Company earnings

Canada freight pricing to jump, Mullen Group CEO says

A tractor-trailer from Mullen Group trucking company Payne Transportation travels on a highway, viewed from the side of the road.

The price of freight in Canada is poised to surge higher as demand continues to outstrip the capacity to move goods and government wage subsidies end, the CEO of one of the country’s largest trucking and logistics firms, Mullen Group, said Thursday.

“This has already occurred in the United States,” Murray Mullen told financial analysts. “In Canada, we are lagged on this market change but … I am of the view that we are in the early days of improved pricing. I can tell you this, our business units...

https://www.freightwaves.com/news/canada-freight-pricing-to-jump-mullen-group-ceo-says

Traton posts big 9-month financials with Navistar included for first time

Traton Group sold 53% more trucks and buses in the first nine months of 2021, incorporating Navistar in its results for the first time following the $3.7 billion acquisition of the Lisle, Illinois-based truck manufacturer in July.

The global shortage of semiconductors and other supply constraints impacted Traton, but the Volkswagen AG truck holding company that includes the Swedish brand Scania Vehicles & Services, Germany’s MAN Trucks and Buses, and Brazil’s Volkswagen Caminhões e Ônibus,...

https://www.freightwaves.com/news/traton-posts-big-9-month-financials-with-navistar-included-for-first-time

Amazon posts sharply lower Q3 earnings per share

The state of the same-day delivery market for Amazon and others

Amazon.com Inc. late Thursday reported third-quarter earnings per share of $6.12 per diluted share, well below analyst estimates that ranged from $8.92 to $9.01 per diluted share and about half of third-quarter 2020’s EPS results.

Operating income fell to $4.9 billion from $6.2 billion, the Seattle-based e-tailer said. Revenue rose 15% to $110.8 billion. Shipping costs in the quarter rose 20% year-on-year to $18.1 billion, Amazon (NASDAQ:AMZN) said.

Net income fell to $3.2 billion in the quarter...

https://www.freightwaves.com/news/amazon-posts-sharply-lower-q3-earnings-per-share

Trinity Industries, GATX anticipate market growth to be ‘nonlinear’

A photograph of a train hauling a variety of railcars.

Railcar lessors Trinity Industries and GATX recenyl reported their third-quarter 2021 financial results:

Trinity eyes ‘stronger underlying leasing dynamics’

Although higher railcar loadings and increased levels of rail traffic are boosting demand for leasing railcars, Trinity Industries expects market growth for railcar leasing to be choppy as supply chain disruptions continue to be a headwind.

“We believe stronger underlying leasing dynamics and higher car pricing should continue to positively...

https://www.freightwaves.com/news/trinity-industries-gatx-anticipate-market-growth-to-be-nonlinear

Schneider sees ‘constructive market well into 2022’

Schneider beats third-quarter estimates, raises guidance

Schneider National is calling for more of the same, elevated transportation demand and limited supply, as 2021 comes to an end.

The Green Bay, Wisconsin-based truckload carrier reported adjusted earnings per share of 62 cents for the third quarter, 10 cents ahead of consensus and double the year-ago period. The quarter included a $3.1 million loss on equity investments, which was offset by higher gains on equipment sales.

Schneider National (NYSE: SNDR) updated its full-year 2021 adjusted EPS...

https://www.freightwaves.com/news/schneider-sees-constructive-market-well-into-2022

Used truck prices high but Ryder’s inventory low

About 15 months ago, on the company’s second-quarter 2020 earning call, Ryder System CEO Robert Sanchez gave some stark numbers about the collapse of the used truck market in the first months of the pandemic.

As a result of the downturn in the market, Ryder (NYSE: R) was looking at inventories for the sale of trucks and other vehicles of about 14,000. Its target inventory was 7,000 to 9,000. The 14,000 figure contrasted sharply with the 8,300 in inventory a year earlier, at the close of 2019’s...

https://www.freightwaves.com/news/used-truck-prices-high-but-ryders-inventory-low

Solid earnings send already hot Saia stock even higher

Saia’s quarterly earnings have sent the company’s already high-flying stock into the stratosphere.

Before the LTL carrier announced its earnings Thursday morning, Saia (NASDAQ: SAIA) was already sitting on a 52-week gain of close to 100%. After closing Wednesday at just under $274, its strong earnings report for the third quarter sent it up $22.26, or roughly 8%, to a price of $296.15 at 11:30 a.m. Thursday. For the day, the high price was just over $300. The 52-week high is $316.98 and the...

https://www.freightwaves.com/news/solid-earnings-send-already-hot-saia-stock-even-higher

Shopify posts 46% Q3 revenue growth

Shopify reported higher revenue in Q3 but, despite the news, the final numbers fell short of expectations and the company’s stock took a hit in premarket trading Thursday before rebounding later in the day.

The e-commerce platform reported revenues of $1.12 billion for the quarter ending Sept. 30 — 46% year-over-year — and earnings per share (EPS) of 81 cents. Analysts were expecting earnings of $1.23 per share on revenue of $1.15 billion. Gross merchandise volume (GMV) also came in below...

https://www.freightwaves.com/news/shopify-fails-to-impress-investors-despite-46-q3-revenue-growth

Old Dominion notes short-term cost headwinds; Q3 another record

Old Dominion posts record revenue and profit in Q3

Old Dominion Freight Line will see a bit of a cost catch-up over the next couple of quarters given the record growth it continues to experience. The company will continue to expand its network of terminals and add the drivers and workers needed to service them as it looks to grow its share of the robust less-than-truckload market.

The Thomasville, North Carolina-based carrier reported third-quarter earnings per share of $2.47, 10 cents ahead of consensus and 76 cents higher year-over-year,...

https://www.freightwaves.com/news/old-dominion-notes-short-term-cost-headwinds-q3-another-record

Ryder buying Midwest warehouse company, giving it multi-client capabilty

Ryder System made two announcements Wednesday morning, one expected and the other some news.

In addition to announcing record third-quarter earnings, Ryder (NYSE: R) said it was acquiring Midwest Warehouse & Distribution System. 

According to the company’s prepared statement on the acquisition, Midwest has nine multiclient warehouses and eight dedicated-customer warehouses. It described its area of activity as five regions, primarily in Chicago “and to a lesser extent” New York, Pennsylvania,...

https://www.freightwaves.com/news/ryder-buying-midwest-warehouse-company-giving-it-multi-client-capabilty

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