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.
USA Truck’s third-quarter performance was something management had been foreshadowing for the last few quarters. They were adamant that earnings would improve if the market would cooperate.
Flatbed carrier Daseke Inc. posted a third-quarter result that highlighted the company’s restructuring efforts and easily surpassed analysts’ expectations.
Hub Group sees a strong demand environment continuing as most of its customers are operating with lean inventories. The company expects tight freight fundamentals to create a favorable rate environment in 2021.
Universal Logistics reported revenue of $365 million during the third-quarter, a 2.8% decrease compared to the same period last year.
USA Truck was able to use a favorable demand backdrop and very tight truck capacity to break a string of four consecutive quarterly losses.
The strength in truckload fundamentals didn’t really show in Schneider National’s third-quarter report. Lower revenue per truck, intermodal rail congestion and brokerage malaise overshadowed the announcement of a $2 special dividend.
Wex said global uncertainty around COVID-19 affected its fuel card payment processing and corporate travel segments during the third quarter.
Schneider National announces a $2 special dividend answering the mounting questions around the carrier’s future cash deployment. After the $355 million payment, the company still has ample cash to pursue other initiatives.
Canadian e-commerce company Shopify grows profits and revenue in third quarter as COVID-19 accelerates move from mortar to online shopping.
Prologis Inc. announces the completion of the largest-ever portfolio sale of logistics warehouses in the U.K.
Werner Enterprises sees the current tightness in the truck market continuing into 2021 as inventory restocking will take multiple quarters to accomplish and drivers are in short supply.
In third-quarter 2020 financial and operational results released after trading ended on Wednesday afternoon, Chicago-based third-party logistics provider Echo Global Logistics (NASDAQ: ECHO) reported record gross revenues, which grew by […]
Werner Enterprises’ third-quarter result comes in ahead of analysts’ forecasts.
Orbcomm Inc. reported a loss of $5.5M in its third quarter and a net loss of $0.07 per share. The company had revenue of $61.7M for the quarter.
Dana Inc. sales rose 85% above second quarter as most markets rebounded from COVID pandemic. The company also invested in a maker of electric vehicle software.
Less-than-truckload carrier Old Dominion looks to build on its record third-quarter operating ratio in what it expects will be a “robust” 2021.
Less-than-truckload (LTL) carrier Old Dominion sets a new operating record on its way to a 19-cents–per-share third-quarter earnings beat.
Deutsche Bank’s geofencing data shows less-than-truckload terminal activity at XPO accelerated during the third quarter while other carriers saw moderation.
Supply chain solutions technology provider Manhattan Associates sees favorable long-term tailwinds as multichannel retail delivery expands.
TFI International reports a large jump in Q3 profits as strong performance from e-commerce heavy-logistics business and wage subsidies make up for weakness in truckload and LTL.
Management from truck broker Landstar sees no near-term letup in tight truck market fundamentals. The company’s fourth-quarter guidance brackets its EPS record set in the fourth quarter of 2018.
Rush Enterprises reported lower Q3 sales and earnings. But the truck dealership network exceeded analyst estimates in both top and bottom line.
Forward Air sees 60 cents per share in the third quarter. The earnings pre-announcement comes in significantly higher than analysts’ current forecasts.
Truck broker Landstar System handily beats its guidance, which was raised in early September. The company posted its second-best third quarter ever.
Knight-Swift Transportation raises its 2020 outlook and provides 2021 guidance that is well ahead of recently raised expectations.
P.A.M. Transportation Services sees a “marked improvement” as its auto manufacturing customer base gets back to work. The carrier expects “upward rate pressure” as truck capacity tightens.
Logistics real estate investment trust (REIT) Prologis beats third-quarter expectations and raises guidance. Conditions have improved and the runway for e-commerce-related growth appears long.
Logistics real estate investment trust Prologis records a better-than-expected third quarter and modestly raises its 2020 guidance.
PACCAR Inc. earnings fell in the third quarter but the maker of Kenworth, Peterbilt and DAF Trucks continued a string of beating earnings estimates.
The CARES Act oversight commission is still waiting on a response from the Defense Department regarding its “national security” designation of YRC Worldwide, which allowed the carrier to obtain a pandemic relief loan.
The Cass Freight Index booked 7% sequential gains in shipments and expenditures during September.
