Company earnings

Workhorse looks to scale electric truck production (with video)

Workhorse electric truck

Workhorse Group Inc. (NASDAQ: WKHS) hopes to borrow money to scale production of its composite-body electric trucks even as growing interest in its patented truck-based Horsefly  drone could accelerate its business plan.

The Cincinnati-based last-mile delivery company said Wednesday it conducted 54 Horsefly test missions with United Parcel Service (NYSE: UPS) and the Virginia Center for Innovative Technology in late April.

“Interest has ballooned due to the COVID-19 virus, the individual state...

https://www.freightwaves.com/news/workhorse-looks-to-scale-electric-truck-production-with-video

Amid COVID outbreak, freighter demand boosts ATSG in Q1

Big white jet with wheels down for landing.

It’s much better to be a cargo than a passenger airline these days. The former has seen demand shoot through the roof; the latter’s business has fallen off a cliff.

Air Transport Services Group (NASDAQ: ATSG) delivered first-quarter operating profit of $133.7 million, or $2.27 per share, versus $22.6 million in the year-ago period on the strength of combined revenue growth of 12% for its aircraft leasing and air transport segments. That’s a good three months compared to passenger carriers that...

https://s29755.pcdn.co/news/amid-covid-outbreak-freighter-demand-boosts-atsg-in-q1

COVID-19 puts most of Hawaiian Air on standby

The substantial grounding of Hawaiian Airlines (NASDAQ: HA) during the past two months left the carrier with a $144.4 million loss in first quarter earnings.

By the end of March, Hawaiian had grounded 95% of its passenger flights to and from the islands to restrain the spread of the coronavirus. Hawaiian has been impacted more than most by government travel restrictions and quarantines, but analysts say it should make it through the crisis because of its low debt obligations and ability to hold...

https://s29755.pcdn.co/news/covid-19-puts-most-of-hawaiian-air-on-standby

Investors dump tanker stocks just as tanker profits soar

product tanker

Imagine you’re the CEO of a company ringing the opening bell of the New York Stock Exchange. You show up at the corner of Wall Street and Broad full of excitement and anticipation on the morning of the big event. Then the entire U.S. market crashes the moment trading begins and no one pays any attention to you.

Public tanker company executives can relate.

The top names in the space are issuing earnings releases in rapid fire this week, with Ardmore Shipping (NYSE: ASC) the first out of the gate...

https://www.freightwaves.com/news/investors-dump-tanker-stocks-just-as-tanker-profits-soar

Now profitable, ONE expands reefer fleet

Ocean Network Express (ONE), which last week announced it had turned a profit, said Tuesday it was expanding its refrigerated container fleet by 5,000 40-foot units.

Two hundred of those units will be equipped with advanced controlled atmosphere technology, said Singapore-based ONE, which said it already has one of the largest state-of-the-art reefer fleets and procured 6,000 units last year.

Global refrigerated container volume grew by more than 7% in 2019, according to ONE, which said that...

https://s29755.pcdn.co/news/now-profitable,-one-expands-reefer-fleet

TravelCenters of America begins reopening dine-in restaurants

TravelCenters of America sign with truck

TravelCenters of America (NASDAQ: TA) is slowly reopening dine-in restaurants at its travel plazas where allowed, but some changes forced by the COVID-19 pandemic may never be reversed.

“We have already undertaken rolling some locations on and we’re doing it in a prudent and self-disciplined way,” TA CEO Jon Pertchik said on a first-quarter earnings call on Tuesday. 

That means fewer hours, about half as many menu items, and as little as 25% occupancy based on state-by-state guidelines. It also...

https://www.freightwaves.com/news/travelcenters-of-america-begins-reopening-dine-in-restaurants

Alaska Air wins by losing less

A white jet comes in for landing.

Investors rewarded Alaska Air Group (NYSE: ALK) for reporting first-quarter losses and cash burn projections that beat expectations, with the stock up 1.15% to $29.10 per share at Tuesday’s market close.

The parent company of Alaska Airlines and Horizon Airlines said its first-quarter adjusted net loss was $0.82 per share, or $102 million, ahead of Wall Street’s consensus of a $1.14 loss per share. Total revenue fell 13% to $1.6 billion compared to analyst estimates for $1.7 billion compared to...

https://s29755.pcdn.co/news/alaska-air-wins-by-losing-less

Barge giant Kirby: signs of life but too soon to call bottom

tank barge

It’s a strange time for public reporting. Companies are posting results for a period – January to March – that’s largely irrelevant because it pre-dated peak COVID-19 fallout.

The value of this round of quarterly reporting is in commentary on current conditions, particularly from bigger public players who can provide front-line insights on the U.S. economy.

One of those bigger players is Kirby Corporation (NYSE: KEX), the largest owner of inland tank barges in America and by far the largest...

https://www.freightwaves.com/news/barge-giant-kirby-signs-of-life-but-too-soon-to-call-bottom

ArcBest tops Q1 forecasts, April revenue down 20% on pandemic headwinds

ArcBest truck on highway

Shares of logistics provider ArcBest Corp (NASDAQ: ARCB) are surging on a much better than expected first quarter 2020 earnings report.

In the period, the company reported adjusted earnings per share of $0.36, well ahead of the consensus estimate of an $0.11 per share loss. The result excluded $0.14 per share in costs associated with its freight handling pilot test program and included a similar amount from adjustments in its life insurance program.

The company mostly escaped the freight falloff...

https://www.freightwaves.com/news/arcbest-tops-q1-forecasts,-april-revenue-down-20%-on-pandemic-headwinds

ArcBest reports strong Q1, April revenue down 20%

ArcBest double on highway

Logistics provider ArcBest Corp. (NASDAQ: ARCB) reported significantly better than expected results in the first quarter of 2020, posting adjusted earnings per share of $0.36 compared to consensus estimate calling for an $0.11 per share loss.

The company’s asset-based division, which includes less-than-truckload (LTL), reported a 1.9% year-over-year increase in revenue to $516 million as tonnage per day increased 4.6%, mostly offset by a 4.3% decline in revenue per hundredweight, or yield....

https://www.freightwaves.com/news/arcbest-reports-strong-q1-april-revenue-down-20

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