truck brokers

Private equity-backed Everest Transportation acquires Simple Logistics

Supply chain-focused private equity firm Cambridge Capital announced Tuesday that portfolio company Everest Transportation Systems is acquiring 3PL peer Simple Logistics.

St. Charles, Illinois-based Simple Logistics specializes in arranging temperature-controlled and dry van truckload transportation. The broker also operates an office in Fort Myers, Florida.

Financial terms of the transaction were not provided.

“The combination of Everest and Simple Logistics creates a sizeable, highly diversified...

https://www.freightwaves.com/news/private-equity-backed-everest-transportation-acquires-simple-logistics

Insurance costs, fraud and cargo theft hit Landstar’s Q1

Freight broker Landstar System’s first quarter was marred by several previously disclosed factors. Unfavorable claims development, increased accident severity, stolen cargo and fraud at a satellite office were the primary culprits.

Landstar (NASDAQ: LSTR) reported first-quarter earnings per share of 85 cents, 47 cents lower year over year. The period included a 31-cent hit from higher insurance and claims expenses and a 10-cent hit, $4.8 million, tied to “a supply chain fraud” at an affiliate.

The...

https://www.freightwaves.com/news/insurance-costs-fraud-and-cargo-theft-hit-landstars-q1

Landstar Q4 earnings: First Look

Freight broker Landstar System missed fourth-quarter expectations Wednesday after the market closed.

The Jacksonville, Florida-based company reported earnings per share of $1.31, which fell short of the $1.34 consensus estimate. Management’s guidance range was $1.25 to $1.45.

Revenue of $1.21 billion was up 0.4% year over year and slightly ahead of the $1.2 billion consensus estimate (in line with management’s forecast of $1.15 billion to $1.25 billion).

Total loads hauled by truck fell 3.4% y/y...

https://www.freightwaves.com/news/landstar-q4-earnings-first-look

BlueGrace acquires fellow Florida 3PL FreightCenter

BlueGrace Logistics announced it has acquired 3PL peer FreightCenter for an undisclosed sum.

Palm Harbor, Florida-based broker FreightCenter was founded 26 years ago. The non-asset-based transportation provider primarily focuses on less-than-truckload but also connects shippers with a full lineup of truckload, air and ocean freight shipping options.

“We’ve known and respected the team at FreightCenter for over a decade … . This acquisition is the perfect opportunity to enhance the logistics...

https://www.freightwaves.com/news/bluegrace-acquires-fellow-florida-3pl-freightcenter

Broker financial rule deadlines delayed despite trucker opposition

WASHINGTON — The deadline for complying with major provisions of a rule aimed at protecting trucking companies against unpaid claims from brokers will be pushed back a year despite strong opposition from owner-operators.

In a notice posted Monday, the Federal Motor Carrier Safety Administration confirmed it will extend the deadlines for three provisions in its Broker and Freight Forwarder Financial Responsibility rule. It gave the public 26 days to respond to the planned extension, which it...

https://www.freightwaves.com/news/broker-financial-rule-deadlines-delayed-despite-trucker-opposition

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

RXO completes $1.025B acquisition of Coyote Logistics

RXO became the third-largest freight broker in North America on Monday, completing its acquisition of Coyote Logistics from UPS.

The combination gives RXO (NYSE: RXO) a $7 billion top line with multiple growth opportunities. It adds new power lanes and expands density on existing lanes. Coyote has a large presence in the food and beverage vertical and will continue to support UPS (NYSE: UPS) with transportation services through 2030.

The deal brings little customer overlap as RXO has...

https://www.freightwaves.com/news/rxo-completes-1-025b-acquisition-of-coyote-logistics

Landstar sees stabilizing trends, still awaiting TL market turn

Management from Landstar System said Tuesday that truckload rates appear to have stabilized and may be recovering. It reported weaker-than-normal volumes for July but said increases in revenue per load are outpacing typical seasonal patterns.

The Jacksonville, Florida-based freight broker said it normally sees a 4% decline in loads per workday from June to July but that this year’s change rate has been 300 basis points worse than normal. However, revenue per load typically improves just 2%...

https://www.freightwaves.com/news/landstar-sees-stabilizing-trends-still-awaiting-tl-market-turn

+ More