Finance

TFI’s overall third-quarter results reflect a weak macro environment.

Nikola Corp. has won $165 million in arbitration from convicted founder Trevor Milton, but it wants to recover attorney fees, too.

Paccar Inc. posted record third-quarter net income and continued to build on a streak of beating analyst estimates.

Enabling information sharing between departments will help CSX not only cut costs but discover new business opportunities, COO Mike Cory said on the railway’s third-quarter earnings call.

Can Hyliion pivot to make stationary generators the base of its business as it decides whether to pursue the Hypertruck ERX?

Knight-Swift Transportation beat lowered third-quarter expectations Thursday and said the market appears close to a tipping point.

Triumph Financial’s earnings saw a tighter EBITDA loss at TriumphPay and a largely flat average invoice price in its transportation factoring business.

Eastern U.S. Class I railroad said its third-quarter net profit fell 24% amid lower operating revenues.

On his first earnings call as Union Pacific’s CEO, Jim Vena said his goal for the railway is to “win and be the best in the industry.”

American Airlines Cargo had a disappointing, but expected, third quarter. Management says new aircraft and operational enhancements should help attract customers as the market improves.

Transfix has closed a $40 million Series F funding round during “one of the most challenging markets in freight history,” company officials said.

Pam Transportation Services sees truckload fundamentals weaken further during the third quarter.

Lower revenues dented Union Pacific’s earnings for the third quarter of 2023.

Proterra Inc. has extended the bankruptcy auction dates for its three electrification business units while it continues in business.

Automaker Tesla’s plan to build a factory in Mexico could be delayed past 2025, CEO Elon Musk said Wednesday.

Truckload carrier Marten saw its earnings fall from a year ago and detailed how much of that was caused by higher fuel prices. 

Volvo Group reported strong third-quarter results but reported slowing orders as trucking demand returns to normal.

J.B. Hunt’s overall financial performance in the third quarter was weak, but slight strengthening in intermodal volumes was celebrated.

United Airlines had a weak quarter for cargo revenue, but it’s on par with the rest of the industry.

Cosco earned more than $800 million in the third quarter, while one analyst expects Zim to lose more than $200 million.

Logistics warehouse owner Prologis on Tuesday noted some cracks in demand, which it attributed to interest-rate policy and geopolitical fears.

Tuesday filings before a Delaware bankruptcy court are asking for the use of professional auction houses in the disposition of Yellow’s trucks and trailers.

Logistics warehouse landlord Prologis beat expectations for the third quarter on Tuesday.

The proliferation of freight brokerages is giving truckers a lifeline.

The shaky U.S. economy occupied the No. 1 spot for motor carriers in the latest American Transportation Research Institute survey of top trucking issues revealed by ATRI President Rebecca Brewster.

Delta Air Lines cargo revenue fell by more than a third in the third quarter, reflecting weak market conditions.

Practically every retail chain in the U.S. has been sounding the alarms on external theft. It’s not as simple as it seems.

Equity research analysts are taking less-than-truckload earnings forecasts higher following the industry’s successful absorption of defunct Yellow’s freight.

Radiant Logistics has acquired a Florida-based logistics partner that provides forwarding services to the cruise lines.

FLS Transportation builds out a North American footprint with the acquisition of AMAC Logistics.

The most widely used IRS rate for per diem payments will be held steady in 2023-24.

FleetPride, a privately held supplier of truck parts, held on to its debt rating from two key ratings agencies. 

FedEx’s fiscal first-quarter results give efficiency the nod over growth. (Photo: Jim Allen/FreightWaves)

FedEx beat analysts’ estimates despite downgrading its full-year revenue outlook.

A U.S. bankruptcy judge approved several orders Friday, paving the way for Yellow to unload assets and repay creditors.

Two debt rating agencies, Fitch and S&P, rated Forward Air’s newly issued debt from its Omni deal and were mostly positive.

DeliveryDefense assesses delivery risk levels in shipping to certain addresses in various regions.

J.B. Hunt Transport Services said Thursday after the market closed it has entered an agreement to acquire the brokerage arm of BNSF Logistics.

Radiant Logistics is looking to deploy its unleveraged balance sheet on M&A.

Estes Forwarding Worldwide announced plans to acquire fellow forwarder Superior Brokerage Services.

J.B. Hunt provided a slightly more positive outlook at an investor conference on Wednesday.

Forward Air’s August tonnage improved from July but likely came in lower than expected.

I Squared Capital has cobbled together a national portfolio of trailer lessors through M&A representing 55,000 units.

Less-than-truckload carrier Old Dominion reported a large turnabout in operating trends during August.

Supply chain visibility provider Descartes leans on past acquisitions to grow through the downcycle.

Forward Air defends its latest deal that will position it as a supplier and a competitor to its customers.

Less-than-truckload carrier XPO appears to have maintained the market share gains it acquired following Yellow’s closure in July.

Workhorse Group stockholders approved a proposal to more than double the number of authorized shares, one of few paths to new capital.

Convoy and OTR Solutions have issued a joint statement saying that the situation has been resolved.

Investors are looking for revenue quality and efficient growth.

Trucking companies are fleeing the market and volumes are starting to rebound. This is good for the freight industry.

Major trucking lender BMO reported a deterioration in several credit measures in its third-quarter financial report.

Small trucking companies are taking over the industry. Decades of global and domestic policies have made this happen.

