Knight-Swift

Freight brokerages struggle through a long trough

The freight winter that sent Surge into bankruptcy and shut down Convoy isn’t over yet, even if the bottom is likely in. Tender rejection rates are hovering around 4%, indicating that capacity is still loose and that asset-based carriers aren’t in a position to reject contracted freight.

J.B. Hunt’s first-quarter results, reported Tuesday after markets closed, revealed the pain felt by the largest transportation providers and their brokerages. Integrated Capacity Solutions (ICS), Hunt’s...

https://www.freightwaves.com/news/freight-brokerages-struggle-through-a-long-trough

Pam Transportation books operating loss in ‘extremely challenging’ Q1

Truckload carrier Pam Transportation Services announced an operating loss for a second straight period in what it described as an “extremely challenging” first quarter.

Pam (NASDAQ: PTSI) reported net earnings per share of 1 cent compared to 23 cents in the same period a year ago. The result was below a lone analyst’s 7-cent estimate.

Gains generated from equity holdings were $3 million higher year over year (y/y), which produced a 10-cent tailwind to the EPS number. The carrier booked a loss on...

https://www.freightwaves.com/news/pam-transportation-books-operating-loss-in-extremely-challenging-q1

Truckload carriers’ forecasts cut heading into Q1 prints

Analysts are cutting earnings estimates for truckload companies heading into first-quarter reports. Acknowledging decent demand, analysts cited an overhang of truck capacity, which is constraining pricing and margins, as the reason for the latest round of revisions.

“We exit 1Q much like we entered it for truckload-related transports — feeling okay about volumes but bad about pricing and expecting downward EPS revisions for businesses that live on this annual pricing cycle,” Susquehanna...

https://www.freightwaves.com/news/truckload-carriers-forecasts-cut-heading-into-q1-prints

Insurance woes weigh down Knight-Swift earnings

Insurance woes weigh down Knight-Swift earnings

(Source: Knight-Swift)

Q4 earnings are in for Knight-Swift, which recorded a $71.7M operating loss from its third-party insurance business.

This might be a future business school case study on risk management. Back in 2021, Knight-Swift launched Iron Truck Services. The press release described it as “an organization that brings together services essential to transportation carriers and includes insurance, equipment maintenance, fuel purchasing,...

https://www.freightwaves.com/news/insurance-woes-weigh-down-knight-swift-earnings

2023’s most notable deals in trucking

Trucking M&A was tepid again in 2023 as freight demand slowed. Interest rates stepped higher, which proved a hindrance to deal financing, and tightened credit markets were met by still lofty valuation expectations from sellers.

Through the first week of December, transportation and logistics deal flow was off 2% year over year following 2022’s notable pullback, according to supply chain M&A advisory firm Left Lane Associates. However, companies generating significant cash flow did use M&A to...

https://www.freightwaves.com/news/2023s-most-notable-deals-in-trucking

Loaded and Rolling: ATRI finds congestion cost trucking $94.6B

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ATRI: Cost of congestion to trucking hits $94.6 billion

(Source: ATRI)

On Wednesday the American...

https://www.freightwaves.com/news/loaded-and-rolling-atri-finds-congestion-cost-trucking-94-6b

Knight-Swift sees inflection coming, beats lowered Q3 expectations

Management from Knight-Swift Transportation said Thursday that a tipping point for the truckload market is close.

“It feels like the extreme aggressiveness that we have seen out of non-asset-based players has reached a level to where it’s not only unsustainable, but when you add how expensive financing is … it blows up,” President and CEO Dave Jackson told analysts on a conference call.

The comments followed an announcement earlier in the day that financially distressed digital broker Convoy was...

https://www.freightwaves.com/news/knight-swift-sees-inflection-coming-q3-beats-lowered-expectations

7 years, 6 figures: Driver suit against Knight settled for small sum

A class-action lawsuit filed in November 2016 against what was then Knight Transportation has been settled for just $400,000, with a payout of less than $130 per plaintiff.

The lead plaintiff is driver Robert Martinez, but the class action brought in drivers who worked for Knight — now Knight-Swift — and lived in Oregon, Nevada, Arizona, Utah and Colorado but who drove for Knight in California from Sept. 30, 2012, until March 27 earlier this year, when the settlement was reached.

The case was...

https://www.freightwaves.com/news/7-years-6-figures-driver-suit-against-knight-settled-for-small-sum

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