Finance

Pilot is replacing its CEO and CFO, and TA says a key date has passed in its pending sale to BP.

“We are looking to empower these independent contractors and truly treat them as owners of their businesses,” Luke Denny, co-founder and CEO, told FreightWaves.

First-quarter numbers from container lines Cosco, OOCL and Evergreen show lingering upside from the tail end of the boom.

Rail car manufacturer Greenbrier posted gains in its second fiscal quarter net income amid revenue increases for its manufacturing, maintenance and leasing business segments.

Proterra Inc. and Ouster Inc. are just two of many technology startups and growth-stage companies struggling financially.

The debt rating of Ryder, already in investment-grade territory, was upgraded by S&P Global Ratings this week.

Walmart doubles down on omnichannel.

Teamsters representing workers at Sysco are on strike, while separately, the union was voted out of a warehouse in Wisconsin.

The trend in container shipping is summed up by the adage, “The higher you climb, the further you have to fall.”

Cummins used the occasion of a visit from President Biden to announce more than $1 billion of investment in its plants.

Trimble’s U.S. strengths have been combined with Transporeon’s overseas presence through a $1.98 billion acquisition.

TravelCenters of America has again rejected a takeover bid by convenience store operator Arko and plans to sell itself to BP.

Nikola Corp. wants to raise $100 million through a public stock offering. Dilution-fearing investors drove shares to an all-time low.

In the latest back-and-forth between Arko and TA, Arko cites a specific financing amount it can obtain, arguing its bid to acquire the truck stop operator is superior to BP’s.

Rail car manufacturer FreightCar America is eyeing opportunities to manufacture tank cars that would carry nonflammable materials should its competitors be busy manufacturing DOT-117 tank cars.

TravelCenters of America has again rejected a bid by convenience store operator Arko, which revealed itself as the late bidder competing with BP.

“[Navix] understands their customers’ problems, the value proposition and how to apply the technology to solve them,” said Rob Estes, chairman and CEO of Estes Express Lines.

Radiant Logistics said Monday it has completed a financial restatement process that resulted in very minor changes.

Directors of TravelCenters are recommending that shareholders reject a new acquisition bid made by an unidentified company.

Temperature-controlled warehouse operator RLS Logistics has planted a flag in the Midwest.

Knight-Swift Transportation said it’s not backing away from M&A opportunities following its $808 million purchase of truckload carrier U.S. Xpress.

The deal to sell itself to Knight-Swift ends a struggle at U.S. Xpress that lasted several years and included the failed Variant initiative.

In a first-quarter earnings preview, Deutsche Bank analyst Amit Mehrotra said he expects an in-line type quarter but voiced some concerns.

The FedEx Ground unit flexed its muscles in the third quarter with strong operating income and cost-reduction prowess.

FedEx Express is aggressively scaling back air operations to save money as shipping demand crumbles.

Tanker capacity for diesel is already tight amid war fallout. With very few ships on order, future transport capacity could fall short.

Volume weakness persists at FedEx, but cost reductions are acting as strong offsets.

The investment firm Hestia is seeking major changes in Pitney Bowes’ global e-commerce strategy.

R&R Express announced Wednesday it has acquired Denver-based carrier Load to Ride.

Hyzon has some clouds on the near horizon, but at CERAWeek, its CEO detailed the growth the company hopes to achieve.

Freight reservation aggregator Freightos issued its first earnings report as a public company. Reducing losses continues to be a challenge in a difficult economy.

IAG’s cargo division has convinced management to use larger passenger jets on some short-hop routes to capture more cargo business.

Shipping line Zim could face net losses in the quarters ahead, yet it has a hefty cash cushion to soften the blow.

Estes Forwarding Worldwide announced it has acquired trade show logistics provider Legacy Logistics.

Trucking company Rapid Response has been sold to its employees, investment banking firm ButcherJoseph announced Friday.

Daimler Truck completed its first year as a stand-alone company with financial results meeting its targets.

A Bloomberg report says Uber Freight may be a candidate for a spinoff or an IPO.

German giant Deutsche Post DHL posted outsized gains in full-year operating income and said that performance will not repeat in 2023.

Forward Air said Tuesday that low-teens tonnage declines over the past few months have calmed in early March.

Germany’s Traton Group topped $42 billion in revenue for 2022 with Navistar contributing significantly to the top and bottom lines.

“Real-time visibility and responsive risk management gives Overhaul a distinct advantage among supply chain SaaS providers,” said Ryan Ziegler, general partner at lead investor Edison Partners.

Cargojet is scrambling to balance its cost structure as the air cargo market softens by hitting the brakes on the acquisition of 777 freighters.

Transportation and logistics provider Sage Logistics Holdings said it has entered an agreement to acquire Byland Transportation.

ArcBest’s first-quarter update bucks the less-than-truckload industry trend as tonnage increases and yields moderate.

“Our goal is to get empty containers out of the hands of those who do not need them and into the hands of those who do, and so far it’s working,” said Qualle founder and CEO Tyler Sellers.

Without Lufthansa Cargo’s strong results last year, the Lufthansa Group of airlines would have lost money.

The long-planned acquisition of a bigger stake in Pilot by Berkshire Hathaway has been completed, and new data is expected to emerge as a result.

Less-than-truckload carrier Old Dominion sees volumes drop again in February but notes the worst of it may be behind them.

Shipping lines like Hapag-Lloyd have suffered sharp rate falls from the peak, but they’re nowhere near financial distress.

