Schneider National officials said while they can’t predict if a freight market inflection will occur soon, the market is showing signs of improvement.
The Green Bay, Wisconsin-based truckload carrier reported adjusted earnings per share of 21 cents for the second quarter before the market opened Thursday.
The company’s second quarter adjusted earnings per share was 3 cents ahead of consensus estimates for the quarter, but down 53% from the same year-ago period.
Schneider (NYSE: SNDR) posted second quarter topline revenue of $1.31 billion, a 2% year-over-year decline compared to 2023, and missed Wall Street expectations of $1.37 billion in revenue.
The company updated its full-year second quarter 2024 guidance to a range of 80 cents to 90 cents, as well as net capital expenditure guidance to a range of $300 to $350 million.
“The quarter saw positive indicators, including seasonal demand, tightening supply during the annual roadcheck event, increased spot pricing, and modest contract price gains in our truckload network,” Mark Rourke, Schneider president and CEO, said during a call with analysts Thursday before the market opened. “While we are not calling a market inflection just yet, and the sustainability of these trends is not yet proven, there are signs of market improvement, which we anticipate will present opportunities as we move forward.”
Revenue excluding fuel in the truckload segment increased 1.4% year over year to $540.3 million as revenue per truck per week was down 1.8% to $3,933.
“For the first time in two years, our spot pricing exceeded our contract pricing in June, and spot also had a very solid performance again in the month of July,” Rourke said.
Intermodal revenue increased 3% year over year to $253 million. Intermodal income from operations for the second quarter was $14.6 million, a 38% decrease compared to the same quarter in 2023. The results were primarily due to lower revenue per order, officials said.
Intermodal operating ratio was 94.2% in the second quarter compared to 90.9% in the same year-ago quarter.
Logistics revenues, excluding fuel surcharges in the second quarter, were down 7% year over year at $318.8 million. The decline was driven by decreased revenue per order and 4% lower brokerage volume compared to 2023.
“We expect year over year volume growth in the back half of the year,” Rourke said. “We continue to be encouraged by our performance in the brokerage markets under very challenging conditions, driven by our execution and differentiated strategy of our freight power platform, standalone freight generation capabilities, and power only offerings.”
| Schneider National | Q2/24 | Q2/23 | Y/Y % Change |
| Truckload: | |||
| Revenue (ex fuel) | $540.3M | $532.7M | 1.4% |
| Revenue/truck/week (ex fuel) | $3,933 | $4,005 | -1.8% |
| Average trucks | 10,665 | 10,363 | 2.9% |
| Adjusted OR % (ex fuel) | 94.3% | 87.8% | 7.4% |
| Intermodal: | |||
| Revenue (ex fuel) | $253.1M | $261M | -3% |
| Delivered orders | 103,088 | 102,622 | 0.4% |
| Revenue per order (ex fuel) | $2,446 | $2,572 | -4.9% |
| Containers | 26,695 | 27,419 | -2.6% |
| OR % (ex fuel) | 96.5% | 96.3% | 0.2% |
| Logistics: | |||
| Revenue (ex fuel) | $318.8M | $343.4M | -7% |
| OR % (ex fuel) | 96.5% | 96.3% | 0.2% |
| Consolidated: | |||
| Revenue | $1.31B | $1.34B | -2% |
| Revenue (ex fuel) | $1.16B | $1.19B | -2% |
| Adjusted OR % | 95.5% | 91% | 4% |
| Adjusted earnings per share | $0.21 | $0.45 | -53% |