LTL yields

Saia’s Q1 miss, weak March shipments send shares 20% lower

Shares of less-than-truckload carriers were priced for beat-and-raise results heading into earnings season. Saia missed first-quarter expectations Friday, sending its stock 20% lower and pulling the rest of its peer group down for a second time in a week.

Saia (NASDAQ: SAIA) said March didn’t provide the seasonal demand uptick the company normally experiences. The update followed an in-line report from Old Dominion Freight Line (NASDAQ: ODFL) on Wednesday, which accelerated a sell-off that...

https://www.freightwaves.com/news/saias-q1-miss-light-march-shipments-send-shares-20-lower

Old Dominion’s Q1 earnings meet estimate, but LTL stocks fall anyway

Old Dominion Freight Line said it is seeing promising signs around demand but that it isn’t yet ready to call a cycle upturn. However, its operating ratio guidance for the second quarter was weaker than the historical trend, which may be the reason shares of less-than-truckload carriers sold off on Wednesday.

Old Dominion (NASDAQ: ODFL) reported earnings per share of $1.34 for the 2024 first quarter, which was in line with the consensus estimate and 5 cents ahead of the year-ago result when...

https://www.freightwaves.com/news/old-dominions-q1-earnings-meet-estimate-but-ltl-stocks-fall-anyway

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

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

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

Cost control helps ArcBest beat Q4 expectations

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Transportation and logistics provider ArcBest beat fourth-quarter expectations on Tuesday.

ArcBest (NA...

https://www.freightwaves.com/news/cost-control-helps-arcbest-beat-q4-expectations

Saia’s $1B growth plan to test LTL’s tight capacity structure

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Less-than-truckload carrier Saia Inc. has big growth plans in 2024 after picking up 28 terminals...

https://www.freightwaves.com/news/saia-unveils-1b-growth-plan-for-2024

Where did Yellow’s freight go?

The third-quarter earnings season showed all publicly traded less-than-truckload carriers experienced some type of bump following Yellow’s exit. If it was a competition, Saia was the winner.

While there’s a little noise in the numbers, the sequential progression from the second to the third quarters is a good yardstick of how Yellow’s $5 billion freight share was redistributed. Yellow had been teetering for years but as tensions rose with its union workforce in the June-July time frame, shippers...

https://www.freightwaves.com/news/where-did-yellows-freight-go

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