Rush Enterprises crushes Q3 sales and earnings projections

Heavy-duty truck dealership network Rush Enterprises (NASDAQ: RUSHA) reported lower sales and earnings in the third quarter but far exceeded analyst estimates.

Earnings per share decreased 14.29% over the past year to $0.60. Analysts expected $0.32 per share.

Revenue of $1,18 billion declined by 26.3% from the same period last year. Analysts estimated revenue of $1.08 billion

With 120 locations, Rush Enterprises is the only publicly traded, standalone commercial truck dealer in North America. It...

https://www.freightwaves.com/news/rush-enterprises-crushes-q3-sales-and-earnings-projections

Lower revenue dents CSX’s third-quarter profit

A photograph of a CSX train winding through a field.

CSX (NASDAQ: CSX) reported third-quarter 2020 net income of $736 million, or 96 cents per share, compared with $856 million, or $1.08 per share, in the third quarter of 2019 amid a drop in revenue and “lower economic activity resulting from the COVID-19 pandemic.”

(CSX)

Third-quarter revenue fell 11% year-over-year to $2.65 billion, with intermodal volume growth more than offset by declines in coal and merchandise volumes, CSX said. Lower fuel surcharge revenue also affected overall revenue.

But...

https://s29755.pcdn.co/news/lower-revenue-dents-csxs-third-quarter-profit

Mullen Group pushes through Q3 with help from feds

A tractor-trailer of Mullen Group carrier Payne Transportation. Mullen reported Q3 financial results.

Canadian trucking and logistics company Mullen Group (TSE:MTL) reported a nearly 28% increase in profits in its third-quarter financial results on Wednesday as government wage subsidies offset the continued drag from COVID-19, which pushed down revenue by over 10%. 

Alberta-based Mullen had net income of C$26.2 million, or 26 cents per share, on C$290.9 million revenue. Net income increased by 27.8% while revenue dropped 10.6% compared a year earlier. 

The increase in profits appears to have come...

https://www.freightwaves.com/news/mullen-group-pushes-through-q3-with-help-from-feds

Forward Air pre-announces Q3 expectations well ahead of consensus

Forward Air truck at a terminal

Forward Air (NASDAQ: FWRD) provided preliminary results for the third quarter of 2020 in a Wednesday evening 8-k filed with the U.S. Securities and Exchange Commission. The Greeneville, Tennessee-based trucking company expects earnings per share of approximately 60 cents, well above the current consensus estimates ranging from 40 to 43 cents per share but lagging the 2019 third quarter’s 78 cents.

The result includes a one-time charge of 6 cents related to “a litigated contract dispute.”

The...

https://s29755.pcdn.co/news/forward-air-pre-announces-q3-expectations-well-ahead-of-consensus

Landstar beats recently raised guidance

Landstar truck on highway

Truck broker Landstar System Inc. (NASDAQ: LSTR) experienced quite the turnaround during the third quarter, reporting earnings per share (EPS) of $1.61, 19 cents higher than the consensus estimate and 26 cents higher year-over-year.

The Jacksonville, Florida-based company’s original guidance called for loads and revenue per load to decline in the mid-single-digit range year-over-year, but by the close of July they were only off 1% and 2%, respectively. By the first week of August, both metrics...

https://s29755.pcdn.co/news/landstar-beats-recently-raised-guidance

For Tesla, yet another profitable quarter

Tesla (NASDAQ:TSLA) reported third-quarter revenue of $8.77 billion, a year-over-year increase of 39%. The total from the company came in higher than estimates of $8.26 billion. Automotive revenue was $7.6 billion.

“This was achieved mainly through substantial growth in vehicle deliveries as well as growth in other parts of the business,” the company said in the release.

Tesla reported earnings per share of 76 cents for the third quarter, which was higher than the consensus estimate of 56 cents.

Te...

https://s29755.pcdn.co/news/tesla-beats-q3-earnings-estimates-on-pace-for-profitable-year

Knight-Swift puts up the Q3 analysts were expecting

Knight truck on highway

The nation’s largest truckload (TL) carrier, Knight-Swift Transportation (NYSE: KNX), on Wednesday posted third-quarter results closer to what analysts and onlookers were anticipating.

After a couple of lackluster third-quarter reports from TL carriers, Knight-Swift reported a third-quarter beat and a 2020 guidance raise, and it didn’t contain its exuberance over current TL market fundamentals, issuing better-than-expected full-year 2021 guidance. Usually carriers wait until the release of...

https://www.freightwaves.com/news/knight-swift-puts-up-the-q3-analysts-were-expecting

CN ‘cautiously optimistic’ on rail volumes

A photograph of a CN train traveling away from a high mountain range.

Executives with Canadian railway CN (NYSE: CNI) are “cautiously optimistic” that the growth in volumes seen during the third quarter of 2020 will continue in the fourth quarter and into 2021. 

“We’ve got better visibility in front of us than we did in the past. And, but there is still some uncertainty … I know here in Montreal, we’re living a second wave of the pandemic,” said CN Chief Financial Officer Ghislain Houle during his company’s third-quarter earnings call late Tuesday. He noted that...

https://s29755.pcdn.co/news/cn-cautiously-optimistic-on-rail-volumes

Commentary: Think 2020 is weird so far? Buckle up for Q4

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

Historically in the U.S., the fourth quarter of the year brings steadily increasing trucking rates. The question this year is to what degree this trend will continue in Q4 2020.

In a year filled with only short-term predictions, we expected low rates out of Q2, and while they were low, they also exceeded expectations. Trucking rates then surged in Q3, and these...

https://www.freightwaves.com/news/commentary-think-2020-is-weird-so-far-buckle-up-for-q4

GATX third-quarter net profit increases on international businesses

A photograph of a GATX tank car parked in a rail yard.

GATX’s (NYSE: GATX) net profit rose 6% in the third quarter despite revenue declines for its North American rail segment.

Net income was $47.9 million in the third quarter of 2020 for the railcar lessor, compared with $45.1 million in the third quarter of 2019. Net income from continuing operations was $48.2 million, or $1.36 in diluted earnings per share, in the third quarter, compared with $37.2 million, or $1.03 in diluted earnings per share, in the third quarter of 2019. 

The difference...

https://s29755.pcdn.co/news/gatx-third-quarter-net-profit-increases-on-international-businesses