LTL carriers

TFI acquires LTL carrier Hercules Forwarding

TFI International announced the acquisition of less-than-truckload carrier Hercules Forwarding Monday after the market closed.

Hercules operates a 31-terminal network throughout the U.S. and Canada, focusing on intra-U.S. and U.S.-to-Canada shipments. The company has more than 210 trucks, nearly 600 trailers and approximately 75 containers, generating revenue of more than $100 million annually.

The nearly 40-year-old company has two headquarters: Vernon, California, and New Westminster, British...

https://www.freightwaves.com/news/tfi-acquires-ltl-carrier-hercules-forwarding

ArcBest again swaps freight for better yields in February

ArcBest continued to execute a freight swap during February, replacing transactional shipments with more freight from key accounts. The actions led to another decline in tonnage, which was mostly offset by higher yields that are supportive of margins, a Friday filing with the Securities and Exchange Commission showed.    

The company’s asset-based unit, which includes less-than-truckload operations, reported a 3% year-over-year (y/y) decline in revenue per day during February, an improvement...

https://www.freightwaves.com/news/arcbest-again-swaps-freight-for-better-yields-in-february

XPO provides favorable February update

Similar to other less-than-truckload carriers, XPO saw a notable year-over-year (y/y) improvement in volumes in February when compared to January.

In a Tuesday update following the market close, the carrier said tonnage grew 3.5% y/y in February as a 5.8% increase in shipments was partially offset by a 2.2% decline in weight per shipment. The tonnage increase was an improvement from a modest decline in January.

Further, XPO (NYSE: XPO) was facing tougher tonnage comps than most peers. When...

https://www.freightwaves.com/news/xpo-provides-favorable-february-update

Old Dominion Freight Line still waiting for market to turn

Old Dominion Freight Line reported a modest improvement in metrics during February but said market conditions “continue to reflect softness in the domestic economy.”

The less-than-truckload carrier saw revenue per day increase 1.2% year over year (y/y) during February, following a 2.7% decline in January. Tonnage was down 3% as a slight increase in shipments was offset by a 3.2% decline in weight per shipment. January saw a 2.3% decline in shipments while shipment weights were 3.2% lower.

January...

https://www.freightwaves.com/news/old-dominion-freight-line-still-waiting-for-market-to-turn

Saia sees 19% jump in February shipments

Less-than-truckload carrier Saia Inc. reported an 11% year-over-year (y/y) increase in tonnage per day during February. The increase was the combination of a 19% jump in shipments, which was partially offset by a 6.7% decline in weight per shipment.  

The y/y per-day growth rates accelerated from January, when the carrier’s shipments increased 11.8% and tonnage was up 3.3%. Inclement weather in January led to a larger-than-normal number of terminal closures during the month. Saia (NASDAQ: SAIA)...

https://www.freightwaves.com/news/saia-sees-19-jump-in-february-shipments

Pension liability claims against Yellow may take months to settle

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The venue for deciding the fate of $7.2 billion in pension withdrawal liability claims against...

https://www.freightwaves.com/news/pension-liability-claims-against-yellow-may-take-months-to-settle

Jack Cooper-led bid for Yellow back on table

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A going concern bid for the remaining assets of bankrupt Yellow Corp. appears to be back on the...

https://www.freightwaves.com/news/jack-cooper-led-bid-for-yellow-back-on-table

XPO’s shares jump 18% on big Q4

XPO was “firing on all cylinders” during the fourth quarter. The better-than-expected report sent shares sharply higher on Wednesday.

The less-than-truckload carrier reported fourth-quarter adjusted earnings per share of 77 cents, which was 15 cents better than the consensus estimate but 21 cents lower year over year (y/y). The adjusted number excluded transaction, litigation and restructuring costs.

XPO’s (NYSE: XPO) LTL segment reported a 9% y/y increase in revenue to $1.19 billion. Tonnage per...

https://www.freightwaves.com/news/xpos-shares-jump-18-on-big-q4

Bankrupt Yellow repays principal, interest on COVID loan

Bankrupt Yellow Corp. said it repaid the $700 million COVID-relief loan it received from the U.S. Treasury in 2020. In addition to the principal amount, it repaid more than $151 million in interest, a late Monday statement read.

The controversial loan was viewed as an unwarranted bailout by some and outside the scope of the CARES Act, which established a lending program to help companies fund near-term liquidity needs associated with lost business from COVID-related lockdowns.

The defunct...

https://www.freightwaves.com/news/bankrupt-yellow-repays-principal-interest-on-covid-loan

Weather, tonnage declines offset by cost reductions in ArcBest’s Q4 

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ArcBest saw continued volume pressure in the fourth quarter as it transitions its...

https://www.freightwaves.com/news/weather-tonnage-declines-offset-by-cost-reductions-in-arcbests-q4

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