As demand for flatbed capacity sags, Daseke sees strength in some end markets and continues to push forward with a company-wide overhaul.
Excluding several items, Daseke reported a near break-even first quarter. Demand headwinds in most of the markets it serves have ‘plateaued’ in recent weeks.
Interest is rising in Workhorse’s electric truck-based drone delivery system as the company seeks $40 million credit line to scale production.
The same health crisis that made TravelCenters of America an essential business during the coronavirus pandemic burned into non-fuel revenue in late March, leading to a first-quarter loss.
ArcBest managed through the first quarter largely unscathed by the coronavirus outbreak. That has all changed in April as revenue is off 20% year-over-year.
ArcBest sees “one of the best first quarters” in company history, but COVID-19-related demand headwinds took a toll on April’s results.
Volkswagen truck holding company Traton Group urges a Euro-style “cash for clunkers” program to boost new truck purchases following lower first-quarter sales, profits and orders.
Company reports 30% plunge in revenue during month, but CEO Tim Phillips hopes the resumption of auto and heavy truck plants will bring some relief this month.
Hub Group’s first quarter miss included several one-off expenses unlikely to recur. However, volume headwinds are expected to persist in the near-term.
ULH withdraws 2020 outlook and suspends dividends after slowdowns in retail and manufacturing weigh on first-quarter financial results.
From slashing salaries to borrowing money to get to the other side of the COVID-19 pandemic, suppliers Meritor and Dana are keeping electrification programs on track while slowly restarting production.
A better than expected first quarter yields to expectations that a recovery may not occur until June. Some of Schneider’s customers are starting up again, but demand in May will likely be choppy.
Orbcomm operates in transportation and distribution, heavy equipment, industrial fixed assets, oil and gas, maritime, mining, and government.
Schneider reports TL volumes are down upper single-digit percentages in late April, but notes that some of its customers shutdown by COVID-19 are set to come back online.
Uncertainty beyond loss-making second quarter concerns Daimler leaders, though robust supply chain and cash position suggest fast production ramp-up when economy recovers
Saia’s first quarter performance placed its recent terminal expansion campaign on full display. Unfortunately, COVID-19 headwinds will mask near-term results.
Saia’s multi-year terminal expansion project drives earnings results well ahead of expectations.
Favorable customer mix to make Werner’s truckload model a little more defensive through the downturn.
Werner believes its consumer-heavy shipper base will allow the company to ‘more effectively manage through’ the downturn.
Cummins saw a tough environment for most of its segments in 2020 before the word pandemic became common. Now it is depending on its collective experience in managing bad times to pull it through again.
Covenant continues to reshape the company in efforts to better focus on contract logistics and improve its financial structure.
Revenue and profits look bleak for second quarter, but leading engine maker Cummins surprised analysts with better-than-expected first-quarter revenue and profits.
Daimler AG revealed difficult first-quarter results, removing mystery from next week’s earnings report, which shows all segments struggling, including its truck manufacturing business.
Landstar has seen volume declines accelerate in recent weeks and management believes that a recovery is unlikely until the automotive and building products segments resume activity.
Rush Enterprises, the largest seller of new and used trucks in the country, posted solid first quarter results but is concerned about coronavirus-related carnage to come.
Transportation invoice volumes fall 7.5% for payment services provider Cass Information Systems.
Heavy-duty truck maker AB Volvo saw business seize up in mid-March but exited the quarter with lower but still positive sales and profits.
Jason Bates will fill the vacant CFO role at Daseke after three years in the same role at USA Truck.
Margins widened again in April, but revenue per day is down 12%.
Landstar System calls attention to its variable cost model as first quarter falls short of expectations. No guidance issued for second quarter.
Knight-Swift’s better than expected quarter yields to further uncertainty as the year progresses.
Manhattan Associates first quarter was well ahead of expectations. Management lowered guidance, but believes that this downturn will be shorter in duration.
Prologis reports solid first quarter, but reels in guidance on COVID-19 headwinds. An uptick in demand is not likely until a vaccine is discovered.
Heartland Express’ better than expected result was diminished by the lack of gains on equipment sales.
Loan quality deteriorated slightly, but TriumphPay is growing fast.
