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.
Flatbed carrier Daseke reported five weeks of volume improvement in its second quarter update. The carrier improved its liquidity position through the first two months of the quarter.
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.
CEO and President Derek Leathers to usher in the next era for Werner Enterprises as founder CL Werner plans exit.
Werner Enterprises’ announced that CL Werner, its founder and executive chairman, has stepped down as executive chairman. Werner is expected to remain as chairman through the end of his term ending May 2021.
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%.
April’s 20% year-over-year declines in Cass data may mark the bottom of the COVID-19 downturn.
Truckload and transportation companies talk freight markets ahead of reopening with some calling a market bottom in April as spot rates remain below breakeven.
Daseke selects current flatbed head to lead operations amid a multi-year restructuring effort.
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.
Management says “tough pricing environment” muted operational efficiency initiatives.
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.
FreightWaves President George Abernathy interviews President and CEO of Werner Enterprises Derek Leathers to discuss the pandemic, the economy and technology.
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.
The global pandemic offers industry players the chance to trade competition for collaboration and disrupt the status quo.
Dan Cushman retiring after 11 years as the head of P.A.M. Transportation. The search is underway for a permanent replacement.
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.
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.
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.
Covenant continues to reshape the company in efforts to better focus on contract logistics and improve its financial structure.
Jason Bates will fill the vacant CFO role at Daseke after three years in the same role at USA Truck.
Knight-Swift’s better than expected quarter yields to further uncertainty as the year progresses.
Heartland Express’ better than expected result was diminished by the lack of gains on equipment sales.
Citing economic challenges tied to the coronavirus pandemic, as well as the need to focus resources toward targeted business units, Southern Refrigerated Transport (SRT), a solo-driven reefer subsidiary of the […]
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.
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.
Tyson Foods plans to pay drivers and essential personnel $60 million in “thank you” bonuses for service during the pandemic.
Chris Henry writes about the true costs of “unseated” trucks and what carriers can do to keep their number of unseated trucks as close to zero as possible.
After a surge in freight over the past few weeks, UBS transportation analyst Tom Wadewitz is predicting a rough two months.
P.A.M. Transportation says it has temporarily laid off approximately 75 employees as auto plant closures increase.
J.B. Hunt announces $500 one-time bonus for drivers and field staff serving during COVID-19 pandemic.
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.
Profitability is the key to any business staying in business. In trucking it is harder than in many other businesses. Chris Henry explores the “trucking profitability paradox.”
‘Strong sales’ in February are expected to continue through Easter. Disruptions to the company’s supply chain continue to be monitored.
Final-mile acquisitions continue. CRST adds to its service offering by acquiring NAL Group.
PS Logistics announces that it has completed the acquisition of Southeast Logistics.
Schneider National’s new Dallas operating center set to open as the company looks to grow its active fleet.
The Home Depot continues to report record sales growth on the back of a “very strong” consumer.
We examine two historical freight market troughs, 2011 and 2013, to understand current dynamics.
Declines in Cass data accelerate but report calls for rates to inflect higher in 2020.
Walmart’s fiscal fourth quarter comes in light of expectations as holiday activity was lower than expected.
The Truckload Carriers Association (TCA) will bring an opportunity for education and networking to for-hire carriers, private fleets, associates and driver-training school members, as well as prospects, next month.
Into its second decade of existence, Daseke pumps the brakes on acquisitions and attempts to streamline all that it has bought.
Fuel card provider WEX Inc. reports a solid fourth quarter but calls out weakness in the trucking market.
Truckload carrier heads talk demand, rates and capacity at investor conference.
Darren Prokop writes about the volatility in trucking, and how ecommerce may help less-than-truckload carriers recover in 2020.
J.B. Hunt announced that CFO David Mee will retire March 1. The company will fill the interim role internally until a permanent replacement is found.
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.
The key metric “net revenue per truck per week” is explained by Chris Henry.
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.
