Less than Truckload (LTL)

Pitt Ohio opens maritime terminal in Norfolk, Virginia

Regional less-than-truckload carrier Pitt Ohio announced Tuesday it has opened a 37-door, cross-dock maritime terminal in Norfolk, Virginia.

The 15,000-square-foot facility sits 10 miles from the Port of Norfolk, providing transloading and consolidation services to Pitt Ohio’s customers. The site has hazmat certifications and can handle overweight containers as well as flatbed loads.

Pitt Ohio also operates as a nonvessel operating common carrier, handling all aspects of ocean shipping, customs...

https://www.freightwaves.com/news/pitt-ohio-opens-maritime-terminal-in-norfolk-virginia

FedEx taps leaders from within to run stand-alone LTL company

FedEx Corp. has announced some of the new leaders for its less-than-truckload unit that is expected to be spun off into a new publicly traded company by June 2026.

John Smith, who is currently the chief operating officer of Federal Express (U.S. and Canada) will become president and CEO at the nation’s largest LTL carrier, FedEx Freight. Smith logged 25 years of service at FedEx Freight, serving as president and CEO from 2018 until 2021.

Smith will remain in his current role, which oversees...

https://www.freightwaves.com/news/fedex-taps-leaders-from-within-to-run-stand-alone-ltl-company

Forward Air touts Q1 achievements, investors await next steps

Forward Air saw modest improvements on some financial metrics during the first quarter, but pressure from investors is mounting for the company to complete a strategic review of potential options for its business following a controversial merger with Omni Logistics.

Activist investor Ancora Holdings Group, which holds a 4.1% equity stake in the Greeneville, Tennessee-based company, advised shareholders on Wednesday to vote against three of Forward’s directors at the upcoming annual meeting.

A...

https://www.freightwaves.com/news/forward-air-touts-q1-achievements-investors-await-next-steps

Activist investor pushes board shake-up at Forward Air

Activist investor Ancora Holdings Group is calling on Forward Air shareholders to vote against three legacy board directors who it asserts have “egregious M&A records” and “histories of presiding over massive value destruction.”

The Wednesday letter calls for the removal of board Chairman George Mayes and directors Javier Polit and Laurie Tucker. All three have served on Forward’s (NASDAQ: FWRD) board for at least four years, a period which included a controversial acquisition of Omni Logistics...

https://www.freightwaves.com/news/activist-investor-pushes-board-shake-up-at-forward-air

Saia, others buying 10 Yellow Corp. terminals

Another block of defunct less-than-truckload carrier Yellow Corp.’s terminals are set to be sold, according to a filing with a federal bankruptcy court in Delaware. A Monday motion to the court asked for approval to sell 10 locations valued at $20.7 million.

Saia (NASDAQ: SAIA) is acquiring three leased properties for $6.5 million. The locations include a 72-door terminal in Orlando, Florida, a 54-door terminal in Deer Park, New York, and 21 doors in Calexico, California. Once the deal closes,...

https://www.freightwaves.com/news/saia-others-buying-10-yellow-corp-terminals

Forward Air looks for a fresh start in Delaware

Forward Air is asking shareholders to approve a plan to reincorporate from Tennessee to Delaware. The calculated move would provide the troubled trucking and logistics company with improved optionality as it navigates a strategic review following the fallout from a controversial merger with Omni Logistics. One potential outcome from the review process includes the sale of the company, which may be easier to accomplish if it is domiciled in Delaware.

A preliminary proxy statement filed with the...

https://www.freightwaves.com/news/forward-air-looks-for-a-fresh-start-in-delaware

XPO sees runway to higher margins even if downcycle lingers

Less-than-truckload carrier XPO has improved margins through the downturn while the rest of the industry has struggled. The Greenwich, Connecticut-based LTL carrier said Wednesday it isn’t backing off its outlook for further improvement this year even as a trade war threatens to extend a downcycle already long in the tooth.

XPO (NYSE: XPO) reported adjusted earnings per share of 73 cents for the first quarter, 8 cents better than the consensus estimate but 8 cents lower year over year. (The...

https://www.freightwaves.com/news/xpo-sees-runway-to-higher-margins-even-if-downcycle-lingers

First look: XPO beats first-quarter earnings expectations

Less-than-truckload carrier XPO beat first-quarter expectations on Wednesday ahead of the market open.

XPO (NYSE: XPO) reported adjusted earnings per share of 73 cents, which was 8 cents better than the consensus estimate but 8 cents lower year over year. The adjusted EPS number excluded transaction and restructuring costs.

“Our plan is driving results, with a long runway for margin expansion, supported by superior service and high-return investments in our network,” said CEO Mario Harik in a...

https://www.freightwaves.com/news/first-look-xpo-beats-first-quarter-earnings-expectations

ArcBest says LTL pricing not under attack

Less-than-truckload transportation provider ArcBest pushed back on concerns that an extended industrial downturn and the redeployment of bankrupt Yellow Corp.’s terminals has created too much capacity, which is pressuring yields.

Management from the company described the market as “very rational” on a Tuesday call with equity analysts.

“When we look at the opportunities that we have, nothing has changed,” said ArcBest Chairman and CEO Judy McReynolds on the call. She said the company is still...

https://www.freightwaves.com/news/arcbest-says-ltl-pricing-not-under-attack

First look: ArcBest reports tough Q1

Transportation and logistics provider ArcBest reported a modest earnings miss for the first quarter on Tuesday before the market opened.

ArcBest (NASDAQ: ARCB) reported adjusted earnings per share of 51 cents, 1 cent light of the consensus estimate but 83 cents lower year over year. The consensus EPS number came down 30 cents in the 90 days leading up to the Tuesday report as analysts cut forecasts due to soft demand trends in March.

The adjusted result excluded 38 cents in one-offs like costs...

https://www.freightwaves.com/news/first-look-arcbest-reports-tough-q1

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