Truckload Carriers

The need for truck capacity remains at historic highs, and more fleets have responded by increasing driver pay for the second time this year.

The midsize truckload carrier needs to boost hiring by more than 10% but won’t compromise standards to do it.

A 3-judge panel was ready to rule on the carrier’s appeal, but a larger group of judges will now render an opinion.

Americans were expected to divert disposable income away from goods as the economy reopened to travel, lodging and entertainment. It isn’t happening, most observers say, and the supply chain implications are profound.

Interstate Personnel Services announced the acquisition of Missouri-based dry van truckload carrier Transport Distribution Co.

USX’s CEO Fuller says Variant division is near the ‘inflection point’ for the new initiative having a bigger impact on profitability.

Covenant Logistics Group beat second-quarter earnings expectations and said the second half of the year is likely to produce stronger results.

Covenant Logistics Group reported a better-than-expected second quarter as freight demand remains elevated and capacity is in short supply. The company said the favorable conditions have carried into the third quarter.

Knight-Swift Transportation beat second-quarter estimates and raised its full-year guidance to include the favorable operating environment in addition to accretion from recent acquisitions. However, the improved outlook includes the expectation for continued cost headwinds around labor.

Midwest Carriers announced the acquisition of alcohol transporter Osborn & Son Trucking for an undisclosed amount.

Heartland Express records its best consolidated operating ratio since its last acquisition was fully integrated.

Knight-Swift’s acquisition highlights the LTL industry’s sweet spot in the e-commerce supply chain, says a noted consultant.

Also on the podcast: A key agency reviews the outlook for the tight oil market.

Truckload’s operating ratio was better but OR deteriorated for dedicated.

P.A.M. Transportation benefited from a tight truckload market in the second quarter to post record revenue and operating income.

High barriers are a deterrent to starting a less-than-truckload operation. Knight-Swift’s recent acquisition sheds some light on the value in owning assets in the space.

Bulk carrier Trimac Transportation has acquired Southern California cement carrier Double Eagle Transportation.

Leased owner-operators and company drivers could be looking to strike gold on their own in a strong trucking market, Vise says.

Signs of hope are seen in driver recruitment, according to Tenstreet, as “historic” pay increases continue.

Hirschbach Motor Lines announced that it has acquired Lessors Inc. The deal marks the second combination of two temperature-controlled carriers in the last week.

Heyl Truck Lines announced the acquisition of Holiday Express. The deal combines two Iowa-based temperature-controlled haulers.

The Cass Freight Index surged again in May with continued strength recorded in freight shipments and spend. While the year-over-year comparisons become more formidable in the coming months, the current supply-demand fundamentals are expected to remain in play for some time.

Fleet intelligence provider Omnitracs announced the latest release of its SmartSense technology Thursday. SmartSense for Inattentive Driving+ aims to reduce accidents by identifying distracted driving.

At a UBS conference, two execs from the truckload carrier reviewed the market for drivers in the midst of the freight boom.

Asset-light trucking and logistics provider Forward Air’s new pay plan incentivizes operators to haul into the country’s more challenging markets.

Carriers are hoping to attract drivers with more pay and improved benefits.

The 20-year battle over broker post-accident liability may be resolved once and for all.

Transport deregulation’s long game has left much of the asset-based carrier field with few players. Will the cycle turn to usher in a cast of competitive newbies?

The company’s chief retention officer said a far wider range of steps explains the company’s recent success on several fronts.

Bizarre actions behind the wheel during 2020 should raise alarm bells for truckers and fleets, survey’s author says.

Thefts incidents nationwide spiked 35% in 2020, CargoNet said.

Adam Miller, CFO of Knight-Swift Transportation and president of Swift Transportation, joins George Abernathy, president of FreightWaves, during Day 2 of FreightWaves LIVE @HOME to talk capacity, drivers, rates and more.

Commentary from trucking executives at an investor conference suggests the capacity crunch may last well into next year.

People are eager for face-to-face gatherings. But health and safety issues will still call the shots.

Carriers continue to push driver pay higher amid a capacity-constrained market to keep their equipment seated and on the road.

Werner Enterprises announced Tuesday the board approval of a planned transition that moves its founder, CL Werner, to chairman emeritus, with CEO Derek Leathers becoming chairman.

