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Saia Inc
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
Yellow’s big tonnage declines part of network restructuring
A third-quarter update from less-than-truckload carrier Yellow Corp. was reflective of the network restructuring the company has undertaken. Through the first two months of the third quarter tonnage was down by mid-teen percentages year over year (y/y), which significantly outpaced mixed results from peers.
Yellow (NASDAQ: YELL) is currently executing a network overhaul in which it has consolidated all of its separately run LTL brands onto the same tech platform. It is also rationalizing some...
https://www.freightwaves.com/news/yellows-tonnage-declines-part-of-network-restructuring
LTL stocks sag on weaker-than-expected Q3 updates
A couple of less-than-truckload carriers reported moderating trends Wednesday. Third-quarter updates from both Old Dominion Freight Line and Saia Inc. showed that the robust year-over-year (y/y) growth rates recorded over the last few quarters are continuing to slow.
Old Dominion (NASDAQ: ODFL) reported revenue was up 14.5% y/y in August, a growth rate that was 390 basis points (bps) lower than it recorded in July. Tonnage during the month was down 0.9% y/y following a 1.4% decline in July....
https://www.freightwaves.com/news/ltl-stocks-sag-on-weaker-than-expected-q3-updates
Nikola launches regular production of Class 8 battery-electric trucks
COOLIDGE, Arizona — It is the plant that skeptics said would never be built by a company that would never survive.
Nikola refuted its skeptics on Wednesday, lining up nearly a dozen regular production battery-electric Class 8 trucks for shipment to customers from the first phase of a $600 million plant in the desert between Phoenix and Tucson.
“We’ve been a pre-revenue startup for years,” CEO Mark Russell said at a production launch event. ”We’re now going to be a revenue-producing company, and...
XPO to spin off brokerage business, divest European operations
XPO Logistics Inc. said late Tuesday that it will spin off its North American truck brokerage and related businesses and will divest its European operations, moves that will transform the company into a pure-play LTL provider on the continent.
XPO (NYSE: XPO) also disclosed that it is in advanced talks with an unidentified suitor to sell its North American intermodal and drayage operations, which generated about $1.2 billion in revenue last year and which operates 44 locations in North America....
https://www.freightwaves.com/news/xpo-to-spin-off-brokerage-business-divest-european-operations
Saia’s 7.5% GRI latest in string of 2022 LTL rate hikes
Less-than-truckload carrier Saia Inc. announced Tuesday a 7.5% general rate increase (GRI), which will apply to general tariff codes. A press release noted that select accessorial and minimum charges will be impacted as well. The changes went into effect Monday.
Carriers typically use GRIs to adjust base rates on an annual basis. The increases vary by lane and weight class. The announced percentage increase is the expected average change the GRIs will have. The increases are used to offset cost...
https://www.freightwaves.com/news/saias-75-gri-latest-in-string-of-2022-ltl-rate-hikes
XPO adds LTL terminals in Wisconsin, Arkansas
XPO Logistics Inc. said Monday it has opened terminals in Sheboygan, Wisconsin, and Texarkana, Arkansas, adding 50 dock doors to its 16,000-door terminal network.
Greenwich, Connecticut-based XPO (NYSE: XPO), which operates LTL, truck brokerage, intermodal and last-mile delivery businesses, now has 291 LTL terminals across North America. The company said it plans to add 900 dock doors by the end of 2023, boosting its door network by 6%.
XPO also said it has opened fleet maintenance shops in Ohio,...
https://www.freightwaves.com/news/xpo-adds-ltl-terminals-in-wisconsin-arkansas
Demo decisions: Nikola builds tentative order book for electric trucks
Nikola Corp. is continuing to pull in letters of intent for its battery-electric and fuel cell Class 8 daycabs from some big names in trucking. Converting those intentions to purchase orders rides on how well the new technology performs in demonstrations.
Covenant Logistics Group became the latest of three large for-hire trucking companies to go on record as potential customers of Phoenix-based Nikola, which is building battery-electric Class 8 trucks at a new plant in Coolidge, Arizona, between...
