Company earnings

Hyzon becomes latest SPAC-backed startup to crash

Even with a stream of positive news releases, the signs and warnings for Hyzon were there. Now reality has arrived: Fuel cell developer Hyzon Motors is the latest startup to give up after going public during the SPAC craze of 2020-2021.

Hyzon fought through numerous obstacles, including a $25 million fine from the Securities and Exchange Commission related to fabricating orders for hydrogen-powered commercial trucks in China.

The spinoff of Singapore’s Horizon Fuel Cell Technologies chased the...

https://www.freightwaves.com/news/hyzon-becomes-latest-spac-backed-startup-to-crash

Trac Intermodal’s outlook at Moody’s now negative, but debt rating affirmed

Stonepeak Taurus Lower Holdings, better known by its business name of Trac Intermodal, now has a negative outlook from a key ratings agency even as the chassis provider’s corporate debt rating was affirmed.

Moody’s on Monday reduced the outlook on Trac to negative, but its B2 corporate family rating was held steady. The rating had been Stable. 

A B2 rating is five notches below the cutoff between investment-grade and non-investment-grade debt. Moody’s describes a B2 rating as “subject to high...

https://www.freightwaves.com/news/trac-intermodals-outlook-at-moodys-now-negative-but-debt-rating-affirmed

FedEx makes big push for third-party air cargo

Premium international air cargo, traditionally palletized and booked by logistics companies on commercial airlines, is one of four B2B market segments parcel carrier FedEx Corp. will target for growth next year as the expiration of a large U.S. Postal Service contract frees up aircraft for other uses, company leaders say.

“The airfreight market is fragmented and the shipping processes are antiquated. It’s a market ripe for disruption,” Chief Customer Officer Brie Carere said Thursday during...

https://www.freightwaves.com/news/fedex-makes-big-push-for-third-party-air-cargo

A stand-alone FedEx Freight gives LTL investors another pure play

Investors are getting more optionality when it comes to playing the less-than-truckload market. FedEx Corp. said Thursday it will move forward with a plan to spin off FedEx Freight, the nation’s largest LTL carrier, which experts say could be worth as much as $30 billion.

Details surrounding the transaction were sparse, but FedEx (NYSE: FDX) said separating into two publicly listed companies – a domestic and international package and freight business generating $78 billion in annual revenue, and...

https://www.freightwaves.com/news/a-stand-alone-fedex-freight-gives-ltl-investors-another-pure-play

FedEx to spin off LTL unit; lowers full-year guidance

FedEx announced Thursday it will move forward with a plan to spin off its less-than-truckload unit, FedEx Freight, into a separately traded public company. FedEx first floated the idea in June in conjunction with its quarterly report.

Under the new structure, FedEx (NYSE: FDX) will comprise of the company’s legacy air, ground and parcel segments, which generated $78 billion in revenue in its recent fiscal year ended May 31. The new business will house FedEx Freight, which is the largest LTL...

https://www.freightwaves.com/news/fedex-to-spin-off-ltl-unit-lowers-full-year-guidance

C.H. Robinson speaks to investors – and Wall Street’s support soars anew

NEW YORK – The biggest hit on Broadway Thursday was the CEO of C.H. Robinson. 

It was not only David Bozeman’s first investors day event in New York as CEO of the 3PL, a position he assumed in June 2023, but it also was C.H. Robinson’s first such gathering in seven years and featured the company ringing the opening bell on Nasdaq.

Based on the reaction among investors, the message that Bozeman and other members of C.H. Robinson’s (NASDAQ: CHRW) management team delivered resonated strongly...

https://www.freightwaves.com/news/c-h-robinson-speaks-to-investors-and-wall-streets-support-soars-anew

Credit position of BMO’s transportation clients worsens in the fourth quarter

The hefty allowances and provisions taken by trucking lender BMO in the third quarter did not slow credit deterioration in the fourth, and those financial steps to protect the bank against bad debt continued to rise.

BMO is a leading lender to the trucking sector, both in Canada and the U.S. Its quarterly earnings report, and its breakout of data on its lending sectors, including transportation, provides insight into credit conditions among borrowers. The transportation sector at BMO is believed...

https://www.freightwaves.com/news/credit-position-of-bmos-transportation-clients-worsens-in-the-fourth-quarter

XPO, Old Dominion waiting for market turn

Less-than-truckload carriers are still seeing negative tonnage results at what is likely the bottom of the cycle. XPO and Old Dominion Freight Line are the latest to provide November results after updates from a pair of carriers sent shares for the group lower on Tuesday.

XPO eyeing Q4 margin improvement

XPO (NYSE: XPO) reported a 4% y/y decline in tonnage per day during November, which followed an 8% decline in October. October was up against a tough comp due to a cyberattack at Estes last year...

https://www.freightwaves.com/news/xpo-old-dominion-waiting-for-market-turn

Descartes reports record results in fiscal Q3

Supply chain software provider Descartes said concerns over potential changes in trade policy are driving increased demand for its global trade intelligence offering.

“Every customer that moves multiple products to multiple countries is a potential target for this,” CEO Ed Ryan told analysts on a quarterly call Tuesday. He said companies need access to accurate trade and tariff rules to guarantee they are paying the correct rates. He described the changing landscape as a “massive opportunity.”

Des...

https://www.freightwaves.com/news/descartes-reports-record-results-in-fiscal-q3

LTL stocks sag on Q4 updates

Shares of less-than-truckload carriers were lower Tuesday after two companies provided fourth-quarter updates. The updates likely reflect the bottom of the cycle, the point where carriers are in need of more volume, or an improved freight mix, moving through their high fixed-cost networks.

ArcBest (NASDAQ: ARCB) was down 1.6% at 11:19 a.m. EST while shares of Saia (NASDAQ: SAIA) were down 2.7%. The S&P 500 was down just 0.1% at the time.

ArcBest’s network needs more freight

ArcBest’s asset-based...

https://www.freightwaves.com/news/ltl-stocks-sag-on-q4-updates

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