Landstar misses estimates in its second-quarter report, which included bonus payments to workers during the pandemic. New guidance better than expected.
Knight-Swift sees demand improve throughout the second quarter, producing a big earnings beat. The carrier raises its 2020 earnings outlook to a level higher than its original expectation.
Knight-Swift posts solid second quarter and reinstates full-year guidance to a level higher than before the outbreak.
Heartland Express announced the family trust of founder and current CEO will sell up to $76.9 million in stock. The family will still hold roughly 40% of the company’s outstanding stock following the transaction.
Logistics REIT Prologis sees demand for space accelerate even as e-commerce activity recedes to near-normal levels. 2020 outlook raised on market tightness.
PACCAR beat the consensus estimate of analysts, posting second-quarter profits of nearly $148 million despite U.S. plants being closed for five weeks because of the coronavirus pandemic.
Logistics REIT Prologis reports stronger than anticipated second quarter and raises outlook for the remainder of the year.
YRC loan called into question by Congressional Oversight Commission. YRC’s board may have had the same concerns with the company’s equity in 2019.
The truckload carriers have reported solid results to start second quarter earnings season, but some load data is still lagging.
Better-than-expected performance across the board buoys Daimler prospects. Job cuts are a big part of the picture in a preview of second-quarter earnings.
Glum Volvo Group financial report follows layoffs of 4,100 white-collar workers in second quarter. Uncertainty means the pain may continue for some time.
J.B. Hunt easily bests consensus forecasts led by better-than-expected intermodal and dedicated results. The back half of 2020 remains hazy on COVID-19 fears.
J.B. Hunt Transport Services posts a solid second quarter, besting analysts’ forecast by 31 cents per share.
After delisting from the NYSE, Roadrunner Transportation Systems announces it will add three new less-than-truckload facilities this summer. The expansion is part of its re-organization focused on asset-light offerings.
Uber is reported to be raising $500 million in funding for its brokerage segment. The deal would place a valuation of $4 billion on Uber Freight.
Forward Air is expanding again. The company plans to offer traditional less-than-truckload service for the first time.
Rail traffic continued to build through June. U.S. intermodal traffic was only off 5% year-over-year in week 26.
YRC’s $700 million loan from the Treasury Department raises concerns from industry experts about the survival of the company and whether the deal is worth it.
FedEx Corp. had significant positives in its fourth-quarter earnings report released Tuesday, including much-better-than-expected earnings before interest and taxes.
Workhorse gets another shot in the arm with the announcement of a $70 million loan. Shares continue their hot streak, up more than 30% on the news.
Cash-rich Amazon continues to find ways to spread the money around, this time with a $500 million payment to its workers and partners.
Prologis seeks to sell the largest-ever warehouse portfolio in the U.K. The deal is reported to include 22 properties valued at more than $500 million.
Amazon has been linked to several large real estate transactions this week, including the lease of a 1 million-square-foot facility in New York.
FedEx will see $370 million in noncash charges stemming from valuation declines in previously acquired operating units.
French 3PL FM Logistic reports strong organic growth in its recent fiscal year as European expansion progresses. The company didn’t issue annual guidance due to COVID-19 uncertainty.
Deutsche Bank analyst Amit Mehrotra favors a few transportation stocks as the second quarter comes to a close.
YRC Worldwide’s midquarter report was worse than that of its peers and adds to industry speculation that some shippers could be avoiding the carrier.
Daseke’s ratings were confirmed at recently downgraded levels by Moody’s. The report points to the company’s restructuring as a source for a potential ratings upgrade.
Navistar included only one full month of impact from the COVID-19 pandemic in its loss-making second quarter. How bad will it be for manufacturers who report on a traditional April-June quarter?
ArcBest joins other less-than-truckload carriers seeing a May rebound from April lows. A 10% stock bump from a rating upgrade holds into the second trading session.
Heavy-duty truck maker Navistar reported a $38 million loss in its fiscal second quarter, the first look at the financial damage from COVID-19-related manufacturing shutdowns.
Cold storage consolidation remains hot. Lineage Logistics closes on Emergent Cold transaction, growing its already dominant global market share.
Less-than-truckload demand appears to have bounced off of an April bottom according to reports from carriers.
While less-than-truckload volumes may not have rebounded sequentially from April, one sell-side analyst sees acceleration in recent weeks as bullish for the industry.
FedEx reported to be exploring alternative growth path in Europe through stake in German parcel company Hermes.
Canadian supply chain software provider posts a 51% increase in net income, but says it will reduce its global workforce by 5% in the face of economic uncertainty
The courier and less-than-truckload subsidiary of Canada’s postal carrier had a decent first quarter considering the impacts of COVID-19 and C$1 billion expansion of its network.
Covenant Transportation Group provides an update on the ‘strategic plan,’ announced breakeven results in April during first quarter conference call.
Recent stabilization in truckload markets with a recovery expected later in the year were some of the takeaways from Wolfe Research’s investor conference.
Covenant Transportation Group sees a breakeven April and noted that May trends have “stabilized” as it moves forward with restructuring efforts.
Walmart bested analyst expectations as grocery and household items drive comparison sales 10% higher and ecommerce accelerates 74%.
Cervus Equipment’s Peterbilt dealerships had a strong first quarter, but the company says it expects COVID-19 will hit short-term demand.
Wabash National felt the COVID-19 pandemic in the first quarter, but the trailer maker said its earlier preparations for a softening market helped offset deeper trouble.
Titanium Transportation Group depends on no single customer for more than 6% of its business. That diversification is paying off during the COVID-19 pandemic.
Stifel’s David Ross announces that he is suspending his rating and estimates on YRC Worldwide and questions the company’s ability to survive.
Titanium Transportation Group reports 13.6% increase in revenue on the strength of its growing brokerage business in the United States and steady performance from trucking.
Daseke selects current flatbed head to lead operations amid a multi-year restructuring effort.
YRC beats expectations with the benefit of outsized gains on sales. Noting volumes were down 24% in April, management says it likely won’t satisfy debt covenants into 2021 and it opts out of questions on its call.
USA Truck continues to execute on its internal turnaround initiatives, but they have yet to bleed through and provide positive earnings results for the carrier.
Food supply chain warehouse operator Americold Realty Trust beats first-quarter forecasts, reiterates guidance and shakes off meat shortage concerns.
Management says “tough pricing environment” muted operational efficiency initiatives.
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.
