At this year’s Benesch conference, the panel on mergers and acquisitions focused on survival in a market where most valuations have plummeted.
Cart.com recently secured $30 million in venture capital aimed at boosting the e-commerce startup’s balance sheet.
TFI International entered an agreement to acquire flatbed carrier Daseke and said it’s exploring a spinoff of its truckload business.
Forward Air said Wednesday it sold its final-mile business, but it provided no update on the status of a merger with Omni Logistics.
FedEx’s color-coded air network is designed to bolster FedEx Express’ margins amid continued macro weakness and other headwinds.
Despite posting operating and net income gains in its fiscal 2024 second quarter, FedEx cut its full-year revenue forecast.
BWT Logistics announces it has acquired North Carolina-based regional 3PL International Express Trucking
A panel at a conference on private equity in transportation reviewed the reasons why Convoy collapsed.
The upcoming trial between the Haslam family and Berkshire Hathaway will see some limits on discussing a contentious issue.
ITE Management said Tuesday it has acquired a majority stake in intermodal chassis lessor Trend.
XPO founder turns away from logistics to “highly fragmented” industry.
Nikola is offering 133.3 million new shares at 75 cents each and issuing $175 million in new debt to scale its fuel cell truck business.
Yellow Corp. has reportedly rejected a bid that would resurrect the company from bankruptcy.
Hydrogen as a fuel is being used in a San Francisco ferry and now it has money to go farther.
Less-than-truckload carrier Old Dominion Freight Line reports muted volume trends for November.
Software-as-a-service provider Descartes reported record quarterly results Tuesday and said the market is ripe for M&A.
ArcBest said tonnage declines in November were tied to efforts to unwind dynamic pricing initiatives.
A Berkshire lawsuit against Pilot’s founding family over payments made to company executives won’t be heard alongside another case.
Saia’s fourth-quarter update shows it is retaining the freight it onboarded as a result of Yellow’s collapse.
XPO founder Brad Jacobs is acquiring SilverSun Technologies as a platform to make acquisitions in a yet-to-be-announced industry.
Cargo airline Amerijet is operating fewer aircraft to conserve money as shipping demand from major customers shrinks.
A filing in a Delaware bankruptcy court said the auction for Yellow’s terminals is ongoing and that winning bids may not be revealed until Tuesday.
The numbers out of BMO’s transportation sector, which are heavily loans to trucking companies, showed deterioration in credit metrics.
The Pilot vs. Berkshire lawsuit in Delaware has gotten personal, with the recent Pilot chairman accused of secret payments to benefit a sales price.
Cold storage and logistics provider Lineage Logistics is working on an initial public offering that will value the company at more than $30 billion, Bloomberg reported Tuesday.
United Petroleum is buying Patriot Transportation in a deal that is a solid win for Patriot shareholders.
Israeli cargo reservation platform Freightos is struggling to make money in a bad freight market and now faces the extra challenge of operating in the middle of a war zone.
The executive churn at beleaguered Nikola Corp. continued with the resignation of CFO Stasy Pasterick after just six months.
Trucking and logistics companies are seeing a massive downturn. FreightWaves has reported on the biggest shutdowns and layoffs since 2022.
Global Crossing Airlines, a 2-year-old hybrid carrier that provides supplemental airlift to customers that rent the entire plane, is taking a long-term view toward cargo expansion at a time when freight demand is very soft.
Zim’s headline loss looks ugly, but most of the decline was non-cash and it still has ample reserves to weather the downcycle.
Hyzon Motors is focused on launching its 200-kilowatt fuel cell for heavy trucks now that its legal problems are mostly resolved.
Workhorse Group made progress toward scaling its electric truck business, but being shut out of California incentives dented revenue.
Old Dominion Freight Line was the latest less-than-truckload carrier to announce an early general rate increase for the new year.
FreightWaves’ F3: Future of Freight Festival was full of lively discussions of new technology in freight but also a movement to get back to the basics.
Sweden’s Volvo Group was selected as the winning bidder for the battery and charging assets of bankrupt Proterra Inc.
Cargojet wants to dump eight aircraft that were part of of its growth strategy and postpone converting two more aircraft into cargo jets as the weak cargo market shrinks profit margins.
Flatbed carrier Daseke reported an in-line third-quarter result Thursday but reduced its full-year guidance.
Consumer spending is likely to decline in the coming months, adding to weak freight conditions.
Cargo volumes are holding up, but rising transport capacity is outpacing demand, pushing container shipping rates even lower.
Air Transport Services Group is slowing investment in converted freighters as a weak shipping market leads cargo airlines to pause fleet expansion.
Hyliion Holdings is throwing in the towel on its Hypertruck ERX natural gas-electric powertrain to focus on generator technology.
High numbers of migrant crossings in September disrupted freight rail operations, including Trinity Industries’ and FreightCar America’s ability to send new rail cars into the U.S., executives said on recent earnings calls.
A weaker-than-expected peak period leads GXO to cut its organic revenue growth guidance.
Revenue and earnings fell sharply at DHL’s Express and Global Forwarding units.
Daimler Truck reported lower deliveries in Q3, a contrast to its major competitors who reported higher sales but warned of a coming slowdown.
Truck brokerage RXO beat third-quarter estimates Tuesday and said it will continue to expand its platform and take market share on the downside of the cycle.
Air Transport Services Group’s underperformance cost CEO Rich Corrado his job on Monday.
Shippers have rebounded in Q4 2023 to once again be the most positive segment. Carriers and brokers have lost some of the steam that led to relative optimism in Q3.
EFW said Monday it has closed on the acquisition of Superior Brokerage Services, which doubles its revenue and warehousing capacity.
A 13% decline in total revenues dented BNSF’s net profit for the third quarter.
A white paper by factoring company OTR Solutions highlights risks it sees from the combination of 3PL bankruptcies and asset-based lending.
“This is not a diet. This is a resetting of the baseline,” said Maersk CEO Vincent Clerc on his company’s job cuts.
Lufthansa Cargo didn’t make a profit in the third quarter as revenues fell more than 40% from last year.
Schneider National missed third-quarter estimates Thursday and cut its outlook for the year by more than 20%.
Nikola’s recall cost burden and lack of production lead to a dismal Q3 earnings report but the company sees light ahead.
After the Great Shopping Spree of 2021, tens of thousands of truck companies will have to shut down to restabilize the industry.
Cummins Inc. reported higher profits and sales in the third quarter as it generated record working cash but foresees Q4 pullback.
Werner Enterprises reported a worse-than-expected result for the third quarter as margins in both its trucking and logistics segments deteriorated from the second quarter.
3PL C.H. Robinson had a weak third quarter, as expected, but the late trading in its stock liked what it heard.
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.
Electric trucks are expensive, so Mack Trucks figures avoiders might go for a monthly subscription fee and pay by the mile.
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.
Car hauler Jack Cooper Transport has been rumored to be behind a bid for Yellow Corp. just four years removed from its own bankruptcy.
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.
Forward Air may decide to terminate its merger agreement with Omni Logistics even though a Tennessee court said it won’t stand in its way.
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.
Inflation, higher cargo volumes and diesel prices fueled a spike in congestion costs for trucking companies, according to new data from ATRI.
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.
This is CargoX’s second sizable partnership aimed at bringing more efficient import and export practices to global markets.
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.
