Company earnings

Werner Enterprises says end of downcycle getting closer

Werner Enterprises said Tuesday the end of the downcycle appears to be getting closer. With a first quarter marked by inclement weather and higher insurance expenses in the rearview, it expects normal seasonal trends to take hold the rest of the year.

Werner (NASDAQ: WERN) reported first-quarter net income of $6.3 million compared to $35.2 million in the same period of 2023. When adjusted for items expected to not recur or items considered not part of normal operating activities...

https://www.freightwaves.com/news/werner-enterprises-says-end-of-downcycle-getting-closer

Amazon reports $143B in Q1 revenue, topping Wall Street expectations

E-commerce giant Amazon reported better-than-expected earnings and revenue for the first-quarter, driven by tweaks in its logistics operations, as well as growth in its advertising and cloud computing units, according to Amazon CEO Andy Jassy.

“Delivery speed really matters to customers and we’ve continued to get faster while improving our safety performance,” Jassy said during a call with analysts Tuesday. “Over the past year, we’ve talked about how our regionalization efforts have helped to...

https://www.freightwaves.com/news/amazon-reports-143b-in-q1-revenue-topping-wall-street-expectations

Cargo IT meltdown hits Air France-KLM earnings

Air France-KLM Group said Tuesday that the bungled rollout of a new cargo IT system in March contributed to lower revenues during the first quarter, which in turn acted as a drag on earnings for the corporation.

The joint venture reported cargo revenues fell 16.5% year over year to 562 million euros ($602.3 million) even as traffic in revenue ton kilometers — a measure of revenue generation based on how much cargo is carried times distance — increased 4%. More broadly, the company’s operating...

https://www.freightwaves.com/news/cargo-it-meltdown-hits-air-france-klm-earnings

Change in freight mix continues to weigh on ArcBest’s volumes

ArcBest booked another large tonnage decline in its asset-based unit during the first quarter as it purges transactional freight from its network in favor of a mix more weighted to shipments from core customers. The swap is generating big improvements in yields, but revenue continues to sag. It expects the large year-over-year (y/y) swings to calm by the third quarter.

The company leaned on a dynamic pricing model during the downturn, pricing certain lanes at lower rates to keep the network...

https://www.freightwaves.com/news/change-in-freight-mix-continues-to-weigh-on-arcbests-volumes

ArcBest misses mark in Q1

ArcBest missed first-quarter expectations on Tuesday, reporting a net loss of $2.9 million, or 12 cents per share. The unadjusted result included a $21.6 million charge from the closure of a tech company it was backing.

After adjusting for several items the company considers nonrecurring (various technology costs including a freight handling pilot, acquisition-related expenses and a write off of an equity investment) it reported adjusted earnings per share of $1.34, which was 19 cents worse than...

https://www.freightwaves.com/news/arcbest-misses-mark-in-q1

Inflation tempers Cargojet’s outlook despite Q1 volume growth

Modest growth in domestic e-commerce volumes plus improved aircraft utilization from network rebalancing helped Canadian airline Cargojet further stabilize performance during the first quarter, setting the table for growth this year despite lingering concerns about inflation. 

Cargojet (TSX: CJT) reported Tuesday that revenue of US$169 million was nearly flat year over year, while adjusted earnings excluding accounting measures and taxes ticked up 3.6% to $57 million, in line with analysts’...

https://www.freightwaves.com/news/inflation-tempers-cargojets-outlook-despite-q1-volume-growth

Universal Logistics’ Q1 trucking revenue falls 12.6%

Universal Logistics Holdings’ first-quarter results showed year-over-year (y/y) decreases in its trucking, intermodal and managed brokerage segments, while the company’s total revenue increased 12.5% to $491.9 million.

“The first quarter was certainly a challenging environment for our transactional transportation business, but overall, I’m extremely pleased with our results,” CEO Tim Phillips said during an earnings call with analysts on Friday. “This was the best earnings-per-share and...

https://www.freightwaves.com/news/universal-logistics-q1-trucking-revenue-falls-12-6

Saia’s Q1 miss, weak March shipments send shares 20% lower

Shares of less-than-truckload carriers were priced for beat-and-raise results heading into earnings season. Saia missed first-quarter expectations Friday, sending its stock 20% lower and pulling the rest of its peer group down for a second time in a week.

Saia (NASDAQ: SAIA) said March didn’t provide the seasonal demand uptick the company normally experiences. The update followed an in-line report from Old Dominion Freight Line (NASDAQ: ODFL) on Wednesday, which accelerated a sell-off that...

https://www.freightwaves.com/news/saias-q1-miss-light-march-shipments-send-shares-20-lower

TFI’s US LTL operations need heavier shipments, CEO says of Q1 results

Some key statistics at the U.S. LTL operations of TFI International remain a cause for concern at the Canada-based trucking conglomerate, and CEO Alain Bedard did not hold back discussing those issues on the company’s first-quarter earnings call.

The core of the U.S. LTL activities at TFI (NYSE: TFII) is known as TForce, and its roots are in the TFI acquisition of UPS’ LTL operations, UPS Freight, in 2021.

LTL discussions often turn to revenue per hundredweight, or yield, in analyzing how a...

https://www.freightwaves.com/news/tfis-us-ltl-operations-need-heavier-shipments-ceo-says-of-q1-results

Hub Group sees Q1 revenue fall 13% year over year to $999M

Weak freight market conditions continue placing financial strains on transportation providers, said Phil Yeager, president and CEO of Hub Group Inc.

“Market conditions have remained soft … largely due to excess truckload capacity that is yet to exit the industry,” Yeager said during an earnings call with analysts after the market closed on Thursday.

Hub Group reported first-quarter revenue of $999.5 million, a 13% year-over-year (y/y) decline.

The company reported net income of $27 million, a 56%...

https://www.freightwaves.com/news/hub-group-sees-q1-revenue-fall-13-year-over-year-to-999m

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