Finance

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

Asset sales in Q2 helped Nikola add cash to its balance sheet, but losses widened as ramp-up of fuel cell trucks consumed cash.

Sun Country Airlines had a strong quarter for cargo thanks to growth in its Amazon business.

Less-than-truckload carrier XPO said it would add capacity to meet the increased demand created by Yellow’s departure.

Steve Girsky, the man responsible for bringing Nikola public three years ago, is taking over as CEO — the third chief executive in a year.

Less-than-truckload carrier XPO saw shipments and tonnage surge in July as a competitor shut down.

Despite upgrading its full-year outlook, container shipping giant Maersk no longer sees a second-half demand rebound.

Texas-based flatbed carrier Daseke does not expect to see improvement in the freight market the rest of the year.

Werner Enterprises reported an earnings miss for the second quarter on Thursday after the market closed.

Supply chain technology provider Trimble posts impressive Q2 results and says truck spot rates may have “bottomed out.”

Amazon’s earnings per share of 65 cents nearly doubled consensus estimates.

The day after CEO Dave Bozeman’s first call with analysts, they weighed in on the company’s outlook.

Multimodal provider Schneider National reeled in its 2023 earnings outlook by roughly 13% on Thursday.

GXO Logistics is one of few companies to better its 2023 estimates and raise its guidance.

Lufthansa Cargo last year was able to avoid much of the fallout from the shrinking freight market, but the bottom line is feeling the negative effects in 2023.

Less-than-truckload provider Forward Air missed second-quarter earnings expectations but management noted it’s seeing a lift from Yellow’s shutdown.

Cummins posted higher second-quarter sales and income thanks to its acquisition of Meritor, but EBITDA declined.

New C.H. Robinson CEO Dave Bozeman waxed philosophical on his first earnings call with analysts.

Asian demand for propane continues to build, as does US supply, equating to booming business for LPG tanker owners in the middle.

GXO’s full-year EPS guidance was raised by 5 cents, while adjusted EBITDA was increased by $10 million.

RXO was flat between the first and second quarters, and that proved to be a turnoff for investors in the 3PL.

Korean Air is the latest Asian airline to announce outsize declines in cargo revenue for the latest quarter.

Shipping lines are seeing higher cargo volumes and successfully integrating newly built vessels into their fleets, says Textainer’s CEO.

Schneider National announced it has acquired Massachusetts-based M&M Transport Services.

Less-than-truckload carrier Yellow Corp. is reported to be close to a deal with one of its current lenders to obtain debtor-in-possession financing to facilitate a bankruptcy.

Like other trucking OEMs, Daimler Truck rode higher prices to solid second-quarter results while incoming orders fell.

DHL Group forecasts $7.7 billion in earnings before interest and taxes should a recovery take hold early in the second half.

Yellow’s demise is a “huge benefit for our industry,” TFI International CEO Bedard says.

Uber Freight’s negative EBITDA was improved from the first quarter, but revenue has declined steadily for more than a year.

Volume declines ate into TFI International’s revenue in the second quarter.

“It is extremely difficult to announce a reasonable business forecast at this time,” said ONE, citing container shipping market uncertainties.

Truckload carrier Heartland Express reported worse-than-expected second-quarter results on Monday.

Less-than-truckload carrier Yellow Corp. closed the gates Sunday and ceased all operations.

Canada-based transportation provider Titanium Transportation announced Monday the acquisition of Georgia-based truckload carrier Crane Transport.

The Teamsters union said late Sunday it received a legal notice that Yellow Corp. will be filing bankruptcy.

Less-than-truckload carrier Yellow Corp. closed its gates at 12 p.m. Sunday.

Because container liner profits plummeted off an extraordinarily high peak, some carriers are still posting hefty profits despite huge declines.

CPKC eyes opportunities for intermodal and for beefed-up business in Mexico to help recoup higher costs and lost revenue in the second quarter.

All Nippon Airways underperformed competitors by a wide margin in cargo during the last quarter as it prepares to invest in growing the cargo business.

On an earnings call with analysts, Saia’s CEO and CFO tried to address the pending collapse of Yellow without mentioning the company’s name.

Universal Logistics reported revenue of $413 million and earnings per share of 90 cents during the second quarter.

The latest data from WarehouseQuote indicates retailers have ho-hum expectations for the holiday season.

Saia’s second-quarter earnings show a decline in volume but by a relatively small amount.

ArcBest reported an earnings miss Friday but that may not matter as its less-than-truckload unit is quickly taking on volume as a competitor winds down.

Hub Group reported $1 billion in revenue and earnings per share $1.44 during the second quarter.

CPKC released second-quarter earnings results as a merged company.

NS is seeking to improve network fluidity after the East Palestine train derailment, cut down on Ohio-related costs and match resources with market demand in the second half of 2023.

Navistar saw a big drop in orders, but deliveries of new International trucks helped parent Traton to strong second-quarter results.

Even truckload companies are being asked how a Yellow collapse might benefit them; Covenant had an answer on its second-quarter earnings call.

Rush Enterprises posted strong Q2 sales and profits, relying on its parts and services business amid trucking headwinds.

Truck broker Landstar issued worse-than-expected third-quarter guidance Thursday and said most metrics are still underperforming normal seasonal trends.