Market softness, excess capacity, weak demand and soaring insurance costs and claims were the near-term challenges highlighted on Landstar’s conference call.
Schneider National’s fourth quarter suffered from a “muted peak season” and softer rates. However, the carrier’s 2020 outlook calls for improving fundamentals.
U.S. Xpress announced it has successfully refinanced its revolving credit facility, lowering the interest rates on a portion of its debt.
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.
Heartland Express’ financial results were worse than expected in the fourth quarter of 2019. That said, a large acquisition shoulders more of the blame than weaker market fundamentals.
The Cass Freight Index sees its steepest decline in shipments since the Great Recession.
Canadian-based carrier Highlight Motor Group receives $55 million private equity investment to accelerate North American expansion.
Outlook for future improvement to earnings is still hazy as Morgan Stanley analyst lowers fourth-quarter estimates for most transportation companies.
Market Expert Zach Strickland provides timely advice for shippers that need to choose either a carrier or a 3PL.
While the truckload carriers are happy to turn the page on 2019, investors in truckload stocks may be hoping for more.
FreightWaves Market Expert Chris Henry provides a look into truckload’s year that was and commentary on a possible path toward consistent profitability.
Planned merger could create largest tank truck carrier in U.S. Heniff Transportation and Superior Bulk Logistics to merge.
The biggest truckload carrier in the U.S. Knight-Swift cuts its fourth quarter 2019 earnings outlook again. The company plans to “revise” its first quarter 2020 guidance in January.
Cass freight data shows softness again in November. While shipment declines extend to a full year, the rate of the declines may be moderating.
Liquid and dry bulk carrier TransWood, Inc. announces the acquisition of Kane Transport and its fleet of more than 150 tractors.
Morgan Stanley eyeing truck capacity constraints and higher rates in 2020, potentially reaching 2018 levels or higher.
The official announcement followed a chaotic weekend of credit, customer, and driver issues,
Truckload stocks get an upgrade at Goldman Sachs. Analyst cites “bottoming” fundamentals and the likelihood that the trucking downturn is nearing the midway point as reasons for the upgrade.
The latest Cass outlook signals “economic contraction,” but the heads at some of the nation’s largest truckload carriers see a different path.
The world’s largest retailer, Walmart, reports quarterly results ahead of expectations and raises its earnings outlook for fiscal 2020.
The Trucking Alliance’s managing director Lane Kidd told Craig Fuller on Fuller Speed Ahead that technology could be used more effectively by the industry to improve safety.
Fuel card and business payments provider, FLEETCOR, reports increases in fuel and toll revenue. Management said that they are seeing general softness across all trucking markets, domestically and abroad.
Titanium Transportation Group sees weaker trends in the quarter, but manages to post a modest profit.
U.S. Xpress cites a weaker spot market and compressed brokerage margins as reasons for the third quarter loss. However, the decision to grow its fleet, a portion of which is reliant on the spot market, drew several questions from analysts on its call.
Add USA Truck to the list of carriers finding themselves struggling to find their way in a soft freight market. The carrier found itself forced into the spot market to find freight for its trucks after making an acquisition just a year ago.
With the bulk of its final mile business shuttered and its tractor fleet right-sized, management believes that the company is on solid footing to see improvement in 2020.
Heartland Express continues to perform. The carrier posts another solid quarter in the face of a “softer” environment.
Covenant blames weak freight environment for drop in revenue and net income in third quarter 2019.
P.A.M. Transportation Services calls out GM strike as the primary reason the carrier failed to meet earnings expectations.
Knight-Swift Transportation lowered its third and fourth quarter 2019 guidance amid intermodal and truckload woes. However, some analysts find this as a reason to celebrate.
Freight shipments and expenditures declined on a year-over-year basis again in September according to the latest Cass Freight Index Report. The firm now believes that the index is “signaling an economic contraction.”
Earnings estimates continue to be cut by equity analysts, however their outlook for the stocks is positive.
