Saia Inc

SAIA reports decrease in revenue during second quarter

Saia Inc. (NASDAQ: SAIA) reported second-quarter revenue was $418 million, down $46 million, or 9.9% from last year, according to quarterly financial results released on Wednesday, July 29.

The less-than-truckload (LTL) carrier also reported the revenue decline was driven by a 9.7% decline in shipment volume compared to the prior year.

“The COVID-19 pandemic has created unprecedented disruption and uncertainty for our business and our customers over the last few months,” said Fritz Holzgrefe,...

https://s29755.pcdn.co/news/saia-ltl-freight-beats-analysts-estimates-during-second-quarter

Trying to make sense of the YRC bailout

YRC Freight double in the desert

The claws are coming out already, with some industry onlookers questioning the government’s rationale behind making a huge loan to less-than-truckload (LTL) carrier YRC Worldwide (NASDAQ: YRCW), a perpetually struggling company and one that the government’s own Defense Department alleges overcharged it for services. The loan’s placement under the umbrella of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which is intended to help businesses survive the economic downturn caused...

https://s29755.pcdn.co/news/trying-to-make-sense-of-the-yrc-bailout

Deutsche Bank sees some winners as earnings season approaches

Werner truck on highway

In a report to clients, Deutsche Bank (NYSE: DB) analyst Amit Mehrotra views the outlook for transportation equities as “favorable” heading into the second quarter earnings season.

He said transportation demand bottomed in late April with a slow but steady recovery since. Citing recent conversations with management teams at a dozen transportation companies and a sequentially improving demand backdrop, Mehrotra initiated favorable “catalyst calls” on Werner Enterprises (NASDAQ: WERN), XPO...

https://s29755.pcdn.co/news/deutsche-bank-sees-some-winners-as-earnings-season-approaches

Shares of YRC Worldwide sink on weak midquarter report

YRC LTL rig on highway

YRC Worldwide (NASDAQ: YRCW) has provided a brief update on shipping and yield metrics for the first two months of the second quarter of 2020, and the numbers raise concerns.

In a press release, the Overland Park, Kansas-based less-than-truckload (LTL) carrier reported an 18.6% year-over-year tonnage-per-day decline through the first two months of the quarter with revenue per hundredweight, or yield, declining 6.3%.

The carrier reported a 22.6% year-over-year decline in April tonnage with yield...

https://s29755.pcdn.co/news/shares-of-yrc-worldwide-sink-on-weak-midquarter-report

ArcBest sees trends rebound during May

ArcBest double on highway

In a filing with the U.S. Securities and Exchange Commission, ArcBest Corp. (NASDAQ: ARCB) reported sequential improvement during the month of May, supportive of recent industry commentary suggesting that the less-than-truckload (LTL) market may have bottomed in April.

The Fort Smith, Arkansas-based logistics provider reported a 22% year-over-year consolidated revenue decline through the first two months of the 2020 second quarter. The April-May period of 2020 has two less working days compared...

https://s29755.pcdn.co/news/arcbest-sees-trends-rebound-during-may

April the bottom for less-than-truckload?

Old Dominion triple on highway

Old Dominion Freight Line (NASDAQ: ODFL) reported a 16.2% year-over-year decline in revenue per day during May as tonnage declined 12.1% and revenue per hundredweight, or yield, moved lower.

The less-than-truckload (LTL) carrier reported the May tonnage decline was the combination of a 16.7% decline in shipments, partially offset by a 5.4% increase in weight per shipment.

So far through the second quarter of 2020, revenue per hundredweight is down 4.7% year-over-year, 1.4% lower excluding fuel...

https://s29755.pcdn.co/news/april-the-bottom-for-less-than-truckload

Less-than-truckload looking up, say analyst and pricing experts

Old Dominion double on highway

Less-than-truckload (LTL) demand improved through May. The acceleration was notable during the 10-day stretch heading into the Memorial Day weekend. However, the improvement comes off of a very low base that developed in April as COVID-19-related shutdown mandates resulted in most LTL carriers reporting year-over-year tonnage declines in the midteen percentage range with revenue declines in the 20% range.

These were some of the comments shared during Deutsche Bank’s call Monday on the LTL...

https://s29755.pcdn.co/news/less-than-truckload-looking-up-says-analyst-and-pricing-experts

Speculation on YRC’s survival ramps up

YRC double on road

One sell-side analyst has thrown in the towel on YRC Worldwide (NASDAQ: YRCW).

Following a mixed bag first quarter 2020, in which the carrier reported better-than-expected results, announced it was unlikely to meet future financial covenants and opted out of taking questions from analysts on its earnings call, Stifel Financial (NYSE: SF) equity research analyst David Ross has tapped out.

In a Tuesday report to clients, Ross announced that he has suspended his rating and estimates for the...

https://s29755.pcdn.co/news/speculation-on-yrcs-survival-ramps-up

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