourth quarter, a 19% year-over-year decrease.

RXO’s fourth quarter was slightly better than the third, but overall, the 3PL had its challenges last year.

There isn’t much sign of an upturn in Uber Freight’s latest earnings report.

XPO’s fourth quarter exceeded expectations, and the company provided robust pricing guidance for 2024.

Thomas Schmitt, the Forward Air CEO who put together the deal with Omni Logistics trashed by investors, is leaving the company. 

Less-than-truckload carrier XPO reported a better-than-expected close to 2023.

Werner Enterprises saw another step down in operations during the fourth quarter.

ArcBest continued to swap out spot freight for higher-margin shipments from core accounts during the fourth quarter.

$2 billion in fines and expenses from emissions-rigging slammed Cummins’ Q4 profit in a year of record revenues and cash generation.

ArcBest leveraged cost initiatives to beat the fourth-quarter consensus estimate.

Less-than-truckload carrier Saia will spend roughly 30% of its annual revenue buying terminals and trucks as it looks to take market share again in 2024.

Hub Group reported year-over-year decreases in its intermodal, logistics and truck brokerage segments during the fourth quarter.

Pam Transportation Services contends with an auto strike in addition to already depressed truckload demand during the fourth quarter.

Landstar System said Thursday that a recovery won’t likely occur until summer.

Schneider National reported a fourth-quarter earnings miss and a worse-than-expected 2024 outlook on Thursday.

Ryder System is increasing its dedicated footprint with the acquisition of Cardinal Logistics.

There was little good news in C.H. Robinson’s fourth-quarter earnings.

Truck broker Landstar is seeing normal seasonally weak trends so far in January, which is worse than what analysts were hoping for.

Heartland Express’ fourth quarter benefited from large gains from terminal sales, without which the truckload carrier would have seen another loss.

Old Dominion’s fourth quarter was largely in line with analysts’ expectations even as it takes on growth-oriented costs ahead of improvement in demand.

Link Logistics records another big year of final-mile property additions in 2023.

It was a tough earnings report for Norfolk Southern, and a few Wall Street analysts let management know of their disappointment.

J.J. Schickel, CEO of Omni Logistics, will not be in an executive role at the combined Forward Air-Omni company.

Sweden’s Volvo Group reported strong Q4 results but pointed to normalizing demand, code for lower sales already visible in slackening orders.

Love’s plans on adding as many as 2,000 truck parking spots this year, less than in recent years.

Forward Air announced Thursday that it has closed on a merger with Omni Logistics following months of litigation.

Marten Transport reported net fourth-quarter income that was more than 50% lower than a year ago.

American Airlines’ cargo results in the fourth quarter were lackluster considering the industry experienced a mini-renaissance after hitting bottom in the summer of 2023.

Knight-Swift Transportation reported a big fourth-quarter miss on Thursday, but management has hopes normal seasonality will return by spring.

Analysts at Morgan Stanley are bullish on the growth prospects for
Canadian National Railway Co.’s business units in 2024.

Humble leadership at Paccar forgoes a victory lap its as profit streak reaches 85 years with regular dividends paid out since 1941.

Covenant Logistics Group said the freight cycle is bottoming out, and it expects the market to slowly improve over the next several quarters.

Chattanooga, Tennessee-based Covenant Logistics Group’s fourth-quarter revenue declined 7.4% year over year to $273.9 million.

TriumphPay came in at positive EBITDA in the fourth quarter, a full year ahead of schedule.

Truck maker Paccar Inc. reached 85 consecutive years of posting net income with record sales and profits in the fourth quarter.

United Airlines said Monday that fourth-quarter cargo results were half as bad as for the full year.

Shippers’ mood has been buoyed by positive economic prospects for the U.S., while brokers and carriers are encouraged by a possible market shift.

Nikola is in no hurry to artificially boost its stock price to ward off its second Nasdaq delisting notice in eight months.

Could electric trucks find a new power source in decommissioned power plants. Zeem Solutions plans to find out.

J.B. Hunt Transport Services’ fourth quarter was weighed down by insurance costs but revealed a couple bright spots at the bottom of the cycle.

Logistics real estate operator Prologis’ 2024 outlook calls for relative softness in the market during the first half of the year before rebounding.

PS Logistics announced its second deal of the year, acquiring the flatbed operation of North Carolina-based ELS.

One-time autonomous trucking leader TuSimple took the next step in its pullout from the U.S. market by voluntarily delisting from the Nasdaq.

Equities analysts have trimmed fourth-quarter truckload estimates again after the industry limped through the final days of the year.

Warehouse operator Prologis reported in-line fourth-quarter results and full-year 2024 guidance.

Daimler Truck managed a 1% gain in global sales in 2023, less than expected as supply chain issues still haunted the leading OEM.

Daimler Truck named Eva Scherer as chief financial officer to succeed Jochen Goetz, who died from a reaction to a wasp sting in August.

Delta Air Lines’ cargo business saw some improvement during the fourth quarter, but the overall enterprise performed very well, according to results released on Friday.

The upsurge in rates due to ship diversions did not come soon enough to rescue container lines’ fourth-quarter results.

Spot rates did eventually see a boost at the start of the new year, albeit one that was unable to meet our prior forecasts.

Chattanooga, Tennessee-based 3PL Kenco announced Thursday it has acquired third-party warehousing services provider The Shippers Group.

2023 brought two large truckload acquisitions, several less-than-truckload carriers picking through a bankrupt carrier’s assets and no resolution to a $3.2 billion merger attempt, among other transactions.

Counsel for Omni Logistics claims Forward Air’s CEO withheld requested notes from board meetings discussing plans to avoid a merger between the companies.