ORBCOMM, a provider of electronic logging devices and IoT technologies, announced carrier Marten Transport is retrofitting its fleet with ORBCOMM’s dual-mode asset-tracking devices.

Flatbed truckload provider Daseke reported first-quarter adjusted earnings better than expected. However, with a more than 5x run-up in share price over the past year, a decent quarterly report without a guidance raise sent the stock lower on Friday.

The truckload carrier’s OR went from in excess of 100% to 95.8%.

Schneider National sees several favorable catalysts through the remainder of 2021 that are supportive of its guidance raise. Finding equipment and drivers will be the challenge.

Schneider National’s first quarter comes in ahead of analysts’ expectations and the company raises its full-year outlook by 8% at the midpoint of the range.

Werner Enterprises reported a first-quarter record for operating income Wednesday after the close. Revenue-per-mile guidance in its one-way segment moved higher.

The CEO of Covenant, while reviewing a strong quarter for the truckload carrier, gives his perspective on the labor market the company faces.

First-quarter earnings reports from truckload carriers highlight a booming freight market. A strong consumer, tight truck capacity and elevated rates appear the likely dynamics for the remainder of the year.

Covenant’s overall OR improved by 620 bps from the first quarter of 2020, a significant gain.

Roehl Transport announced its second driver pay increase of the year.

Variant is a company within a company that is being touted as the future of U.S. Xpress.

The company’s revenue rose but operating margins are higher; Variant targets are being met and revenue is 11.8% of total truckload.

P.A.M. Transportation Services posted a profit in the first quarter of 2021. The bulk of the improvement came on the nonoperating line.

GP Transco is the latest carrier to raise driver pay. Base pay alone for company drivers moves 15% higher.

Heartland Express reported a slight miss on first-quarter earnings expectations Wednesday. The carrier pointed to relative strength in March as it exited the quarter, noting that driver pay will need to be raised again.

Knight-Swift Transportation posted a large headline earnings beat in the first quarter but it was less impressive by comparison when excluding nonoperating income. The company now sees over-the-road contract rates increasing in the mid-teen percentage range during 2021.

The weather-related closure of three Walmart DCs had an outsized impact on the company.

Bunn in put in charge of day-to-day operations; Hogan has a diversified portfolio of duties.

The latest increase raises the question: Are we nearing the end of the cycle of increases or just kicking off yet another one?

Driver pay continues to step higher as truck capacity remains very tight and consumer spending high.

Forward Air announces its “largest-ever” rate increase to capacity providers.

Refrigerated carriers Leonard’s Express and Holman Transportation join forces in latest truckload acquisition.

Two bullish equity research reports this week on transportation stocks both highlight expectations around consumer spending and what that means for freight demand.

February freight data from Cass shows a deceleration in the growth rates of shipments and expenditures. Recent weather events have only “coiled the spring” for a continuation of high demand and rising rates.

After raising pay earlier in the year, Cargo Transporters has implemented a flexible pay package, allowing company drivers to earn paid time off and bonus payments on a prorated basis.

A pair of Canadian trucking companies in the Toronto area, Orbit Freight and Delta Carriers, shut down in close succession before their owner filed for personal bankruptcy.

West Coast carrier Cheema Freightlines announces a pay bump for drivers and plans to expand its fleet in 2021.

After a fresh round of pay increases at the beginning of the year, some carriers are continuing to raise rates further. Bay & Bay Transportation announced effective immediately it has raised pay for independent contractors by 20 cents per mile.

The remaining assets of bankrupt trucking company Comcar Industries will be liquidated through two trusts, leaving little for unsecured creditors.

Flatbed carrier Daseke announced Wednesday it has reduced debt and refinanced the bulk of its remaining debt. The transaction, which will lower annual interest payments, is the latest in the company’s efforts to improve margins and financial returns.

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Booming sales, thin inventories and more stimulus on the way provide the backdrop for potentially setting a new record for retail container imports in 2021. The National Retail Federation raised its outlook again for loaded containers landing at U.S. ports in the first half of the year.

The size of the Variant fleet reached 900 this week, ahead of schedule. CEO Fuller is touting improvement in OR of 2,000 bps when fully implemented.

Several of the nation’s largest retailers say inventory positions are improving. However, retail sales continue to outpace efforts to stock up, suggesting trucking demand could stay elevated well into 2021.

