A Georgia jury recently awarded more than $47 million to the family of a 35-year-old owner-operator who was killed in a August 2017 crash involving a former company driver for Wisconsin-based Schneider National Carriers.
“Nuclear verdicts” are described as jury awards in which penalties exceed $10 million.
Following a five-day trial, jurors in Cherokee County State Court in Canton, Georgia, awarded $47 million in compensatory damages on June 7 against Schneider National (NYSE: SNDR),...
Study highlights nearly half of truckloads in 2023 moved partially empty
Flock Freight recently released its yearly study, which looks at how market conditions are affecting the industry in partnership with Drive Research. The report is based on survey data that included 1,000 transportation decision makers from various industries. The study found that underutilized trailer space remained an issue in trucking, and continues to persist, finding 43% of truckload moving...
https://www.freightwaves.com/news/poor-trailer-space-utilization-continues-in-2023
Following dismal first-quarter results, heads of two of the nation’s largest truckload fleets provided constructive market commentary at a Wednesday investor conference. That said, the long slog back to market equilibrium continues as the industry slowly purges the excess capacity added during the freight boom.
“By no means am I here saying I think we’re at a turning point or an inflection point, but I do believe, just like it took a long time to get this low and we stayed this low for this...
https://www.freightwaves.com/news/truckload-carriers-hopeful-but-not-calling-cycle-turn-yet
Schneider National slightly missed first-quarter expectations and cut its full-year earnings outlook by nearly 25%. It noted some improving trends on a Thursday call with analysts but concluded it’s “not calling an inflection in the market.”
The most surprising takeaway from the call was the disclosure that truckload contract price renewals were positive for the first time in six quarters. For contracts renewing in the period, pricing increased by a low-single-digit percentage.
The company said...
https://www.freightwaves.com/news/schneider-national-cuts-2024-outlook-notes-some-positive-trends
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 agreementsThe ongoing task force...
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
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 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...
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
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