Some key statistics at the U.S. LTL operations of TFI International remain a cause for concern at the Canada-based trucking conglomerate, and CEO Alain Bedard did not hold back discussing those issues on the company’s first-quarter earnings call.
The core of the U.S. LTL activities at TFI (NYSE: TFII) is known as TForce, and its roots are in the TFI acquisition of UPS’ LTL operations, UPS Freight, in 2021.
LTL discussions often turn to revenue per hundredweight, or yield, in analyzing how a...
Recently, FreightWaves spoke with Wabash Director of Strategic Programs Glen Stewart about the company’s trailers-as-a-service (TaaS) offering, designed to help increase asset uptime.
According to the company, it has secured a near 100% recovery rate for its customers’ damaged trailers in 2024. “If damaged, trailers are fixed immediately, or a loaner can be provided,” a Wabash representative told FreightWaves.
Related:Wabash’s new trailers-as-a-service platform to support FreightVana’s...https://www.freightwaves.com/news/freighttech-friday-wabash-sees-success-with-trailers-as-a-service
Pam Transportation, the auto industry-focused truckload carrier whose stock has been battered in the past year and beyond, is buying back some of its shares through a process known as a Dutch auction.
Companies buy back their stock frequently but generally do so in a lower-key manner, entering the market as an occasional or frequent buyer operating through the normal processes of the equity markets. Companies often declare their intention to buy back stock over a certain period, but the...
The U.S. Department of Labor announced a final rule on Tuesday that will revise regulations issued under the Fair Labor Standards Act to ensure overtime pay for some salaried and highly compensated employees. Critics say the rule could prove a significant burden for brokers operating small businesses.
Starting July 1, 2024, salaried employees making less than $844 per week – equivalent to $43,888 per year – will become eligible for overtime. On Jan. 1, 2025, the threshold to receive overtime pay...
Claims are a common source of frustration for most regular less-than-truckload shippers. Due to LTL carrier limitations and exclusions, shippers with damaged cargo often recover from $5 per pound down to as little as 10 cents per pound and are left without any viable avenue to recoup their losses.
The nature of LTL makes preventing cargo damage difficult. Shipments are touched and transferred between trailers via forklift often, creating the potential for mishaps at every turn.
“[Shippers]...
https://www.freightwaves.com/news/why-ltl-shippers-need-additional-insurance-coverage
The elephant in the room on the Norfolk Southern earnings call made only a brief appearance. But it will be returning in about two weeks.
There were no surprises in the first-quarter earnings report, as the Class 1 railroad (NYSE: NSC) had issued a preliminary report earlier in the month. The final numbers, showing a significant drop in earnings related to the East Palestine, Ohio, derailment in February 2023, were in line with those preliminary figures. The East Palestine derailment saw 38 cars...
https://www.freightwaves.com/news/no-surprises-in-norfolk-southern-earnings-as-coo-orr-makes-debut
In what has been a difficult quarter for trucking companies, both truckload and to a lesser degree LTL, Covenant Logistics reported first-quarter operating earnings that held up relatively well.
Covenant’s adjusted earnings per share on a non-GAAP basis came in at 84 cents per share, down from 93 cents per share a year ago. According to SeekingAlpha, that figure beat the consensus forecast by 4 cents per share. But adjusted operating income, the most basic profitability measure, rose to $14.8...
Open-deck transportation marketplace EXO Freight closed its Chattanooga, Tennessee, office Tuesday, laying off 19 employees, including a few from its spot brokerage team in Royal Oak, Michigan, who were mainly operations-focused, co-founder and CEO Kurtis Tryber told FreightWaves.
Tryber said it was an intentional move by the company to pivot from covering unprofitable spot market freight through its brokerage to utilizing its specialized marketplace and fintech solutions for managed...
Ryder’s quarterly earnings showed signs of the weak truck market, but its emphasis on other segments of the company besides its flagship fleet rental activities continued to bear fruit.
The bottom line is that Ryder’s non-GAAP earnings per share of $2.14 exceeded consensus expectations by 43 cents, according to SeekingAlpha. Its revenue of $3.1 billion exceeded consensus by $40 million. However, the $2.14 EPS came in 67 cents lower than the corresponding figure of 2023’s first quarter.
Investors...
Commercial vehicle parking and storage provider Semi-Stow announced Tuesday it has rebranded itself to Outpost and has raised $12.5 million in Series A funding led by GreenPoint Partners with participation from Speedwagon Capital Partners.
The United States currently has approximately 313,000 truck parking spaces for a populace exceeding 3.5 million active drivers. This translates to about one spot for every 11 drivers. This shortfall creates a scenario in which over 70% of drivers break federal...
https://www.freightwaves.com/news/semi-stow-rebrands-as-outpost-raises-12-5m