Schneider National

Scopelitis seminar delves into lease purchase deals, M&A, ESG and more

INDIANAPOLIS — The Scopelitis Transportation Law Seminar is a three-day parade of speakers and panels discussing everything from what states’ license plates fleets should seek to slap on their trucks to the treatment of owner-operators whose trucks leave the road for maintenance. The gathering examines hundreds of legal situations fleets might face.

Here are five takeaways from the multitude of subjects the seminar covered.

The growing focus on lease purchase agreements

The ongoing task force...

https://www.freightwaves.com/news/scopelitis-seminar-delves-into-lease-purchase-deals-ma-esg-and-more

Platform Science secures $125M to grow OEM partnerships

Platform Science, a provider of connected vehicle solutions, announced on Tuesday a significant milestone in its growth journey, securing $125 million in funding aimed at bolstering its presence in the commercial trucking sector. 

Participating in this round are existing investors 8VC, NewRoad Capital Partners, and Prologis Ventures (NYSE:PLD), joined by new backers Activant Capital, Manhattan Ventures Partners and BDT & MSD Partners.

This expansion round also witnessed participation from...

https://www.freightwaves.com/news/platform-science-secures-125m-to-grow-oem-partnerships

Truckload carriers’ forecasts cut heading into Q1 prints

Analysts are cutting earnings estimates for truckload companies heading into first-quarter reports. Acknowledging decent demand, analysts cited an overhang of truck capacity, which is constraining pricing and margins, as the reason for the latest round of revisions.

“We exit 1Q much like we entered it for truckload-related transports — feeling okay about volumes but bad about pricing and expecting downward EPS revisions for businesses that live on this annual pricing cycle,” Susquehanna...

https://www.freightwaves.com/news/truckload-carriers-forecasts-cut-heading-into-q1-prints

Morgan Stanley cuts earnings expectations amid surging insurance costs

Morgan Stanley cut earnings estimates for all the transportation companies it covers on Tuesday, citing rising insurance costs. It continues to believe the truckload space will be the most impacted as large jury verdicts remain a threat.

The firm said both nuclear verdicts and a prolonged period of insurance companies incurring costs above general inflation are reasons the cost line will remain bloated. During the fourth quarter, several carriers called out insurance expenses as a drag on...

https://www.freightwaves.com/news/morgan-stanley-cuts-earnings-expectations-amid-surging-insurance-costs

Schneider looking for TL market to shake 600-day downturn

Schneider National missed fourth-quarter expectations on Thursday, and its full-year 2024 outlook also came in lower than analysts’ forecasts. The company said it anticipates the truckload market turning, but like many others, believes that won’t happen until the back half of the year.

The company’s internal TL freight index has been below neutral for more than 600 days. The data set shows a normal cycle averages 577 days.

“We believe we’re very long into this cycle. … We do believe things will...

https://www.freightwaves.com/news/schneider-looking-for-tl-market-to-shake-600-day-downturn

Ree Automotive: Business life during wartime

Startup Ree Automotive builds its drive-by-wire electric powertrains in the United Kingdom. Its future customer base is mostly in the U.S. But its headquarters is in Tel Aviv, where the Hamas-Israel war takes an emotional toll on employees and their families called to fight.

Israel-based businesses count on some portion of their workforces serving in defense of the country surrounded by enemies sworn to destroy it.

When war comes calling, as it did during the Oct. 7 surprise bombing of Israel by...

https://www.freightwaves.com/news/ree-automotive-business-life-during-wartime

Schneider posts cost-burdened Q3

Schneider National reported a big earnings miss Thursday and cut its outlook for the remainder of the year.

Earnings per share of 20 cents were below a consensus estimate of 37 cents, an adjusted second-quarter result of 45 cents and a year-ago result of 70 cents.

“Our results were driven by ongoing price pressures primarily in our network businesses, as well as other headwinds such as fuel, bad debt, and lower equipment gains,” President and CEO Mark Rourke said in a news release.

Retail diesel...

https://www.freightwaves.com/news/schneider-posts-cost-burdened-q3

J.B. Hunt a bit more upbeat

Management from J.B. Hunt Transport Services was slightly more positive on the freight environment Wednesday, saying the market is “coming out of a freight recession” as opposed to being in one.

J.B. Hunt’s (NASDAQ: JBHT) customers have largely completed an inventory destocking, according to President Shelley Simpson, who made the comments at a Morgan Stanley (NYSE: MS) investor conference in Dana Point, California. She said customers are “cautiously optimistic,” with some indicating freight...

https://www.freightwaves.com/news/j-b-hunt-a-bit-more-upbeat

Truckload carriers see market moving toward equilibrium

A couple of truckload carriers said the bottom of the cycle has likely occurred but acknowledged that any material positive inflection in fundamentals won’t happen until sometime in 2024. That likely means a “muted peak season” again this year.

“I think there will be some signs of seasonal activity across September, October, November,” Schneider National (NYSE: SNDR) CFO Steve Bruffett said at a Morgan Stanley (NYSE: MS) investor conference Tuesday in Dana Point, California. 

“I think that sets...

https://www.freightwaves.com/news/truckload-carriers-see-market-moving-toward-equilibrium

Schneider National lowers 2023 guidance

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Schneider National joined a chorus of transportation providers that recently lowered guidance for...

https://www.freightwaves.com/news/schneider-national-lowers-2023-guidance

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