TL rates

Freight shipments, spend see no lift in October, Cass data shows

Freight shipments and spend were again under water in October, according to data from Cass Information Systems.

The shipments component of the Cass Freight Index fell 2.4% year over year during the month and was off 1.9% from September (down just 0.1% seasonally adjusted). October marked the second straight sequential decline for the dataset.

“Although goods demand growth is driving broad freight volume growth, as can be seen in intermodal, imports, and freight GDP, it is still not reaching the...

https://www.freightwaves.com/news/freight-shipments-spend-see-no-lift-in-october-cass-data-shows

Schneider National cuts outlook, ‘commoditized’ one-way fleet uninvestable

Schneider National lowered full-year 2024 expectations on Wednesday as seasonal trends, which were favorable in June and July, eroded during August and September.

The Green Bay, Wisconsin-based multimodal transportation provider now expects 2024 adjusted earnings per share of just 66 to 72 cents, down from quarter-ago guidance of 80 to 90 cents, and lower than the 82-cent consensus estimate at the time of the print.

The company did say it expects to see some seasonal improvement in the fourth...

https://www.freightwaves.com/news/schneider-national-cuts-outlook-commoditized-one-way-fleet-uninvestable

Schneider National Q3 earnings: First look

Schneider National missed third-quarter expectations and lowered its full-year 2024 guidance on Wednesday.

Adjusted earnings per share of 18 cents was 5 cents below the consensus estimate and 2 cents lower than the 2023 third quarter. The company said lower gains on equipment sales and equity investments were a 4-cent year-over-year headwind in the period. Elevated insurance costs, due to higher premiums and settlement expenses, were a 4-cent y/y drag as well.

Schneider (NYSE: SNDR) lowered...

https://www.freightwaves.com/news/schneider-national-q3-earnings-first-look

Landstar says ‘muted peak season’ weighs on Q4 guidance

Landstar System pointed to the expectation of a “muted peak season” as the reason for its worse-than-expected fourth-quarter guidance. The Jacksonville, Florida-based freight broker reported third-quarter earnings per share of $1.41 after the market closed Tuesday. The result was 4 cents worse than the consensus estimate and at the low end its prior $1.35 to $1.55 guidance range.

A lower tax rate compared to the year-ago quarter was a 4-cent tailwind in the period.

Landstar’s (NASDAQ: LSTR)...

https://www.freightwaves.com/news/landstar-says-muted-peak-season-will-weigh-on-q4

Landstar Q3 earnings: First look

Freight broker Landstar System missed third-quarter expectations Tuesday after the market closed. Earnings per share of $1.41 were 4 cents below the consensus estimate and at the low end of management’s guidance range of $1.35 to $1.55.

Revenue of $1.21 billion was slightly below consensus but within the company’s forecast range of $1.175 billion to $1.275 billion.

Total loads hauled by truck were 7.7% lower year over year, in line with guidance for a 10% to 6% decline. Revenue per load was up...

https://www.freightwaves.com/news/landstar-q3-earnings-first-look

Knight-Swift starting to see positive TL rate negotiations

Knight-Swift Transportation said it is seeing normal seasonal demand trends and that it is capturing rate increases in its truckload business. It tempered the update by saying what happens to demand after Thanksgiving is an unknown that will ultimately impact at least the beginning of next year’s bid season.

Knight-Swift (NYSE: KNX) reported third-quarter adjusted earnings per share of 34 cents Wednesday after the market closed. The result was at the top end of management’s guidance range (31 to...

https://www.freightwaves.com/news/knight-swift-starting-to-see-positive-tl-rate-negotiations

Knight-Swift Q3 earnings: First look

Knight-Swift Transportation beat third-quarter expectations Wednesday after the market closed. Guidance introduced for the first quarter was worse than expected.

Knight-Swift (NYSE: KNX) reported adjusted earnings per share of 34 cents, which compared favorably to the consensus estimate of 32 cents and management’s guidance of 31 to 35 cents. The result was 7 cents lower year over year.

The company reiterated fourth-quarter adjusted EPS guidance of 32 to 36 cents, which bookended a 34-cent...

https://www.freightwaves.com/news/knight-swift-q3-earnings-first-look

Cass notes ‘signs of price stabilization’ in soft September update

September data from Cass Information Systems showed “signs of price stabilization” even as volumes continued to reflect a soft demand environment.

The Cass Freight Index showed shipments fell 5.2% year over year during September and 2.6% from August when seasonally adjusted. The y/y decline was the largest since June, outpacing declines of just 1.9% in August and 1.1% in July, and worse than the forecast calling for the dataset to be down just 3% during the month.

The freight volume index is now...

https://www.freightwaves.com/news/cass-notes-signs-of-price-stabilization-in-soft-september-update

Freight market pressured again in May, Cass data shows

Freight shipments and total freight spend remained under pressure again in May, according to data from Cass Information Systems.

Shipments in May were flat with April but down 5.8% year over year (y/y). The y/y decline was 1.8 percentage points more pronounced than in April, and when adjusting for seasonal trends, the shipments index was off 3.1% sequentially to a 46-month low.

The Monday report noted “ongoing softness in for-hire demand” as loads normally pegged for the for-hire market are being...

https://www.freightwaves.com/news/freight-markets-pressured-again-in-may-cass-data-shows

Truckload carriers hopeful but not calling cycle turn yet

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

+ More