Workhorse Group fell short in its first try to get shareholders to more than double the number of outstanding shares in the electric step van maker.

ArcBest said Monday that shipments from its primary less-than-truckload customers have increased 20% since June.

Knight-Swift Transportation announced late Friday that its top two executives have taken a reduction in base pay amid other cost-cutting measures at the company.

Third-party logistics provider GXO received two solid analyses this week from the debt and equity side of the ledger.

Expedited delivery provider Priority Courier Experts received a strategic investment from private equity firm Trident.

Bulk hauler Trimac said Wednesday it acquired Doyle Sims & Sons Trucking.

H.I.G. Capital announced it has entered an agreement to acquire expedited air and ground logistics provider Ascent Global Logistics.

Freight booking platform Freightos is working to reduce its cash burn as it continues to grow and add new products.

Forward’s plan to acquire a large forwarder has stakeholders concerned.

A court filing shows that Old Dominion swooped in at the last minute, entering a base bid of $1.5 billion for now-defunct Yellow’s terminals.

Proterra customers are sanguine about the electric bus and battery maker’s bankruptcy reorganization. They expect deliveries to continue.

Yellow Corp. told a judge Thursday that it has selected bankruptcy financing lenders and that Estes Express Lines has entered a $1.3 billion stalking horse bid for its terminals.

Veteran business leader Steve Girsky acknowledges challenges but points to Q4 as the culmination of fuel cell truck startup Nikola’s efforts.

Walmart posted revenue gains of 5.7% in its fiscal 2024 second quarter, paced by a 6.4% gain in U.S. same-store sales.

Zim lost $213 million in the second quarter. Will rising trans-Pacific spot rates help it reverse course in the third?

The current valley in airfreight demand hasn’t spooked Air Transport Services Group, which continues to invest in freighter aircraft for its leasing and airline businesses.

Apollo Global Management sold a $485 million loan to Yellow Corp. and has withdrawn its proposal for bankruptcy financing.

Less-than-truckload carrier Saia sees freight surge in the first two weeks of August.

Werner Enterprises’ CEO said Tuesday that the worst of the cycle is in the rearview and that he will remember which shippers stood by the company during the recent freight recession.

Lightning eMotors has enough parts to build electric vehicles through the end of the year, but it needs new capital soon to stay in business.

Daimler Truck CEO Martin Daum will add the role of CFO while the Supervisory Board searches for a permanent replacement for Jochen Goetz.

Cargojet trimmed its express flying in Canada, but lower fuel costs and other cost measures made for a relatively healthy bottom line last quarter under weak market conditions.

The inevitable dilution from a recent increase in authorized shares has led former and current Nikola executives to sell.

Looming rail car retirements and high rates for rail car scrapping — not rail volumes — are driving the rail car market, according to the CEOs of rail car leasing companies and rail equipment manufacturers.

Second-quarter cargo revenue at Air Canada fell 24% — not so bad in the context of global market conditions.

An attorney for Yellow Corp. said Friday he’s hopeful to have in place by early next week a bankruptcy financing deal superior to what the company was previously offered.

Looking ahead, Taiwanese ocean carrier Yang Ming said that “the overall momentum for economic recovery over the next two years still appears relatively weak.”

Moves similar to blackjack tactics describe how cash-poor transportation startups are grasping for new capital.

Ocean carrier HMM attributed much of its first-half net-profit nosedive of 90% to overcapacity in the container shipping industry.

Forward Air announced Thursday it will merge with asset-light logistics peer Omni Logistics.

“Weaker demand and lower freight rates are having a very noticeable impact on our earnings,” said Hapag-Lloyd CEO Rolf Habben Jansen.

Electric bus and battery maker Proterra Inc. won’t fight an Aug. 17 delisting from the Nasdaq as it works on a bankruptcy reorganization plan.

Cathay Pacific is rebuilding its passenger network after a three-year pandemic freeze, and the network effect is greatly benefiting the freighter operation.

Hyliion Holdings has enough cash and investments to run its business through 2024 without raising new capital.

Yellow Corp. released second-quarter financials Wednesday following a bankruptcy petition earlier in the week.

The U.S. Postal Service’s non-GAAP loss nearly doubled year over year, while shipping volume was down slightly and revenue was flat.

Atlanta-based FleetCor Technologies reported fuel transaction revenue of $399 million in the second quarter, a 6% year-over-year increase.

Less-than-truckload carrier CrossCountry Freight Solutions announced Tuesday it has closed on the acquisition of Express 2000 Transportation.

About 1 million daily packages were diverted from UPS and 200,000 more did not enter the system due to lost sales.

Hyzon Motors is willing to consider selling itself or merging to keep making progress on its fuel cell system.

Expeditors had a second-quarter financial performance that might be expected from a company active in the air and ocean freight markets.

Workhorse Group claims business progress, but it needs approval for new shares to raise capital to make electric trucks and drones.

UPS’ full-year guidance change reflects the volume and cost impact from labor negotiations with the Teamsters.

Cash-strapped electric bus and battery maker Proterra Inc. sought bankruptcy protection Monday and plans to operate during reorganization.

Investors in Danaos thought they were buying a container shipping stock. Now they’re invested in dry bulk, too.

The quarterly earnings report from Berkshire Hathaway was the first with a full set of financial numbers from Pilot.

Second-quarter freight volumes fell 11% across BNSF’s segments for consumer, agricultural and industrial products and coal.