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.
Supply chain software provider Descartes Systems Group has “sold more stuff than we’ve ever sold before” in recent quarters, its CEO says as revenue and profits soar.
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.
Less-than-truckload carrier Saia reported a small decline in volumes during February, reversing the more than 5% increase recorded in January. Excluding inclement weather, the carrier said trends remain consistent with January.
Less-than-truckload carrier Old Dominion reported Tuesday that February results were impacted as inclement weather took hold on parts of its network during the month. However, the carrier noted that the deceleration from January’s robust growth rate lasted for only one week.
Logistics provider ArcBest Corp. reported that the positive trends in its asset-based segment during January were derailed by poor weather in February. Overall, less-than-truckload fundamentals “remain generally positive,” according to one analyst.
Hyliion will initially buy Peterbilt trucks to equip its Hypertruck ERX and sees fuel cells as an eventual option in to natural gas-powered generators.
The Rochelle Park, New Jersey-based company posted revenue of $63.8 million during the fourth quarter, an 8% decline from the same period last year.
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.
Cold storage operator Americold saw occupancy dip year-over-year during the fourth quarter as food manufacturers struggled to keep proteins in stock.
Driveline and thermal management supplier Dana Inc. has $700 million in new business from auto and truck makers. Half of it is in electrification contracts.
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.
Daimler Trucks sales dropped 8% in Q4 alone as parent company Daimler AG prepares to spin off the unit into a stand-alone company.
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.
anadian e-commerce firm Shopify continues to slowly ramp up its U.S. fulfillment network on the heels of record fourth-quarter financial results.
Appearing at an investor conference, J.B. Hunt CEO John Roberts said this year’s intermodal bid season will go a long way in determining whether the company curtails the division’s margin target.
The activist investor group seeking changes at Forward Air said the company’s recent results and guidance are “substandard” in a letter to shareholders. The group also asserts that Forward was “disingenuous” in the way it provided updates on fourth-quarter results, suggesting it was fearful of receiving other board nominations.
Amid heightened scrutiny over the direction of the company, Forward Air’s management team defends its current strategy. Fourth-quarter results were negatively impacted by a December cyberattack.
Leaf Logistics CEO Anshu Prasad believes manufacturers of food and consumer packaged goods could be in jeopardy of missing earnings expectations as transportation rates remained elevated throughout the quarter.
Trimble produced $829.7 million in revenue during the fourth quarter of 2020, with earnings per share of 71 cents.
An open letter from activist investor Ancora Advisors says “ineffective capital allocation” and diversification into “margin- and return-dilutive service offerings” have led to inferior results for Forward Air compared to other less-than-truckload carriers.
Third-party logistics provider Radiant Logistics beat expectations for its second fiscal quarter. The company’s improved results and low-debt profile are allowing it to pursue acquisitions.
TFI International CEO says it will take a hard line on UPS Freight customers who aren’t making the company money after its $800 million acquisition closes.
Less-than-truckload carrier Saia laid out expansion plans on its fourth-quarter earnings call. The carrier believes door count growth can exceed recent expansion efforts.
Less-than-truckload carrier Saia reported fourth-quarter results well ahead of expectations Monday. The company reported record operating results in a “most unique year.”
North American automotive and import opportunities could boost business for Universal Logistics during 2021, CEO Tim Phillips said during the Q4 earnings call.
Universal Logistics’ operating revenues from truckload services in the fourth quarter decreased $8.7 million to $49.8 million.
Yellow Corp. is back. The holding company formerly known as YRC Worldwide has gone back to its roots. However, fourth-quarter results missed analysts’ expectations at a net loss of 37 cents per share.
Engine and power systems maker Cummins Inc. destroyed analyst estimates for Q4 as the loosening of COVID-19’s grip in China pushed record sales.
Trailer maker Wabash National is pruning its product portfolio to redeploy resources for growth it sees in refrigeration and last-mile delivery.
Weathering the COVID pandemic drove Volvo Group sales lower in 2020, but market share was stable and new orders are pouring in.
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.
