Company earnings

Trimble records Q1 transportation revenue of $195M

Supply chain technology provider Trimble Inc. posted first-quarter transportation and logistics revenue of $195 million, a 33% year-over-year (y/y) increase.

CEO Rob Painter said Trimble’s transportation and logistics segment was boosted by strong bookings from the company’s Transporeon unit.

Transporeon is a Germany-based logistics company that uses a cloud-based TMS to connect carriers, logistics service providers and shippers. Trimble acquired the company in December 2022 for $1.98 billion.

“Tra...

https://www.freightwaves.com/news/trimble-records-q1-transportation-revenue-of-195m

XPO sees Q1 strength carrying forward

Following discouraging earnings reports from less-than-truckload peers, prompting a broad sell-off in the stocks, XPO solidly beat first-quarter expectations Friday and provided a favorable outlook moving forward.

First-quarter adjusted earnings per share of 81 cents came in 14 cents ahead of the consensus estimate and 25 cents higher year over year (y/y). The adjusted result excluded 25 cents per share of transaction and restructuring costs.

Revenue in XPO’s (NYSE: XPO) LTL segment increased 9%...

https://www.freightwaves.com/news/xpo-sees-q1-strength-carrying-forward

Could autonomous trucks help save the planet?

It’s understood that autonomous trucks boost fuel efficiency compared to human-driven big rigs.

But the potential energy efficiency gains could be far greater.

In a white paper released Tuesday, Aurora Innovation looked at immediate, medium- and longer-term opportunities and found some obvious and not-so-obvious savings.

The headline factoid: Autonomous trucks could achieve 13%-32% net energy efficiency improvement per loaded mile compared to human-driven miles. It is a lot to digest. 

Aurora makes...

https://www.freightwaves.com/news/could-autonomous-trucks-help-save-the-planet

XPO cruises past Q1 consensus estimate

Less-than-truckload carrier XPO handily beat first-quarter expectations Friday ahead of the market open.

XPO (NYSE: XPO) reported adjusted earnings per share of 81 cents for the 2024 first quarter, 14 cents ahead of the consensus estimate and 25 cents higher year over year (y/y). The adjusted result excluded transaction and restructuring costs of 25 cents per share.

“Our strong first quarter financial results exceeded expectations, giving us a solid start to 2024,” said CEO Mario Harik in a news...

https://www.freightwaves.com/news/xpo-cruises-past-q1-consensus-estimate

Air Canada abandons plans for two Boeing 767 converted freighters

Air Canada has again scaled back growth plans for its startup freighter division, announcing Thursday it has canceled orders with a vendor to convert two Boeing 767-300 passenger jets into freighters.

The airline took a one-time charge of US$14.5 million for backing out of reservations for production slots at Israel Aircraft Industries, it said in its earnings report for the first quarter.

Air Canada’s freighter airline division is nearly two and a half years old and now consists of eight Boeing...

https://www.freightwaves.com/news/air-canada-abandons-plans-for-two-boeing-767-converted-freighters

RXO, still suffering from weak market, touts Q1 volume growth

RXO’s earnings released Thursday, like those of C.H. Robinson a day before, looked to various data points to show “green shoots” that indicate a market bottom for 3PLs may have been reached and a turnaround has commenced.

The focus at C.H. Robinson was on its sequential performance, and investors Thursday liked what they saw a day earlier. Robinson’s stock price was up 12.26%, or $8.84, to $80.93. It was one of the biggest gainers of any stocks for the day.

Although the indicators cited by RXO...

https://www.freightwaves.com/news/rxo-still-suffering-from-weak-market-touts-q1-volume-growth

Shippers move LTL freight to full truckload

Shippers move LTL freight to full truckload
(Photo: Jim Allen/FreightWaves)

The ongoing freight recession is having a multimodal spillover effect as shippers look for creative ways to save costs. Excess supply of trucking capacity remains the 18-wheeled elephant in the room, to such an extent that we see instances in which LTL is losing share to full truckload due to lower costs. Typically full truckload can compete with rail and intermodal when rates are lower, but recent Q1 earnings commentary...

https://www.freightwaves.com/news/shippers-move-ltl-freight-to-full-truckload

Split-off gain masks some cracks in Cummins’ financial armor

Cummins Inc. recorded a massive one-time gain from the split-off of its filtration business. But first-quarter revenue dropped as weakening business conditions impacted the engine maker and power distribution giant.

The Tier 1 supplier of truck engines and power systems for data centers and other businesses reported Q1 revenue of $8.4 billion. That was down 1% from a year ago. The number missed analyst estimates by $50 million. Sales in North America were flat. International revenues fell 1% due...

https://www.freightwaves.com/news/split-off-gain-masks-some-cracks-in-cummins-financial-armor

Schneider National cuts 2024 outlook, notes some positive trends

Schneider National slightly missed first-quarter expectations and cut its full-year earnings outlook by nearly 25%. It noted some improving trends on a Thursday call with analysts but concluded it’s “not calling an inflection in the market.”

The most surprising takeaway from the call was the disclosure that truckload contract price renewals were positive for the first time in six quarters. For contracts renewing in the period, pricing increased by a low-single-digit percentage.

The company said...

https://www.freightwaves.com/news/schneider-national-cuts-2024-outlook-notes-some-positive-trends

C.H. Robinson stock blasts higher after some strong first-quarter numbers

With year-to-year comparisons as tough as would have been expected, C.H. Robinson’s earnings report chose to highlight how the 3PL did sequentially, where signs of improvement were not hard to find.

The numbers overall were strong enough to lead analyst Jeff Kauffman of Vertical Partners on the company’s earnings call to say something that hasn’t been heard much in earlier post-earnings discussions at C.H. Robinson: “Congratulations, to see numbers like this.”

And in a more broad round of...

https://www.freightwaves.com/news/c-h-robinson-stock-blasts-higher-after-some-strong-first-quarter-numbers

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