With the belt tightened at YRC, a covenant waiver and benefits contribution deferral are still required.
Diminished railcar demand and COVID-19 headwinds force railcar maker to halt production and trim staff.
P.A.M. Transportation finds success calling on its “friends in the industry” as it scrambles to replace lost automotive OEM business.
The J.B. Hunt first-quarter conference call provided a mixed bag of anecdotes. While concerns mount over economic disruption, the company has some offsets.
J.B. Hunt’s first quarter results, while slightly below consensus, were likely not as bad as feared. The company’s outlook provided on its earnings call will be the takeaway.
Cass data plummets further, erasing any chance of second-quarter year-over-year growth in shipments and freight costs, according to report.
Prologis’ update highlights strength of the logistics real estate market entering pandemic. Some clients are asking for rent relief.
Morgan Stanley survey shows coronavirus disruption is accelerating for carriers, shippers and brokers, but the height of the disruption may be closer than some may think.
Activist investor Barna Capital seeks to swap out YRC Worldwide board members and make non-executive level changes in management.
While transportation industry participants have an abundance of questions loaded for management teams this earnings season, answers on the future will be tough to provide.
Even with a better-than-expected fiscal second quarter, Greenbrier invokes several measures to protect its workers and the “viability of the enterprise.”
FedEx provides a rather dim near-term outlook on operations and announces cost savings and balance sheet actions to preserve liquidity.
Tyson Foods plans to pay drivers and essential personnel $60 million in “thank you” bonuses for service during the pandemic.
After a surge in freight over the past few weeks, UBS transportation analyst Tom Wadewitz is predicting a rough two months.
Roadrunner Transportation Systems announces the sale of another business unit, this time unloading Stagecoach Cartage and Distribution.
Hub Group joins other transportation companies in accessing revolving credit to improve liquidity.
ArcBest battens the hatches on coronavirus concerns. The company draws down available credit and implements business continuity plan.
Roadrunner seeks voluntary delisting from the NYSE as it continues its reorganization and focuses on asset-light offerings.
P.A.M. Transportation says it has temporarily laid off approximately 75 employees as auto plant closures increase.
Morgan Stanley upgrades its freight transportation industry view from “cautious” to “in-line.” The firm lowered its earnings expectations for the group.
Stifel Financial sees an OK first quarter, but the picture gets less clear after that, with risks to second-quarter earnings estimates.
Stifel Financial’s conference call with industry executives forecasts supply chain disruption extending to July or longer.
Virus-related demand headwinds bring fresh declines in February Cass data. Visibility into a potential trucking recovery is further clouded.
Daseke expects weakness in the industrial markets and oil and gas sectors to persist. Management said the environment was sequentially weaker in the first quarter.
Chief Financial Officer Alan Graf to retire at year-end. Corporate Vice President and Treasurer Mike Lenz to assume the role in September.
XPO announces deal to buy the majority of Kuehne + Nagel’s U.K. contract logistics segment. The deal comes shortly after XPO announced plans to divest units.
Rather than talk about the proposed TRATON buyout of the company — the elephant in the room — Navistar executives unpacked reasons behind the disappointing first fiscal quarter they had predicted.
‘Strong sales’ in February are expected to continue through Easter. Disruptions to the company’s supply chain continue to be monitored.
China’s largest ecommerce company, JD.com, not ready to completely quantify coronavirus disruption.
Lowe’s sees positive sales comps in 14 of 15 regions, but full-year fiscal 2020 guidance disappoints.
ORBCOMM lowers full-year 2020 guidance given recent coronavirus developments.
Higher fuel sales and restoration of the federal tax credit for biodiesel blending boosted the bottom line. However, operating margins continued to be under pressure and the travel center operator borrowed money to cover general expenses.
Higher margins from completed vehicles help offset hit from GM strike as Canadian auto manufacturer warns of potential impact of coronavirus.
Americold sees “lots of occupancy opportunities” for cold storage moving forward.
EXPD earnings fell 23% year-over-year; management cited the business cycle and warned about Q1 coronavirus impacts.
Walmart’s fiscal fourth quarter comes in light of expectations as holiday activity was lower than expected.
