Truckload carrier Western Express will install Platform Science’s full suite of technologies, including the Remote Platform Management system, across its fleet of 3,000 trucks.
Carriers are hoping to attract drivers with more pay and improved benefits.
There was a fair amount of “feel-good” talk regarding inventory build during the fiscal first-quarter retail earnings season. But for several chains, the year-over-year comparisons were easy. Further, sales have continued at an elevated clip, suggesting the massive merchandise restocking is far from over.
The servitization of the trucking industry means there is a need for carriers to have better transparency of their available equipment in order to add new revenue streams.
Commentary from trucking executives at an investor conference suggests the capacity crunch may last well into next year.
Freight shipments continue to break records with little signs of slowing. The year-over-year comparisons get tougher in the back half of 2021 but the current supply-demand dynamics may not change all that much.
The Teamsters union is seeking executive compensation reform at XPO.
Schneider National sees several favorable catalysts through the remainder of 2021 that are supportive of its guidance raise. Finding equipment and drivers will be the challenge.
Schneider National’s first quarter comes in ahead of analysts’ expectations and the company raises its full-year outlook by 8% at the midpoint of the range.
First-quarter earnings reports from truckload carriers highlight a booming freight market. A strong consumer, tight truck capacity and elevated rates appear the likely dynamics for the remainder of the year.
Roehl Transport announced its second driver pay increase of the year.
P.A.M. Transportation Services posted a profit in the first quarter of 2021. The bulk of the improvement came on the nonoperating line.
GP Transco is the latest carrier to raise driver pay. Base pay alone for company drivers moves 15% higher.
Heartland Express reported a slight miss on first-quarter earnings expectations Wednesday. The carrier pointed to relative strength in March as it exited the quarter, noting that driver pay will need to be raised again.
Knight-Swift Transportation posted a large headline earnings beat in the first quarter but it was less impressive by comparison when excluding nonoperating income. The company now sees over-the-road contract rates increasing in the mid-teen percentage range during 2021.
J.B. Hunt Transport Services announced first-quarter results well ahead of analysts’ expectations.
Driver pay continues to step higher as truck capacity remains very tight and consumer spending high.
After raising pay earlier in the year, Cargo Transporters has implemented a flexible pay package, allowing company drivers to earn paid time off and bonus payments on a prorated basis.
West Coast carrier Cheema Freightlines announces a pay bump for drivers and plans to expand its fleet in 2021.
After a fresh round of pay increases at the beginning of the year, some carriers are continuing to raise rates further. Bay & Bay Transportation announced effective immediately it has raised pay for independent contractors by 20 cents per mile.
Flatbed carrier Daseke announced Wednesday it has reduced debt and refinanced the bulk of its remaining debt. The transaction, which will lower annual interest payments, is the latest in the company’s efforts to improve margins and financial returns.
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.
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.
Growth in the supply chain came at a faster pace in February, with transportation capacity falling and prices climbing at accelerated rates.
Carrier Averitt Express said it was raising pay for its newly hired regional truckload and flatbed drivers. The company becomes the latest to increase driver pay as the industry struggles to seat tractors.
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.
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.
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.
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.
SONAR is the leading freight forecasting platform. Two recently added SONAR indices are proving very useful to SONAR subscribers. Learn more.
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.
This week’s DHL Supply Chain Pricing Power Index: 70 (Carriers) Last week’s DHL Supply Chain Pricing Power Index: 65 (Carriers) Three-month DHL Supply Chain Pricing Power Index Outlook: 75 (Carriers) […]
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.
Could DB Schenker be the next TFI International? TFI just agreed to buy UPS Freight. DB Schenker is ready to become a pure play trucker in the U.S. and will be looking for sellers.
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.
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.
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.
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.
U.S. Xpress announced Monday that Jake Lawson has joined as chief commercial officer and Justin Harness will head the dedicated division.
Interview with Daseke’s leadership team covers recent changes and the return to M&A.
New 25-driver subcommittee will give FMCSA direct feedback on safety issues.
Temperature-controlled carrier Nagle Toledo announced a 17% pay increase for its drivers. The company was one of the first to start paying drivers a straight salary.
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.
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.
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.
A couple more truckload carriers have announced pay increases for drivers ahead of the new year. Beacon Transport and Bay and Bay Transportation are the latest.
Roehl Transport joins the list of truckload carriers increasing driver pay to keep trucks rolling during a high-demand environment.
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.
The Cass Freight Index sees sequential weakness in shipments but logs year-over-year improvement with expenditures data advancing.
Frozen Food Express is raising linehaul driver pay by 25% for new solo drivers and 20% for team drivers.
Truckload carrier Titan Transfer adds another fleet to the portfolio with the acquisition of JTL Carriers.
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.
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.
Forward Air adds to non-airport less-than-truckload service by opening a facility in Bethlehem, Pennsylvania.
In today’s edition of The Daily Dash, spot rates could be heading higher yet again. Plus, truckload carriers wonder if we are in peak season or a new normal; and a Texas group tackles tort reform.
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.
The Cass Freight Index returns positive trends for shipments in October. The expectation is strong volumes will continue with the outlook for higher expenditures on the horizon.
Knight-Swift announces Adam Miller will lead Swift Transportation in addition to his role of CFO at the parent company.
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.
One of the toughest obstacles for a new trucking company can be finding affordable insurance. Robert Haley, VP of Transportation for USI Insurance Services, and Pierre Laguerre, founder and CEO of Fleeting, discuss tips on risk mitigation for new carriers at FreightWaves LIVE @HOME.
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.
Heartland Express raises driver pay 6% across the board and as high as 12% for some.
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.
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.
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.
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.
Werner Enterprises’ third-quarter result comes in ahead of analysts’ forecasts.
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.
The Cass Freight Index booked 7% sequential gains in shipments and expenditures during September.
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.
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.
The fleet management solution is Transfix’s first foray into a pure software product.
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.
Shared truckload offers shippers the opportunity to utilize truckload services to deliver partial shipments – without leaving part of the trailer empty.
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.
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.
Strong spot market fundamentals and low inventories prompt UBS analyst Tom Wadewitz to raise truckload carriers’ earnings estimates for the second half of 2020.
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.
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.
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.
Improving demand and truckload fundamentals are expected to drive third-quarter growth. The carrier’s growing cash balance garners some attention.
“Cost containment” minimizes the impact of a 15% revenue decline during Schneider National’s second quarter. Guidance was reinstated higher than current consensus expectations.
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.
Management from USA Truck provides upbeat commentary regarding the potential for significantly improved earnings as truckload fundamentals remain firm.
USA Truck’s second-quarter result comes in slightly ahead of expectations, but the carrier extends its losses to four consecutive quarters.
P.A.M. Transportation points to automotive manufacturing closures as reason for second-quarter loss.
