TL carriers Archives - Maritime Shipping News

Heartland Express reports another tough quarter

31 January 2024

Heartland Express reported net income of $5.1 million for the fourth quarter, which included the benefit of $25.6 million in gains from the sale of three terminals. Excluding the gains, which are unlikely to be replicated on an ongoing basis, the company again booked a notable loss.

“This challenging freight environment combined with two acquisitions in the prior year, have pressured our financial results to a level below our historical results and management expectations,” CEO Mike Gerdin said...

https://www.freightwaves.com/news/heartland-express-reports-another-tough-quarter

Some positive signs but trucking market moves ‘deeper into limbo’

10 October 2023

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A third-quarter survey of shippers showed the freight industry has moved “deeper into limbo” as...

https://www.freightwaves.com/news/some-positive-signs-but-trucking-market-moves-deeper-into-limbo

Q2 likely ‘peak pain’ for trucking companies, Morgan Stanley says

6 July 2023

Morgan Stanley trimmed estimates Thursday ahead of earnings season. The firm sees the second quarter of 2023 as the point of “peak pain” for trucking companies and likely the bottom of the cycle.

“The quarter began with most companies reporting on 1Q calls that there was virtually no spring seasonal pickup and while this improved somewhat going into the end of the quarter, the lift was likely too little, too late to save the quarter,” said Ravi Shanker, Morgan Stanley (NYSE: MS) transportation...

https://www.freightwaves.com/news/q2-likely-peak-pain-for-trucking-companies-morgan-stanley-says

Knight-Swift to remain on M&A prowl, still looking at LTL targets

21 March 2023

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Knight-Swift Transportation’s latest acquisition is a bit of a reversal from recent initiatives,...

‘Crunch time’ for trucking as Q1 nears close

20 March 2023

In a Monday note to clients, which described current truckload fundamentals as very difficult, Deutsche Bank analyst Amit Mehrotra said he doesn’t expect any “big negative surprises” when transportation companies report earnings next month.

However, he acknowledged the industry consensus formed in recent months that trucking companies would see a positive demand inflection in the back half of 2023 is becoming less certain.

“We view the upcoming earnings season as one of the most consequential...

Werner names new CFO

23 February 2023

Transportation and logistics provider Werner Enterprises announced Thursday that Christopher Wikoff has been appointed chief financial officer. Wikoff will succeed longtime CFO John Steele on April 18.

The company announced in August that Steele would be retiring at a future date.

Wikoff has more than 20 years of experience in financial leadership roles, most recently serving as executive vice president of finance and treasurer of cloud-based technology consulting firm West Technology Group. At...

Werner’s Q4 beats, 2023 guidance has some hurdles

8 February 2023

Like other carriers that have reported fourth-quarter results, Werner Enterprises expects to see a better freight market by the back half of 2023.

The company’s outlook calls for a “relatively muted economic backdrop,” but management believes that as customers work through excess inventories and truck capacity continues to leave the market, truckload fundamentals will firm.

“Retail inventories are tough because, holistically, there are still issues out there and there are still people...

Schneider’s 2023 outlook better than expected

2 February 2023

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Transportation and logistics provider Schneider National provided better-than-expected earnings...

Jones Logistics expands footprint with Nationwide Express acquisition

2 February 2023

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Jones Logistics (JoLo) announced Thursday it has acquired Nationwide Express.

Tennessee-based...

Covenant misses expectations in noisy Q4

26 January 2023

Covenant Logistics Group highlighted several achievements during 2022, including generating more than $1 billion in freight revenue and achieving an all-time high for full-year earnings per share, in its fourth-quarter report released Wednesday after the market closed. However, it also sees the current overhang on freight markets lingering for a while.

“Despite these unprecedented achievements, our fourth quarter results undoubtedly reflect sequential softening in the freight market, continued...

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