Kuehne + Nagel had a highly profitable year in 2022 despite macroeconomic headwinds, but results fell considerably in the fourth quarter along with transport demand.

Less-than-truckload carrier Saia reported January and February tonnage declines that were in line with fourth-quarter declines when adjusting for weather.

Japanese air and ocean forwarder Yusen Logistics said it has increased its U.S. contract logistics offering with the acquisition of Taylored Services.

Supply chain software provider Descartes sees retailers refilling shelves as 2023 progresses.

Workhorse Group is still cleaning up the mistakes of its recent past but is expressing optimism on 2023 production plans.

Hyliion Holdings is teaming up with financially struggling Hyzon Motors to develop a hydrogen-powered fuel cell version of its hybrid truck.

Charter rates are far below the peak but higher than pre-COVID as liners continue to sign new container-ship leases.

ArcBest said Tuesday it has further simplified its business model by selling emergency roadside and maintenance services provider FleetNet America.

Quarterly figures for BMO, a major trucking lender, reveal some weakening of financial performance but not at a huge rate.

Larger crude tankers are moving more U.S. exports on shorter voyages to Europe as long-haul volumes to China stagnate.

Despite an increase in revenues for BNSF, higher fuel costs contributed to a softer operating income for the fourth quarter of 2022.

Nikola Corp. maintains it can raise capital through equity sales, but its auditor says that’s uncertain, prompting a notice of going concern.

Will new leadership be enough to save the FreightTech company?

Air Transport Services Group says its leasing business is insulating it from a market downturn that is impacting its cargo airlines.

Nikola is still far from positive financial territory, but the integration of major components should help bring costs down.

Atlas Air took a profit cut in the fourth quarter, but comparisons with 2021 weren’t good because it was a record year financially.

“We knew the port terminals, we understood their operations, but mostly we understood their systems and data. We thought we could be the bridge that wasn’t created before that could speak both parties’ languages and get containers in and out,” said BlueCargo co-founder and CEO Alexandra Griffon.

The annual OOIDA survey on driver compensation has findings on use of digital brokerages that don’t appear to line up, but definitions may be the issue.

TFI International said Tuesday it acquired asset-light intermodal provider Axsun.

Air Canada is investing heavily in its dedicated cargo operations at a time when freight rates are slumping.

Expeditors suffered a significant decline in fourth-quarter earnings as the air and ocean freight markets dropped sharply.

BP is buying Travel Centers of America at a good price per outlet and stands to get environmental benefits that can be measured in dollars.

TravelCenters of America is being bought by oil giant BP.

Ryder’s 2023 profitability forecast assumes lower numbers due to falling used truck prices.

There were ‘no surprises’ in GXO’s quarterly report, according to CFO Baris Oran.

A year ago, they fought over patent infringement. Now Ouster and Velodyne are one company seeking to win in the overcrowded lidar market.

Carrier Pam Transportation saw margin pressure in the fourth quarter as peak season didn’t materialize.

HMM acknowledged that “freight rates in most key trade lanes have been under downward pressure since H1 2022.”

Ocean carrier revenues fell sharply in the fourth quarter versus the third and continued sinking in January.

Batteries. Electrified components. Fuel cells. Cummins Inc. has plans for all of them. But hydrogen-making electrolyzers top the list.

Radiant Logistics pushed back financial filings once again as it works to correct inaccurate timing of revenue and expenses in prior periods.

Less-than-truckload carrier Yellow reported another large decline in volume leading to a fourth-quarter loss.

The Postal Service is hit by higher costs, slowing package volumes.

XPO’s growth strategy includes a wider net for capturing volume, but the less-than-truckload carrier is adamant it will remain price disciplined.

Shares are trading down sharply after Forward Air reported shipping fewer pieces per shipment than expected in the fourth quarter.

FleetCor Technologies beat Wall Street quarterly revenue and earnings estimates and offers a positive outlook for 2023.

Transport company RXO, coming off a solid performance in its first quarter as a stand-alone entity, is “positioning ourselves for the inflection,” according to CEO Drew Wilkerson.

XPO takes share in the fourth quarter, posting adjusted earnings ahead of consensus.

Weak freight markets led to a fourth-quarter downturn at Uber Freight.

Supply chain technology provider Trimble Inc.’s transportation revenue was $150 million in the fourth quarter and $604.2 million in 2022.

Ocean carrier Maersk sees a rough second half of the year, when remaining support from contract rates “will disappear.”

Management from Werner Enterprises parses through 2023 expectations on a Tuesday evening call with analysts.

Transportation firm RXO reports a 19.6% gross margin in the fourth quarter, with brokerage gross margins clocking in at 17.9%.

TFI posted in-line fourth-quarter EPS. Revenue was down in a tough operating environment.

Daseke said Monday that supply constraints and cost inflation will again push flatbed rates to new highs in 2025.

Engine maker Cummins Inc. posted 2022 records in key financial metrics as it worked to integrate its Meritor acquisition.

Maintenance downtime at Sun Country cut into cargo revenue and growth was limited by slower Amazon e-commerce business.

LTL carrier sees likely flat operating ratio in Q1 compared to Q4 of ’22.

Truckload carrier Heartland Express missed fourth-quarter expectations Friday.

ArcBest’s fourth-quarter was worse than expected as the carrier manages through the downside of the less-than-truckload cycle.

Hub Group had higher revenue in its logistics, truck brokerage and intermodal segments during the fourth quarter.