Company earnings

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

XPO first-quarter revenue falls as COVID brought business to crawl in mid-March.

XPO Logistics Inc. (NYSE: XPO) on Monday reported first-quarter revenue of $3.86 billion, down from $4.12 billion in the first quarter of 2019, as the COVID-19 pandemic in mid-March derailed what had been a relatively good quarter.

Net income was $21 million for the quarter, compared with $43 million for the same period in 2019, XPO said. Operating income was $81 million for the quarter, compared with $132 million for the same period in 2019. Diluted earnings per share was 20 cents in the...

https://s29755.pcdn.co/news/xpo-first-quarter-revenue-falls-as-covid-brought-business-to-crawl-in-mid-march

GATX open to acquiring more railcars

A photograph of two tank cars.

Rail equipment lessor and manufacturer GATX (NYSE: GATX) will be eyeing opportunities to acquire additional assets such as railcars as the industry faces uncertain macroeconomics brought about by the COVID-19 pandemic.

“In the Great Recession, we certainly had the opportunity to acquire some cars from people who decided to exit the industry. We’ll be looking for opportunities like that going forward,” said GATX Chief Financial Officer Tom Ellman during the company’s first-quarter earnings call...

https://www.freightwaves.com/news/gatx-open-to-acquiring-more-railcars

Air Canada sees long-road to recovery after big Q1 loss

Big white plane flies high over snow-capped mountains.

Air Canada (TO. AC) said it will take three years to get back to 2019 revenue and capacity levels, and that it is accelerating the retirement of 79 older planes to make ends meet while it rides out the coronavirus crisis.

That recovery timeline was echoed last week by executives at U.S. carriers. 

Canada’s biggest airline reported Monday that first-quarter revenue fell 16% to CA$3.7 billion ($2.6 billion), the first time in 27 consecutive quarters it has not had revenue growth. 

Airlines began to...

https://s29755.pcdn.co/news/air-canada-sees-long-road-to-recovery-after-big-q1-loss

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