Flatbed transportation and logistics provider PS Logistics remains on the acquisition trail, purchasing the assets of Indiana carrier Jason Jones Trucking. The tuck-in deal allows JJT to keep operating under its own name.

Carrier Averitt Express said it was raising pay for its newly hired regional truckload and flatbed drivers. The company becomes the latest to increase driver pay as the industry struggles to seat tractors.

TruckLabs founder and CEO Daniel Burrows joins Kevin Hill, executive publisher at FreightWaves, to discuss fuel efficiency for trucks and post-COVID changes in the automotive supply chain.

Fuel card provider WEX Inc. continues to see gradual sequential improvement but at a pace below analysts’ expectations. The company’s fourth-quarter result was slightly below expectations and its first-quarter revenue guidance disappoints. Shares are off 4% in early trading.

Cass freight data released Thursday shows a huge surge in freight spending with solid growth in shipments. The report indicated that 2021 is unlikely to produce the “rate relief” to shippers that 2019 provided.

Werner Enterprises modestly lowered earnings expectations for the first quarter of 2021 due to downtime caused by recent winter storms. The company expects no change to the tight capacity dynamic for some time.

A fire that began inside an engine compartment at Kreilkamp Trucking in Wisconsin caused $1 million in damage after it engulfed a storage facility containing three trucks and bulk commodities.

Titanium Transportation Group becomes one of the largest trucking companies in Canada after acquiring International Truckload Services.

A Wall Street research firm calls the performance “remarkable.”

The trucking and logistics company gained from strong demand and tight supply.

Schneider National plans to use its strong cash generation capabilities to reinvest in the fleet during 2021. The carrier will also look to allocate growth capital to its dedicated and intermodal offerings.

Schneider National posted fourth-quarter results ahead of analysts’ forecasts on Wednesday. The company’s 2021 outlook is largely in-line with the current consensus estimate.

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Only a week removed from the $800 million purchase of UPS Freight, TFI International is back at it. On Monday, the company announced the acquisition of van and flatbed carrier Fleetway Transport.

Another issue in the earlier trial: Did the driver blow his horn?

An interview with flatbed carrier Daseke outlines the company’s operational focus and plan to get back to growth through acquisitions.

Flatbed truckload company Daseke beats earnings per share estimates in the fourth quarter but revenue and operating ratios slide. 2021 guidance provides a bit of a mixed bag.

In what amounted to an “encore,” the end of the Q&A didn’t mean an end to the discussion on Variant and its role in USX’s future.

Fuller: Variant initiative was 9.4% of truckload revenues in fourth quarter

Truck broker Landstar System expects high demand and elevated truckload rates to carry through the first quarter of the year. However, the company’s CEO has a bit of a contrarian “pessimistic” view for the second half.

Truck broker Landstar System set records in the fourth quarter. The company is expecting the high-demand environment and improved truckload pricing to carry through at least the first quarter.

Knight-Swift Transportation reports a big jump in results during the fourth quarter. However, while some may view this as a victory lap, investors appear to be calling the end to the TL trade.

Knight-Swift Transportation capitalizes on strong truckload fundamentals to post much higher year-over-year results. Fourth-quarter numbers came in slightly ahead of expectations and the company’s full-year 2021 guidance remains unchanged.

Operating ratios for all its segments improved in the final three months of the year.

Wall Street reacts negatively to the latest earnings report, but Covenant suggests it’s playing a long game.

An economic outlook report from truckload carrier U.S. Xpress calls for tight truckload dynamics to remain in place at least through the third quarter. The forecast calls for contractual rates to increase as high as 15% in the year.

J.B. Hunt Transport Services’ fourth quarter came in better than expected. However, the company said it was reviewing long-term margin targets across all segments. Intermodal margin forecasts may be reduced but other units could see upward revisions.

J.B. Hunt Transport Services’ fourth quarter outpaces analysts’ forecasts. Brokerage, truck and final-mile divisions benefit from revenue surge.

Fourth-quarter results for Heartland Express displayed a revenue dip on driver employment headwinds but operating income jumped 35%. The company mentions getting back into M&A.

U.S. Xpress announced Monday that Jake Lawson has joined as chief commercial officer and Justin Harness will head the dedicated division.