Shares of J.B. Hunt Transport Services move 9% lower after the company fails to meet recently raised analyst expectations. Intermodal service headwinds and elevated costs were the culprits.
Volvo Group Q3 sales and earnings trailed last year. But a recovery in heavy-duty truck orders and market share gains in North America improved a bleak picture.
J.B. Hunt Transport Services misses 3Q estimates by 9 cents per share. Revenue and operating income climb 5% but a variety of cost inflation and a tough truck brokerage market weigh on the quarter.
Cold storage operator Americold expands its portfolio again, this time in a $1.74 billion bid for the world’s fourth-largest provider. Americold plans to offer 33 million common shares in total to facilitate the deal.
Data and commentary point to an earnings blowout for trucking companies in the third quarter with the likelihood of similar results in the fourth quarter. However, headwinds surrounding driver recruitment and retention present a hurdle to the rally.
The less-than-truckload industry continues to expand its footprint. Saia Inc. has added terminal capacity again, this time transitioning into a new 200-door terminal in Memphis, Tennessee.
Soaring demand and a lack of truck capacity have industry participants calling for double-digit rate increases in 2021. UBS transportation equities analyst Tom Wadewitz outlines his bullish call in a note to clients.
Forward Air announces another acquisition as it advances its no-wait growth plan. The Greeneville, Tennessee-based trucking company adds intermodal drayage provider Value Logistics to its roster.
TFI International’s acquisition spree continues. The Canadian transportation and logistics company adds another bulk carrier to its portfolio with the purchase of Grammer Dry Bulk.
Canadian trucking and logistics company Mullen Group announces the acquisition of customs warehouse operator International Warehousing and Distribution Inc.
Radiant Logistics achieves a couple of records during the recent quarter. Moving PPE and other aid paves the way to a large earnings beat.
Forward Air adds traditional LTL service to more of its facilities as carriers put more assets to work in the space.
U.S. Xpress’ industry forecast calls for the truckload market to experience high driver turnover, declining capacity and “overwhelming” volumes through 2021.
With many data points sitting at cycle highs, several industry participants are calling for the trucking market’s bull rally to last well into 2021.
Forward Air announces the addition of CLW Delivery to its last-mile network, continuing its acceleration of both inorganic and organic growth initiatives.
Radiant Logistics reports new revenue and earnings records in a fiscal fourth-quarter update. The company has delayed its annual filing and conference call with analysts, citing delays associated with the pandemic.
Landstar System raises earnings outlook on higher truck volumes and pricing improvements. New third-quarter expectations are 25% higher than the midpoint of the previous guidance range.
Tightening truckload and intermodal markets have carriers expecting the hot freight market to carry forward. One carrier is calling for large rate increases in 2021.
YRC Worldwide reported trends worse than its competitors for the first two months of the third quarter. Recent postings show the carrier is moving forward on its turnaround by rationalizing its terminal network.
Against the backdrop of a tough third quarter when key businesses posted losses, Navistar looks ahead to building electric trucks on the same assembly line with diesel models at a new plant in Texas.
ArcBest’s results for the first two months of the third quarter confirm recent positive updates provided by other less-than-truckload carriers.
Deutsche Bank’s Amit Mehrotra becomes increasingly bullish on the future of trucking. The analyst is forecasting earnings growth at the publicly traded carriers much higher than that of his peers.
The “less bad” trend may be over for less-than-truckload carriers. August updates from a couple of carriers show modest year-over-year improvement for the first time since April’s nadir.
Strong spot market fundamentals and low inventories prompt UBS analyst Tom Wadewitz to raise truckload carriers’ earnings estimates for the second half of 2020.
Demand headwinds will place “downwards pressure on revenue and earnings likely into 2021” for trailer manufacturer Wabash National. This was part of the rationale behind credit rating agency Moody’s lowering its ratings on the company.
The commission overseeing pandemic loans has asked the Treasury Department for virtually every document that was used to grant struggling less-than-truckload carrier YRC a $700 million loan.
FreightWaves’ JT Engstrom and Tenney Group’s Spencer Tenney sit down at the FreightWaves Carrier Summit to discuss reasons trucking deals are outpacing broader deal flow.
Declines in Cass freight data continue to outpace the industry by a considerable margin. The firm sees improved results on the horizon.
Carriers with exposure to essential retail are benefiting from increased freight demand as retailers of grocery, household and home improvement goods struggle to keep inventories on their shelves.
