earnings

TFI International Q2 2024 highlights

TFI International saw an increase in operating income, it reported in its second-quarter results after market close Thursday. The increase is due to acquisitions, offsetting weaker market conditions. This suggests that the company’s acquisition strategy is successful in expanding its business and generating revenue.

Despite the positive contributions from acquisitions, TFI International also faced weaker market conditions in Q2 2024. This resulted in a slight decrease in net income compared to...

https://www.freightwaves.com/news/tfi-international-q2-2024-highlights

Airfreight, contract logistics boost Kuehne+Nagel, DSV results

A 23% decline in operating profit during the second quarter represented sequential improvement for Swiss logistics giant Kuehne+Nagel, which credited increased airfreight demand with offsetting other sector declines and said it expects stronger profits in the back half of the year.

Meanwhile, Danish rival DSV on Wednesday reported a 12.4% reduction in operating income from the prior year compared to a 21% decline in the first quarter as the company reaped rewards from volume growth and market...

https://www.freightwaves.com/news/airfreight-contract-logistics-boost-kuehnenagel-dsv-results

UPS domestic revenue slips as customers trade down to economy service

UPS’ domestic parcel volumes returned to growth in the second quarter for the first time since late 2021, but the company’s stock was down 13% late Tuesday as revenue and operating profit fell below analysts’ predictions and the parcel logistics company tightened full-year guidance.

UPS now projects 2024 revenue of $93 billion versus a previous forecast of up to $94.5 billion and capital expenditures of $4 billion, $500 million less than before.

It’s been a busy few weeks for UPS (NYSE: UPS). The...

https://www.freightwaves.com/news/ups-domestic-revenue-slips-as-customers-trade-down-to-economy-service

FedEx retires one-fifth of Boeing 757 freighter fleet

FedEx Corp. has permanently retired 22 Boeing 757-200 freighter aircraft as part of a downsizing campaign to better align the air fleet with slower parcel demand, the company announced Tuesday along with fourth-quarter earnings that exceeded analysts’ expectations.

The integrated logistics company said it took a $157 million impairment charge for permanently deactivating the 757 cargo jets along with seven engines. Last year’s fourth-quarter results included a $70 million write-off for the...

https://www.freightwaves.com/news/fedex-retires-one-fifth-of-boeing-757-freighter-fleet

Air Canada abandons plans for two Boeing 767 converted freighters

Air Canada has again scaled back growth plans for its startup freighter division, announcing Thursday it has canceled orders with a vendor to convert two Boeing 767-300 passenger jets into freighters.

The airline took a one-time charge of US$14.5 million for backing out of reservations for production slots at Israel Aircraft Industries, it said in its earnings report for the first quarter.

Air Canada’s freighter airline division is nearly two and a half years old and now consists of eight Boeing...

https://www.freightwaves.com/news/air-canada-abandons-plans-for-two-boeing-767-converted-freighters

Labor actions drag Lufthansa Cargo to first-quarter loss

The cargo subsidiary of Lufthansa Group had an adjusted operating loss of $23.5 million in the first quarter, down from $166 million in the same 2023 period as strikes by cabin and ground staff negatively impacted performance.

The company also attributed the loss to inflation and a challenging market environment, although in reality conditions for cargo carriers are improving as evidenced by 11% demand growth and rising rates during the quarter. The industry growth looks better against a weak...

https://www.freightwaves.com/news/labor-actions-drag-lufthansa-cargo-to-first-quarter-loss

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

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

US Postal Service to migrate air cargo to UPS during summer

The U.S. Postal Service plans to shift daily air cargo volumes to UPS before the contract with FedEx expires in September to ensure no service interruption for customers heading into the busy holiday shipping season, the agency and company officials said Tuesday. 

UPS’ (NYSE: UPS) ability to leverage its integrated air-and-ground network and bypass its main sort hub in Louisville, Kentucky, will enable the integrated express carrier to better profit from transporting domestic airmail for the...

https://www.freightwaves.com/news/us-postal-service-to-migrate-air-cargo-to-ups-during-summer

United Airlines sets bar for Q1 cargo performance

United Airlines, buoyed by a significant recovery in market conditions, delivered surprisingly strong cargo results in the first quarter that likely will be the benchmark for comparing the performance of other airlines.

United (NASDAQ: UAL) reported after Tuesday’s market close that sales for freight and mail were $391 million, a notably small dip of 1.8% from the same three-month period in 2020 considering the air logistics sector’s 16-month slump that lasted into the second half of 2023 and...

https://www.freightwaves.com/news/united-airlines-sets-bar-for-q1-cargo-performance

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