Into its second decade of existence, Daseke pumps the brakes on acquisitions and attempts to streamline all that it has bought.
Rush Enterprises Inc. (NASDAQ: RUSHA), which operates the largest network of commercial vehicle dealerships in North America, on Wednesday reported fourth-quarter revenue of $1.3 billion, compared to revenue of $1.5 billion for the fourth quarter of 2018. Net income for the fourth quarter was $23.8 million, or a profit of 64 cents per diluted share, […]
Acquisitions and strong less-than-truckload performance help bring record revenue to Mullen Group’s trucking and logistics business and offset declines from its struggling oil services.
Canadian transportation company delivers impressive performance in weak freight market as it finishes 2019 with 20% increase in operating income on strength of its truckload and logistics businesses.
FLEETCOR Technologies, Inc. (NYSE: FLT), a fuel-card and business-payments provider, announced fourth-quarter 2019 adjusted earnings per share (EPS) of $3.17, 14% higher year-over-year and $0.03 better than the consensus estimate. Total revenues increased 9% to $698.9 million in the fourth quarter of 2019, compared to $643.4 million in the fourth quarter of 2018. However, net […]
A difficult truck brokerage market appears to have stalled growth at Uber Freight compared to the third quarter. However, the operating loss narrowed significantly.
Company posts expected $8.6 million profit as intermodal helps offset declines from trucking and other divisions as new CEO looks to better performance in 2020.
U.S. Xpress sees a path to improved profitability in 2020 and beyond. These were just some of the highlights provided on the carrier’s earnings call.
U.S. Xpress reported a better-than-feared loss to close out 2019. The company expects conditions to improve in 2020.
Werner’s management team is still pointing to a truckload recovery in 2020 but noted that the first half will be a challenge.
Echo protected its margins and issued positive guidance for Q1 and 2020.
Manhattan Associates says demand for cloud-based supply chain services remains robust and led to a record peak season.
Engine maker Cummins already was predicting a difficult 2020 before the outbreak of the coronavirus in Wuhan, China, where Cummins’ manufacturing operations are shuttered.
Power management company Eaton Corp. missed analyst estimates in the fourth quarter, partially because of weakness in the automotive sector and a $50 million warranty charge.
USA Truck’s shares fall after another earnings disappointment. New turnaround initiatives were quantified on the company’s conference call.
Cass Information Systems reports a 6% year-over-year decline in transportation invoices but manages to post another full-year earnings record.
USA Truck reports another worse-than-expected loss as it revamps the company.
Daseke updates guidance, lowering the expected fourth-quarter loss. The company’s restructuring remains on track.
Aptiv’s Q4 2019 U.S. revenue stood at $3.6 billion, a decrease of 1% year-over-year.
Volvo Group reported a significant jump in its fourth-quarter income, but truck orders and net sales declined compared with 2018 numbers.
Landstar’s insurance and claims expense line hit first-quarter results, and another fatal accident results in guidance well below analysts’ expectations.
Railroad giant Norfolk Southern Corp.’s fourth-quarter profit declined 5% as the company hauled 9% less freight, officials said. Norfolk Southern (NYSE: NSC) reported its operating and financial results for the fourth quarter of 2019 before the market opened Wednesday. Norfolk Southern (NS) reported total revenues of $2.7 billion in the fourth quarter, down 7% year-over-year, […]
Covenant Transportation continues to reallocate equipment to units with a lower risk profile like dedicated.
Covenant Transportation sees significant year-over-year decline in earnings as excess capacity and higher costs persist.
Spare aircraft engine dispositions stave off weakened demand for railcars in North America.
Procter & Gamble (NYSE: PG) released its fiscal year 2020 second-quarter results ahead of the opening bell on Thursday. The Cincinnati-based consumer products giant reported $18.2 billion in quarterly sales, a 5% increase over the previous year but short of the $18.4 billion consensus compiled by analysts who follow the company. P&G saw organic sales […]
Asset quality mostly improved but net interest margin compressed by 62 bps.
J.B. Hunt’s fourth quarter call addresses some challenges facing its brokerage and intermodal businesses.
J.B. Hunt reports lower-than-expected earnings in the fourth quarter as weaker market conditions and increased investment weigh on results.