Walmart’s fiscal second quarter comes in well ahead of analyst expectations as e-commerce sales surge. The COVID-related inventory drawdown is a positive for trucking.
An interview with Daseke CFO Jason Bates highlights the company’s financial turnaround. When will the carrier get back on the acquisition trail?
Roadrunner fully exits truckload business and announces financial improvement. The company adds former Celadon CEO to the board.
Cold storage facility operator Americold Realty Trust’s second quarter was slightly below expectations on choppy demand and increased COVID costs.
Shares of Daseke surge 20% as the company’s overhaul appears to be ahead of schedule. Second quarter results were better than expectations.
Flatbed carrier Daseke’s turnaround starting to show fruits. Stock pops more than 15% on better-than-expected second quarter.
TravelCenters of America has been forced to close some restaurants again as an increase in COVID-19 cases has tightened restrictions on dining out in some regions.
More than a year from producing heavy-duty electric trucks, newly public Nikola reported an $86.6 million second-quarter operating loss.
YRC management believes it will take four to six quarters to complete $400 million worth of equipment replacement.
YRC Worldwide’s second-quarter loss came in ahead of expectations. The earnings call is likely to focus on the company’s path forward.
Old Dominion Freight Line says it has expanded its network of service centers by nine so far in 2020. The expansion will facilitate the carrier’s efforts to grow market share.
Forward Air lays out plans to expand its less-than-truckload footprint. More terminals are expected to open this year.
Hub Group’s second-quarter earnings beat was accompanied by the expectation for intermodal volume to increase in the high-single-digit range for the rest of the year.
Improving demand and truckload fundamentals are expected to drive third-quarter growth. The carrier’s growing cash balance garners some attention.
WEX Inc., a provider of fuel cards and account management services, reported sales fell 21% year over year to $347.1 million.
“Cost containment” minimizes the impact of a 15% revenue decline during Schneider National’s second quarter. Guidance was reinstated higher than current consensus expectations.
Dana followed other Tier 1 suppliers in reporting a big cash burn to offset second-quarter plant idlings. But the maker of driveline and electrification systems exited with solid reserves.
Werner Enterprises’ second-quarter result was much better than expected, with the carrier providing a favorable rate outlook.
Werner Enterprises reports second-quarter earnings well ahead of analysts’ forecasts and largely in line with the year-ago quarter.
Layoffs and salary cuts helped commercial vehicle driveline supplier Meritor ease the impact of the coronavirus pandemic. But sales, profits and cash took a big hit in fiscal Q3.
Cost initiatives and spot market freight ease the impacts of a choppy pandemic-impacted freight market. ArcBest’s improving trends lead to reinstated wages and benefits.
Trailer builder Wabash National kept the business impact of COVID-19 to a minimum in the second quarter. It even paid back money it borrowed and maintained its dividend.
ArcBest’s second quarter result, a $0.67 per share profit, was much better than analysts’ forecasts for a break-even performance. The company will restore salary and benefit cuts.
NAST margins narrowed, but volumes held up relatively well.
Management from USA Truck provides upbeat commentary regarding the potential for significantly improved earnings as truckload fundamentals remain firm.
Engine maker Cummins soundly beat estimates for earnings and sales in the second quarter because its plants in China worked overtime as the country rebounded from the coronavirus pandemic.
USA Truck’s second-quarter result comes in slightly ahead of expectations, but the carrier extends its losses to four consecutive quarters.
Roadrunner Transportation Systems to spin off global logistics segment, emerging debt-free in the process.
Anthony and Zach discuss the Knight-Swift earnings and what they mean for the freight economy. Anthony gives an economic update and Zach talks about the continued unexpected strength of freight volumes in the U.S.
Market share grew at Daimler Trucks North America and PACCAR even as Q2 sales sank under the weight of the COVID-19 pandemic.
P.A.M. Transportation points to automotive manufacturing closures as reason for second-quarter loss.
Landstar’s earnings call outlines the company’s better-than-expected guidance.
Canadian trucking and logistics firm Mullen Group reports a large drop in profits in its second-quarter financial results. But the company is positioning itself for recovery as business activity comes back.
In second-quarter 2020 financial and operational results released after trading ended on Wednesday afternoon, Chicago-based third-party logistics provider Echo Global Logistics (NASDAQ: ECHO) reported gross revenues fell by 7.1% on […]
