Company earnings

Universal Logistics’ Q2 trucking revenue increases 12.6% to $91M

Universal Logistics Holdings’ second-quarter results showed a 12% year-over-year increase in total revenue to $462.2 million, while earnings increased 30% year over year to $1.17 per share.

The company surpassed Wall Street expectations of $461.4 million in revenue and EPS of $1.14.

“We grew top-line revenue by 12%, delivered a double-digit operating margin and increased our earnings per share by 30% compared to the same period last year,” CEO Tim Phillips said during an earnings call with...

https://www.freightwaves.com/news/universal-logistics-q2-trucking-revenue-increases-12-6-to-91m

Freight mix, terminal openings weigh on Saia’s Q2; stock drops 20%

Growing pains from building out a national network hampered Saia’s second-quarter results, sending shares of the less-than-truckload carrier more than 20% lower briefly on Friday. Incremental operating costs from the company’s terminal additions and a mix shift to lower-weight, retail freight were a drag on margins during the period.

Saia (NASDAQ: SAIA) reported second-quarter earnings per share of $3.83, which was 4% below the consensus estimate ($4) but 12% higher than the year-ago quarter...

https://www.freightwaves.com/news/freight-mix-terminal-openings-weigh-on-saias-q2-stock-drops-20

Operational improvements propel Norfolk Southern’s second-quarter results

This story originally appeared on Trains.com.

ATLANTA – Operational improvements helped Norfolk Southern win back service-sensitive intermodal and automotive traffic while driving down costs and boosting the railroad’s profitability in the second quarter.   

“While our work continues, our second quarter results represent an encouraging inflection point in our operating performance,” CEO Alan Shaw said on the railroad’s earnings call on Thursday afternoon.

The railroad’s quarterly results show a...

https://www.freightwaves.com/news/operational-improvements-propel-norfolk-southerns-second-quarter-results

Saia Q2 first look

Less-than-truckload carrier Saia reported second-quarter earnings per share of $3.83, which was 4% below the consensus estimate of $4 but 12% higher year over year.

Revenue increased 19% y/y to $823 million as tonnage improved 10% and revenue per hundredweight, or yield, increased 8% (9% higher excluding fuel surcharges). The carrier reported an 83.3% operating ratio, which was 60 basis points worse y/y but 110 bps better than the first quarter.

Lighter-weight shipments and higher costs...

https://www.freightwaves.com/news/saia-q2-first-look

Ryder, reporting sluggish earnings growth, sees ‘trough’ in freight market

The word “trough” came up several times during Ryder System’s earnings call with analysts, as CEO Robert Sanchez and others suggested that the second quarter was the low point of a freight cycle that they see as primed for an upturn.

Sanchez said 2024 will “represent trough conditions in used sales and rental.” Sanchez later said on the Thursday call that return on equity at Ryder (NYSE: R) would “outperform prior cycles despite expected trough conditions and used vehicle sales.” Speaking of...

https://www.freightwaves.com/news/ryder-reporting-sluggish-earnings-growth-sees-trough-in-freight-market

TFI International Q2 2024 highlights

TFI International saw an increase in operating income, it reported in its second-quarter results after market close Thursday. The increase is due to acquisitions, offsetting weaker market conditions. This suggests that the company’s acquisition strategy is successful in expanding its business and generating revenue.

Despite the positive contributions from acquisitions, TFI International also faced weaker market conditions in Q2 2024. This resulted in a slight decrease in net income compared to...

https://www.freightwaves.com/news/tfi-international-q2-2024-highlights

Declining coal volumes can’t sink Union Pacific’s second quarter results

This story originally appeared on Trains.com.

OMAHA, Neb. – Union Pacific’s profits rose in the second quarter despite a sharp drop in coal traffic.

“When you remove coal, our total volume was up 3% in the second quarter. This demonstrates that even in a tough freight environment, we are winning with our customers to bring new business to the railroad,” CEO Jim Vena said on the company’s earnings call on Thursday morning.

Quarterly operating income increased 9%, to $2.4 billion, as revenue grew...

https://www.freightwaves.com/news/declining-coal-volumes-cant-sink-union-pacifics-second-quarter-results

Covenant Logistics sees possible truckload market rebound in 2025

Covenant Logistics Group sees improvement in the overall freight market but not enough for a 2024 recovery, according to Chairman and CEO David Parker.

Chattanooga, Tennessee-based Covenant (NASDAQ: CVLG) reported second-quarter earnings after the market closed Wednesday. Company officials held a conference call to discuss the results with analysts on Thursday.

“I think things have bottomed out, and I do think that it’s all because of the capacity that has left that we’ve all been figuring out...

https://www.freightwaves.com/news/covenant-logistics-sees-possible-truckload-market-rebound-in-2025

Pam Transportation reports net loss in Q2

Truckload carrier Pam Transportation Services reported a net loss for the 2024 second quarter but noted some seasonal improvement as the period progressed.

Pam (NASDAQ: PTSI) reported a net loss of 13 cents per share, which was worse than a lone analyst estimate of 8 cents and well below earnings per share of 42 cents in the year-ago quarter. Comparisons to the prior-year period show higher interest expense was a 4-cent headwind (total debt increased 16% year over year to $266 million) and lower...

https://www.freightwaves.com/news/pam-transportation-reports-net-loss-in-q2

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