Supply chain technology provider Manhattan Associates bests fourth-quarter forecast and raises 2021 guidance. Management sees “robust” global demand for cloud solutions.
Logistics provider ArcBest sees positive tonnage trends continue in the first quarter. The less-than-truckload carrier is attempting to break the historical margin decline seen from the fourth quarter to the first.
Logistics provider ArcBest reported better-than-expected results for the fourth quarter Tuesday. Less-than-truckload tonnage increased by double-digit percentages as weight per shipment jumped 10%.
Forward Air is the latest transportation provider to implement general rate increases amid a tight capacity environment. The company’s 6% GRI will apply to all shipments.
YRC announced Monday the further expansion of its regional next-day service at YRC Freight. This rollout will make the service available out of 13 terminals throughout the mid-Atlantic.
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.
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.
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.
Prologis enters the new year with “optimism and confidence” as logistics real estate remains in high demand. Fourth-quarter financial results and 2021 guidance come in ahead of forecasts.
The continuing impact from COVID impacts results but the Kenworth, Peterbilt and DAF parent company still turns in positive numbers.
Logistics real estate operator Prologis reports better-than-expected fourth-quarter results as the “pandemic has pushed global supply chains to their limits.”
Past Forward Air CFO Andy Clarke outlines his outlook for improving returns at his former company. He represents an activist investor group, which includes turnaround investment firm Ancora Advisors and Forward’s founder.
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.
Another supporter of improving less-than-truckload fundamentals was identified this week. UBS analyst Tom Wadewitz initiated coverage of the group with a favorable outlook.
Cardinal Logistics has acquired heavy-goods final-mile provider NRX Logistics. The deal marks the third final-mile transaction for M&A advisory firm Tenney Group in the last 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.
Interview with Daseke’s leadership team covers recent changes and the return to M&A.
Deutsche Bank’s December geofencing data suggests LTL volumes continued the positive trends seen in the first two months of the fourth quarter.
UBS equity research analyst Tom Wadewitz’s 2021 outlook calls for a continuation of healthy freight activity during the first half of the year with a little more uncertainty in the back half.
A congressional oversight report highlights flaws in the Defense Department’s designation of less-than-truckload carrier YRC Worldwide as a company vital to national security.
Flatbed carrier Daseke announced several moves Tuesday. The company’s CEO has resigned, former founder Don Daseke will be renominated to the board and institutional shareholder Lyons Capital will occupy a board seat.
Former executives at Forward Air along with an activist investor have been acquiring shares since October in efforts to make changes to the management team, board and capital allocation strategy, which may include divesting “non-core assets.”
The trucking sector has been on a historic run of late, with some pointing to an end nearing. Don’t tell that to Deutsche Bank’s Amit Mehrotra, who sat down with FreightWaves to discuss his positive outlook for the new year.
Americold announced that it has closed on a 46-facility deal valued at $1.74 billion.
Railcar lessor GATX acquires tank container lessor Trifleet in 175 million euro deal.
Sell-side research analysts have made their bets on trucking in 2021. Some believe a continuation in consumer spending and inventory restocking will benefit truckload carriers while others see less-than-truckload carriers gaining traction as the industrial economy advances.
Forward Air is growing its traditional less-than-truckload terminal count. This time it is adding California’s Inland Empire to the roster.
Frozen Food Express is raising linehaul driver pay by 25% for new solo drivers and 20% for team drivers.
Landstar System announced after the market close on Wednesday what it would do with cash on the balance sheet. The company plans to pay a one-time special dividend of $2 per share in January.
Hub Group’s acquisition ambitions land in the final-mile sector in a $94.5 million deal for non-asset provider NonstopDelivery.
ArcBest sees asset-based revenue continue positive streak in November. This is the fourth LTL carrier to report improving trends in the quarter.
YRC Worldwide reports 3% year-over-year increase in November revenue, following a modest decline in October. The company’s overall trends are still lagging those of some competitors.
Daseke receives a “positive” nod from ratings agency as its restructuring initiatives are being noticed.
