ArcBest
YRC Q3 update bucks improving industry trends
The trend of year-over-year tonnage improvement from the less-than-truckload (LTL) carriers in August ends with YRC Worldwide’s (NASDAQ: YRCW) midquarter report. In a press release issued after the market closed on Wednesday, the company reported that tonnage declines actually accelerated during the quarter, down 6.4% in August, following a 4.3% decline in July.
The report was worse than the updates from competitors Old Dominion Freight Line (NASDAQ: ODFL) and SAIA (NASDAQ: SAIA), which reported...
https://s29755.pcdn.co/news/yrc-mid-quarter-update-bucks-improving-industry-trends
ArcBest continues trend of positive mid-quarter reports
The positive inflection in less-than-truckload (LTL) metrics during August continued with ArcBest Corp. (NASDAQ: ARCB). In a Wednesday filing, the carrier reported that total tonnage per day increased 3.5% compared to August 2019, with LTL tonnage increasing by a high single-digit percentage.
Last week, carriers Old Dominion Freight Line (NASDAQ: ODFL) and Saia (NASDAQ: SAIA) reported modest increases in tonnage on a year-over-year basis for the month, the first since COVID-19 brought large...
https://www.freightwaves.com/news/arcbest-continues-trend-of-positive-mid-quarter-reports
Career Tracks: Air, land and sea
Vanessa Serrano Cuevas has been appointed Grupo TMM’s chief executive officer.
She previously served as vice president of the company’s energy division. Her professional achievements include founding the food company Dasami as well as the digital platform Zertú.
Headquartered in Mexico City, Grupo TMM is a Mexican maritime transportation management and logistics company.
José F. Serrano Segovia, chairman of the board of directors, said the company was “confident that her leadership abilities...
Sluggish recovery in Cass freight data
Freight data provided by Cass Information Systems for July continues to lag other market indicators. While the freight index displayed a 4.8% sequential monthly improvement in shipments from June to July, with expenditures increasing 2.8%, the dataset is still a long way off of prior-year levels, posting a 13.1% year-over-year decline in shipments, with expenditures falling 14.3%.
The report’s author, Stifel Financial (NYSE: SF) equity research analyst David Ross, pointed to headwinds like...
https://www.freightwaves.com/news/sluggish-recovery-in-cass-freight-data
YRC announces next-day expansion as less-than-truckload market heats up
Not to be outdone by recent expansion announcements from competitors, less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW) is expanding its regional next-day service.
In a Wednesday press release, the Overland Park, Kansas-based carrier said the addition of more lanes in the mid-South and Waco, Texas, is part of its network restructuring.
“Through Regional Next-Day service, our customers in Texas and the mid-South can access just-in-time scheduling that offers benefits of lowered...
https://s29755.pcdn.co/news/yrc-announces-next-day-expansion-as-less-than-truckload-market-heats-up
Cost control leads Q2 beat; July trends improve
On an earnings call with analysts, management from ArcBest Corp (NASDAQ: ARCB) highlighted their ability to manage costs through the COVID-19 downturn. The impact from a 19% year-over-year revenue decline in the second quarter of 2020 was limited by previous cost actions taken.
The flexibility of its labor contracts allowed the company to better match drivers and workers to a 13% decline in daily shipments within its asset-based segment, which includes less-than-truckload (LTL) operations.
The...
https://s29755.pcdn.co/news/cost-control-leads-q2-beat-july-trends-improve
ArcBest Q2 well ahead of estimates
ArcBest Corp (NASDAQ: ARCB) reported adjusted earnings per share (EPS) of $0.67, well ahead of the break-even consensus estimate.
The asset-based division, which includes less-than-truckload (LTL) operations, reported a 17.8% year-over-year revenue decline to $460 million. Tonnage was down 13.8% with revenue per hundredweight, or yield, declining 4%. LTL yield was up in the low-single digit percentage range excluding fuel surcharge revenue. The division posted a 94.4% operating ratio, 140 basis...
https://s29755.pcdn.co/news/arcbest-q2-well-ahead-of-estimates
Merrill Lynch boosts Knight Swift, J.B. Hunt and ArcBest
The transportation team at Bank of America Merrill Lynch (BOAML) is bullish on trucking stocks, raising the price objectives on a handful of them by several dollars per share.
The team led by Ken Hoexter based its increase in price objective (PO) on “the inflecting demand and spot rate environment.” It did not increase its buy/neutral/sell recommendation on any stocks.
Getting an upward kick from the BOAML team was Knight-Swift (PO now $49, was $46, stock closed earlier this week at $43.05);...
https://s29755.pcdn.co/news/merrill-lynch-boosts-knight-swift-j-b-hunt-and-arcbest
Geofencing data: Less-than-truckload boost carries into June
Less-than-truckload (LTL) volumes continued to improve throughout May and into the first week of June, said Deutsche Bank (NYSE: DB) analyst Amit Mehrotra in a note to clients.
He reported that in the first week of June, LTL activity levels improved 7% versus the average levels seen in May and were up 8% compared to the last week of May. Mehrotra believes that Old Dominion Freight Line (NASDAQ: ODFL) and SAIA (NASDAQ: SAIA) outperformed the average increase and UPS (NYSE: UPS) and YRC Worldwide (
https://s29755.pcdn.co/news/geofencing-data-less-than-truckload-boost-carries-into-june