Marten revenue up, but net income growth lowest in over 2 years

Truckload carrier Marten Transport brought in a lot more revenue in the fourth quarter of 2022 compared to a year earlier but posted a much smaller gain in net income.

Net of fuel, operating revenue at Marten (NASDAQ: MRTN) rose 15.8%, though total operating revenue, which included fuel, climbed 20.9%, to $322.6 million from $266.9 million in the fourth quarter of 2021. Operating income rose to $32.78 million from $30.67 million, and after taxes and other charges last quarter of about $500,000,...

https://www.freightwaves.com/news/marten-revenue-up-but-net-income-growth-lowest-in-over-2-years

Volvo Group sets Q4 delivery record as supply chain issues linger

Sweden’s Volvo Group reported record fourth-quarter truck deliveries of 62,800 trucks but said ongoing supply chain issues and higher energy costs forced it to throttle back order intake.

The mixed report countered a generally positive outlook from competitor Paccar Inc., which reported a record market share for its European DAF Trucks unit on Tuesday.

Volvo Group is the parent of Volvo Trucks North America (VTNA) and Mack Trucks. It reported net Q4 sales rose 31% to 134.3 billion Swedish Crowns...

https://www.freightwaves.com/news/volvo-group-sets-q4-delivery-record-as-supply-chain-issues-linger

Passport signs on parcel shipping veteran to lead business development

Parcel logistics provider Passport announced Thursday it is gaining leadership experience from two of the largest parcel shipping companies by enlisting Brad Noble to serve as its head of business development.

Passport’s new head of business development, Brad Noble. (Photo: Brad Noble)

“Passport has built everything around being a modern e-commerce provider,” said Noble, who spent three decades in sales and operations roles at the U.S. Postal Service and DHL eCommerce Americas.

“If you look at...

Convoy introduces instant bid responses to carriers

Digital platforms have plunged into the world of freight, promising to automate practices that pull time from truck capacity. 

Over the past two years, these solutions have included solutions for parking, yard management, trailer pooling, dispatching and more.

Freight platform Convoy has worked to provide solutions for these time burdens and now the carrier users will be able to leverage its latest achievement — instant bid responses.

The company has been rolling out the new feature to users...

Paccar sets Q4 and 2022 records in revenue and net income

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Recession-fearing pundits looking for an earnings slowdown won’t find evidence in Paccar Inc.’s...

https://www.freightwaves.com/news/paccar-sets-q4-and-2022-records-in-revenue-and-net-income

CargoX proof of concept showcases interoperability for global trade eBOLs

Document transfer solutions provider CargoX says that by utilizing blockchain technology, it recently concluded an electronic bill of lading (eBOL) transfer with a competing provider, edoxOnline, within six minutes, a process that traditionally takes hours or even days.

The potential benefit of that streamlining is highlighted by a recent McKinsey study showing that 40% of containerized trade still relies on the transfer of paper record copies with up to 50 sheets of paper from up to 30...

Carriers seeing light at end of tunnel, but is it too soon?

Few in freight appear to have high hopes for profits in the first quarter, but the landscape is at least starting to look a little brighter for carriers, according to the Q1 2023 Freight Sentiment Indexes. The indexes, which FreightWaves Research produces via surveys in the first two weeks of each quarter, combine near-term and longer-term scores to generate a snapshot of business attitudes.

Taken together, the results paint a picture of a troubled freight market that could be starting to find...

https://www.freightwaves.com/news/carriers-seeing-light-at-end-of-tunnel-but-is-it-too-soon

How Kodiak Robotics avoided FOMO in staying private

The meltdown of transportation SPAC valuations is unrelenting. Here’s the story of one thriving autonomous trucking developer that stayed out of the rush-to-go-public frenzy.

Kodiak Robotics’ peace of being private

One autonomous trucking developer ignored the FOMO (fear of missing out) on the SPAC frenzy of 2020 and 2021. With valuations cratering for most companies that went public via special purpose acquisition companies, Kodiak Robotics is looking pretty smart. 

It is hiring strategically...

https://www.freightwaves.com/news/how-kodiak-robotics-avoided-fomo-in-staying-private

Former USA Truck CEO takes COO role at Kodiak Robotics

MOUNTAIN VIEW, California — Some cajoling before a let’s-make-a-deal barbecue dinner in Fort Smith, Arkansas, persuaded James Reed to take his technical credentials — unparalleled among trucking company chief executives — back to Silicon Valley.

Reed led a turnaround as CEO of USA Truck for six years before its sale to German logistics giant D.B. Schenker in September. He is trucking’s first C-suite executive to take a leading role at an autonomous trucking startup, joining Kodiak Robotics as...

https://www.freightwaves.com/news/former-usa-truck-ceo-takes-coo-role-at-kodiak-robotics

Outrider raises $73M to scale autonomous distribution yard business

Outrider Inc., which transforms hazard-filled distribution yards into near-touchless automated operations, has raised $73 million in a Series C funding round.

It plans to use the money to complete final capabilities and safety mechanisms. It also plans to grow from its 175 employees by hiring more engineers domestically and in Europe. Golden, Colorado-based Outrider also plans to scale the sales of its software package to customers. They represent more than 20% of 50,000 yard trucks operating in...

https://www.freightwaves.com/news/outrider-raises-73m-to-scale-autonomous-distribution-yard-business

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