Revenue declines and a $416 million expense charge put pressure on Norfolk Southern’s second-quarter 2023 net profits.

Two of the top three global logistics powers took a big profit haircut during the second quarter and aren’t very optimistic about a seasonal upturn in shipping.

New sick leave agreements and other deals will increase Union Pacific’s labor costs. Investors on UP’s second-quarter 2023 earnings call wanted to know by how much.

A number of consumer-facing companies have pointed to intensifying spending weakness during Q2 earnings season.

Covenant Logistics’ second-quarter earnings reflected, as expected, a weaker truckload market.

Ryder’s second-quarter performance was mixed, but it forecast a much stronger second half, sending the stock climbing.

Consumer demand is putting pressure on intermodal and lumber volumes and that is weighing on how CN views the back half of this year.

Old Dominion reported what will likely be best-in-class results for the second quarter and said recent turmoil at competitor Yellow Corp. hasn’t altered its strategy any.

Former Union Pacific and CN executive Jim Vena will be UP’s next CEO, while sustainability and strategy EVP Beth Whited has been promoted to president.

Wabash reported record Q2 earnings because it was able to price its trailers and truck bodies higher than the cost of materials.

Hawaiian Airlines is starting an in-house cargo airline that will fly dedicated routes for Amazon Air starting this fall.

The Canadian wildfires and lower volumes for intermodal and crude oil put pressure on Canadian railway CN’s revenue for the second quarter of 2023.

PS Logistics said Tuesday it has acquired Jacksonville, Florida-based truckload carrier and broker Rinaudo Enterprises.

What’s behind Paccar’s stunning Q2 profits? Inflation is part of the answer. So is a burgeoning parts footprint.

Surge is the largest broker to restructure in recent memory.

Paccar continued a string of record quarterly performances in Q2, posting a 70% gain in profits and a 24% increase in sales.

For the first time since freight sentiment index inception, shippers are the least positive group. Does that mean the market is balancing?

The 3rd-largest North American containerboard and box producer, Packaging Corp. of America, reported an eye-opening 10% box shipment decline.

Logistics real estate operator Link Logistics upgrades its portfolio in the second quarter, booking a 52% increase in leasing spreads.

Stock analysts size up less-than-truckload market dynamics following weeks of turmoil at carrier Yellow Corp.

Expectations for peak season have waned, but container lines may have bounced off the bottom.

Seeking clues in TuSimple’s delayed financials; a case for an autonomous trucking slowdown; and Kodiak Robotics’ dual-use approach to autonomy.

TriumphPay dealt with the same weak conditions as other trucking-focused companies in the second quarter, but one key measure was stronger.

Figuring out how to encourage more shippers to switch from truck to rail is not something that can be done overnight, executives said during CSX’s second-quarter 2023 earnings call.

Knight-Swift Transportation called out several headwinds facing its businesses as reasons to meaningfully lower its 2023 earnings guidance.

Volume and pricing gains for CSX’s merchandise segment weren’t enough to offset a decline in intermodal volumes and falling export coal benchmark prices, CSX said.

Capital markets that have been freezing out mobility startups may be thawing with Aurora Innovation raising $820 million in new funding.

Pam Transportation Services reported a sharp decline in earnings during the second quarter.

American and United airlines enjoyed highly profitable second quarters, but their cargo businesses were a downer.

With sequential comparisons as important as year on year, truckload carrier Marten held on in Q2 compared to Q1.

Nikola won’t need any more shareholders to vote for a share count increase because a Delaware rule change lowers the threshold.

Volvo Group posted record second-quarter profits but accepted fewer orders and shed market share during the quarter.

J.B. Hunt Transport Services missed second-quarter expectations Tuesday and said it is still uncertain how peak season will play out.

Logistics real estate giant Prologis beat second-quarter estimates Tuesday but lowered its rent growth forecast for 2023 as the market cools from peak activity.

Odyssey Logistics got an increase in its outlook from Moody’s, a change from earlier ratings agency actions on 3PLs.

The hiring of John W. Dietrich as CFO is part of a broad finance revamp at FedEx.

Daimler Truck forecasts a sunny outlook for its business, especially in North America and Europe.

Delta Air Lines has seen cargo revenue slide by more than a third in the past year.

Uber Freight has implemented layoffs in its legacy digital brokerage operations in the second round of cuts this year. 

Earnings at supply chain software provider E2open were a mixed bag, better than a year ago but weaker sequentially.

In its first meeting with analysts since going solo, Daimler Truck projected revenue growth of 40%-60% in the second half of the decade.

Nikola is still short of votes to double its outstanding shares, but Delaware’s governor can give the company what shareholders have not.

Losers among transportation startups are rapidly being defined, It will take longer to determine the winners.

Earnings estimates for truckload and less-than-truckload carriers get a notable negative revision at Morgan Stanley.

Less than a year after purchasing Romeo Power to secure its battery supply, Nikola is liquidating the subsidiary.

Knight-Swift provided a second-quarter earnings warning on Wednesday while also confirming the closing of the U.S. Xpress acquisition.

The Greenbrier Companies sees “steady production” as the rail equipment manufacturer prepares to close out its 2023 fiscal year.

Knight-Swift has closed on the more than $800 million acquisition of U.S. Xpress.

Heavy usage of financing tools among S&P 500 companies is boosting free cash flow but comes with significant risks to investors and the economy.