less-than-truckload carriers

LTL carrier CCFS acquires Express 2000

Less-than-truckload carrier CrossCountry Freight Solutions (CCFS) said Tuesday it has acquired Express 2000 Transportation.

The deal provides CCFS with three terminals in Missouri (St. Louis, Springfield and Kansas City) to go along with its roughly 50 locations in the northern and western U.S. Express 2000 Transportation also offers full truckload, volume LTL and warehousing services. Express 2000’s website lists locations in Illinois, Iowa and Wisconsin as well.

The two carriers had been...

https://www.freightwaves.com/news/ltl-carrier-ccfs-acquires-express-2000

Yellow files for bankruptcy

Less-than-truckload carrier Yellow Corp. has filed for bankruptcy, putting to end the 99-year-old trucking firm.

In its Chapter 11 filing in a Delaware court Sunday, the company estimated its assets and liabilities at $1 billion-$10 billion. 

“It is with profound disappointment that Yellow announces that it is closing after nearly 100 years in business,” said Yellow CEO Darren Hawkins in a statement Sunday. “Today, it is not common for someone to work at one company for 20, 30, or even 40 years,...

https://www.freightwaves.com/news/yellow-files-for-bankruptcy

Yellow limits pickups nationwide, leaked memo says

googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-4’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-4’); });

Yellow appears to be halting pickups in some areas of the Northeast, as well as Ohio, California and...

https://www.freightwaves.com/news/yellow-halts-pickups-in-some-states-sales-executives-say

‘Crunch time’ for trucking as Q1 nears close

In a Monday note to clients, which described current truckload fundamentals as very difficult, Deutsche Bank analyst Amit Mehrotra said he doesn’t expect any “big negative surprises” when transportation companies report earnings next month.  

However, he acknowledged the industry consensus formed in recent months that trucking companies would see a positive demand inflection in the back half of 2023 is becoming less certain.

“We view the upcoming earnings season as one of the most consequential...

ArcBest’s Q2 beat underscores successful yield initiatives

ArcBest tractor pulling two trailers

Transportation and logistics provider ArcBest reported record results for the second quarter Friday before the market opened. The company’s asset-based segment, which includes less-than-truckload, used a better freight mix and higher yields to post an 84.5% adjusted operating ratio.

ArcBest (NASDAQ: ARCB) reported adjusted earnings per share of $4.30 for the second quarter, 35 cents better than the consensus estimate and $2.27 higher than the year-ago quarter. The result excluded a few items,...

https://www.freightwaves.com/news/arcbests-q2-beat-underscores-successful-yield-initiatives

Forward Air CEO: ‘If there is a recession, bring it on’

A forward Air trailer pulled by an independent contractor

Asset-light trucking provider Forward Air raised its full-year outlook again. The company beat second-quarter expectations and sees several tailwinds that will contribute to higher earnings in the future.

Forward (NASDAQ: FWRD) reported its highest-ever quarterly earnings Wednesday after the market closed. Earnings per share of $2.04 in the second quarter was 21 cents ahead of the consensus estimate and 94 cents better than the year-ago result. It also outpaced management’s initial guidance...

https://www.freightwaves.com/news/forward-air-ceo-if-there-is-a-recession-bring-it-on

Saia unlikely to alter growth plans on cycle’s downside

A red Saia tractor and white trailer on the highway

Acknowledging a leveling of volumes from all-time highs, less-than-truckload carrier Saia Inc. will continue to push its growth initiatives.

“We’re not intending to take a pause,” Fritz Holzgrefe, president and CEO, told analysts on a quarterly call Wednesday. Saia has added five new terminals so far this year and has plans to add another seven to 10 locations by year-end. A new terminal in Binghamton, New York, will open Monday, with another facility in Chicago coming online by the end of...

https://www.freightwaves.com/news/saia-unlikely-to-alter-growth-plans-on-cycles-downside

Old Dominion posts industry record sub-70% OR in Q2

An Old Dominion LTL rig on highway

Old Dominion Freight Line reported record results for the 2022 second quarter on Wednesday. The less-than-truckload carrier achieved a watershed moment for the industry, posting a 69.5% operating ratio (30.5% operating margin) during the period.

The result was driven by strong yields — 9% higher year over year (y/y) excluding fuel surcharges — accompanied by only modest tonnage growth. The high-water mark for margins may be tougher to replicate in the third quarter as tonnage has begun to...

https://www.freightwaves.com/news/old-dominion-posts-industry-record-sub-70-or-in-q2

Small Fleet & Owner-Operator Summit to address key industry issues

The free Small Fleet & Owner-Operator Summit kicks off in less than 48 hours (9 a.m. EDT on Wednesday, June 15). 

So far, 2022 is turning into a nightmare for many in the trucking industry. Freight volume is down, while costs for fuel, insurance, etc. are significantly higher. 

Regardless of the freight environment, truck drivers are the backbone of the industry – the people who deliver more than 85% of the goods consumed by the nation. Small fleet owners and owner-operators wear a number of...

https://www.freightwaves.com/news/small-fleet-owner-operator-summitto-address-key-industry-issues

Small Fleet & Owner-Operator Summit to hit FreightWaves virtual stage on June 15

Three semi-trucks travel on a highway, seen from the front at varying distances.

The Small Fleet & Owner-Operator Summit will take place on Wednesday, June 15. Leaders from across the industry will provide critical information and insights needed to streamline operations and improve bottom lines.

Speakers and topics

Each FreightWaves virtual event presents a special lineup of key business leaders, industry experts and entrepreneurs. Among the confirmed key speakers at the Summit are: Matt Parry, Senior Vice President of Werner Logistics; Paul Estrada of PE Consulting; and...

https://www.freightwaves.com/news/small-fleet-owner-operator-summit-to-hit-freightwaves-virtual-stage

+ More
Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.
icon
By subscribing, you agree with our privacy policy and our terms of service.