Old Dominion Freight Line reports further improvement in less-than-truckload trends since the positive August inflection. This is the second carrier in as many days to show that metrics have accelerated through the fourth quarter.
Canadian supply chain software firm Descartes Systems Group continued to aggressively grow profits in the third quarter as it set a record for revenue.
Less-than-truckload carrier Saia is the first company to provide an update on shipment trends for the fourth quarter, leaving at least one analyst “encouraged.”
Temperature-controlled carrier KLLM Transport Services is rolling out “one of the largest” increases to driver pay in the company’s more than 55-year history.
J.B. Hunt adds to its final-mile network through acquisition for the fourth time since 2017. The company announces the acquisition of commercial fitness delivery and installation company Mass Movement.
Recent data points as well as updates from retailers suggest this inventory restocking cycle may take a few quarters to fix, meaning the current supply-demand dynamic in trucking could linger.
Trucking executives were on hand at Stephens Annual Investment Conference this week, making it known that this cycle is different and that the current market dynamics are here for a while.
Landstar System inches its fourth-quarter expectations higher but cautions that this trucking cycle may not be different from those in the past.
Startup electric driveline maker Hyliion Holdings Corp. decided against booking $1 million in revenue during its first quarter as a public company when it lost $9.1 million.
Management from Schneider National expects tightness in the trucking markets to continue. Inventory restocking will keep truck demand elevated and new capacity is entering the market at a slower pace than in previous cycles.
Flatbed carriers Hornady Transportation and Builder’s Transportation Co. announce the completion of their merger. The deal is part of parent company Daseke’s operational overhaul.
Canadian trucking and logistics firm Titanium Transportation Group set a third-quarter record for revenue as U.S. freight brokerage businesses delivered rapid growth.
Radiant Logistics uses cost savings to offset demand declines from COVID-19. The fiscal first quarter sees debt decline further as acquisitions remain on the table.
Electric delivery van maker Workhorse Group draws tough questions from analysts following battery supply issue and lack of deliveries to UPS.
Workhorse Group said 36% of its production staff is sidelined by the COVID-19 virus or awaiting test results. The company ditched its projection of building 300-400 electric delivery vans by the end of the year and badly undershot Q3 sales and earnings projections.
While some truckload carriers posted significantly better-than-expected results, most saw their shares sag as the bullish trucking trade cooled heading into the third-quarter earnings season.
Americold announces another large acquisition, a couple of expansion projects, and informs analysts and investors that the holidays haven’t been canceled.
FleetCor’s third-quarter revenue topped most Wall Street expectations for revenue at $580.8 million, while its earnings per share missed expectations by 46 cents.
Wabash National saw a 37% surge in its backlog of trailers to build from the second to the third quarter as record orders piled in. Third-quarter margins declined but the trailer and last-mile equipment builder was profitable.
Sunnyvale, California-based Trimble Inc. is a provider of technology solutions for trucking companies, freight brokerages and third-party logistics providers.
Heartland Express raises driver pay 6% across the board and as high as 12% for some.
Logistics provider ArcBest is experiencing some of the strongest tonnage trends in the company’s history. The year-over-year comparisons turned positive in August and have continued to climb.
Landstar System announced that its CFO was stepping down immediately. President and CEO Jim Gattoni will act as the company’s CFO on an interim basis until a replacement is found.
Logistics provider ArcBest beats third-quarter expectations by 50%. Improved demand and cost management drive the result.
YRC Worldwide announced several changes in its third-quarter report. The biggest was that the carrier has already accessed CARES Act relief money to replenish its fleet.
YRC Worldwide announced that it has accessed the first $75 million of the second tranche of the CARES Act loan it received in July. These funds are to be allocated for upgrades to the fleet.
Flatbed carrier Daseke Inc. cruises past third-quarter forecasts. Operations are likely to improve again in 2021 but high-margin third-quarter project freight could create some tough comparisons.
Universal Logistics credits its turnaround to the resurgence of the North American automotive industry, particularly in the light-truck and SUV markets.
