Saia sees 19% jump in February shipments

Less-than-truckload carrier Saia Inc. reported an 11% year-over-year (y/y) increase in tonnage per day during February. The increase was the combination of a 19% jump in shipments, which was partially offset by a 6.7% decline in weight per shipment.  

The y/y per-day growth rates accelerated from January, when the carrier’s shipments increased 11.8% and tonnage was up 3.3%. Inclement weather in January led to a larger-than-normal number of terminal closures during the month. Saia (NASDAQ: SAIA)...

https://www.freightwaves.com/news/saia-sees-19-jump-in-february-shipments

Kuehne+Nagel operating profit cut 50% in 2023

Global logistics powerhouse Kuehne+Nagel suffered substantial revenue and profit erosion in 2023, including the final quarter, as excess air and ocean capacity combined with a post-COVID slow down in trade lowered rate levels, hurting bottom lines across the freight transportation sector.

Executives said they are seeing some stabilization in demand , but don’t expect a huge improvement this year. 

In conjunction with Friday’s quarterly results, Kuehne+Nagel announced an agreement to acquire City...

https://www.freightwaves.com/news/kuehnenagel-operating-profit-cut-50-in-2023

Amazon’s return of leased cargo jets hurts ATSG profit

Less leasing demand for freighter aircraft significantly contributed to a 12% reduction in adjusted core operating profit at Air Transport Services Group during 2023, including a 20% decline in the fourth quarter, and to management’s decision to further slash the budget for investment in new equipment. 

Lower revenue and higher costs for ATSG’s transportation segment, especially passenger airline Omni International, also weighed on earnings.

The cargo-oriented aviation company gave a sober...

https://www.freightwaves.com/news/amazons-return-of-leased-cargo-jets-hurts-atsg-profit

Forward Air’s Q4 call offers no financial targets after Omni merger

Forward Air’s fourth-quarter earnings call didn’t provide the financial targets analysts were seeking following its controversial merger with Omni Logistics. The main takeaway was the company’s disclosure that the combined entity was cash flow-positive during February without any significant help from cost or revenue synergies.

Forward (NASDAQ: FWRD) closed the acquisition of Omni on Jan. 25, more than three months behind schedule. Legal challenges from investors and Forward’s efforts to exit...

https://www.freightwaves.com/news/forward-airs-q4-call-offers-no-financial-targets-after-omni-merger

Investors await Forward Air’s Q4 call for post-merger goal posts

Forward Air missed fourth-quarter expectations Wednesday after the market closed, however, investors and analysts are likely more interested to hear updates on financial targets and the new management structure following the closing of a messy merger with Omni Logistics.

Forward (NASDAQ: FWRD) finally closed on the acquisition of Omni Logistics last month after it attempted to terminate the deal following legal challenges from shareholders. As it sought out of the transaction, Forward alleged...

https://www.freightwaves.com/news/investors-await-forward-airs-q4-call-for-post-merger-goal-posts

Freightos loses $19M, eyes profit breakthrough in late 2026

Freightos, a neutral sales platform for international air and ocean shipments, expects to make its first profit in the fourth quarter of 2026, company leadership said Monday after posting an adjusted loss of $19 million for 2023.

The results follow losses of $14.6 million and $12.4 million in 2022 and 2021, respectively. In July, Freightos laid off 13% of its staff, or about 50 people, and implemented other cost controls.

Jerusalem-based Freightos estimated it will narrow losses to about $14.5...

https://www.freightwaves.com/news/freightos-loses-19m-eyes-profit-breakthrough-in-late-2026

Morgan Stanley cuts earnings expectations amid surging insurance costs

Morgan Stanley cut earnings estimates for all the transportation companies it covers on Tuesday, citing rising insurance costs. It continues to believe the truckload space will be the most impacted as large jury verdicts remain a threat.

The firm said both nuclear verdicts and a prolonged period of insurance companies incurring costs above general inflation are reasons the cost line will remain bloated. During the fourth quarter, several carriers called out insurance expenses as a drag on...

https://www.freightwaves.com/news/morgan-stanley-cuts-earnings-expectations-amid-surging-insurance-costs

Cargojet sees strong volumes after 2023 fleet reversal

Cargojet on Monday reported a US$25.8 million loss in the fourth quarter mostly related to fuel and noncash charges, capping a rocky year marked by slashed plans for major fleet expansion and a renewed focus on cost management to boost free cash flow and investor returns.

Despite recent retrenchment, the company sounded an optimistic note for 2024 with guidance of mid-to-high-single-digit growth in domestic overnight revenue for the first quarter. Management said that January figures were well...

https://www.freightwaves.com/news/cargojet-sees-strong-volumes-after-2023-fleet-reversal

Universal Logistics sees potential back-half uptick in freight volumes

Universal Logistics Holdings Inc. surpassed Wall Street expectations in the fourth quarter, despite revenue decreases across the firm’s trucking, intermodal and brokerage segments.

“The outlook for 2024 remains a bit murky with a variety of signals from various market verticals,” Tim Phillips, CEO of Universal Logistics Holdings, said in a call with analysts on Friday. “We’re not ready to predict a rise in volume from the current environment. We can explore potential pathways through the lens of...

https://www.freightwaves.com/news/universal-logistics-sees-potential-back-half-uptick-in-freight-volumes

Air Canada says freight demand beginning to improve

Air Canada expects the slow recovery in cargo volume that began in the fourth quarter to quicken in 2024, aided by the addition of two more freighter aircraft, but doesn’t anticipate gains in pricing power, Mark Galardo, executive vice president for network planning and revenue management, said Friday.

The 2-year-old cargo airline within Air Canada (TSX: AC) currently operates five converted and two factory-built Boeing 767-300 freighters. It is scheduled this year to receive two cargo jets...

https://www.freightwaves.com/news/air-canada-says-freight-demand-beginning-to-improve

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