The word “trough” came up several times during Ryder System’s earnings call with analysts, as CEO Robert Sanchez and others suggested that the second quarter was the low point of a freight cycle that they see as primed for an upturn.
Sanchez said 2024 will “represent trough conditions in used sales and rental.” Sanchez later said on the Thursday call that return on equity at Ryder (NYSE: R) would “outperform prior cycles despite expected trough conditions and used vehicle sales.” Speaking of...
WASHINGTON — With dust starting to settle after the landmark Supreme Court Chevron decision upended the federal rulemaking process, Republican lawmakers are eager to hear about rules that small-business truckers would like to see challenged.
“I think first and foremost is the speed limiter rule that’s been floated around,” said Lewie Pugh, executive vice president of the Owner-Operator Independent Drivers Association,...
https://www.freightwaves.com/news/legal-challenges-ahead-for-truck-speed-hours-of-service-rules
This fireside chat recap is from FreightWaves’ Enterprise Fleet Summit on Wednesday.
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A weak freight market led to a weak earnings report at Triumph Financial, the trucking-focused bank, but CEO Aaron Graft’s quarterly letter to shareholders continued to emphasize long-term strategy over short-term earnings.
Graft’s letter, which this quarter ran 11 pages of text, graphs and charts, opened by labeling quarterly earnings “anemic” and said the primary reason is that “expenses have risen while revenue has stagnated.”
But a possibly more important measure for Triumph Financial’s (NASDA...
A case seen as the trucking industry’s primary legal assault against the Biden administration’s new independent contractor (IC) rule is now before the U.S. Court of Appeals for the 5th Circuit.
A group of Louisiana trucking companies and the state’s primary trucking association filed the initial lawsuit in the U.S. District Court for the Eastern District of Louisiana. The lead plaintiff is family-owned Frisard’s Transportation; the others are A&B Group, Triple G Express and the Louisiana Motor...
Werner Enterprises’ ECM unit is battling unionization efforts on two fronts, one of which may be impacted by a recent legal precedent that observers say could boost union representation efforts.
While fewer than 50 workers are involved in the unionization push at ECM, one group of employees has already chosen to be represented by a union, a campaign that ultimately brought Werner CEO Derek Leathers into the fray with a personal visit to New Jersey.
That campaign resulted last year in...
Truck transportation jobs had an uneventful month in June, dropping by the smallest increment that the Bureau of Labor Statistics reports.
Changes up or down are reported by the BLS in increments of 100 (unless they’re zero), and that is the change reported by the BLS for June: a decline of 100 jobs to 1,548,600 jobs.
The BLS also reported downward revisions for May and April,
The seasonally adjusted figure for May was 1,548,700 jobs, down 1,400 jobs from what was posted a month earlier for May....
https://www.freightwaves.com/news/minor-decline-in-truck-transportation-jobs-reported-for-june
A member of Congress is leading the charge to create more truck parking to ease a headache-inducing problem drivers face daily.
U.S. Rep. Steve Womack, R-Arkansas, is being praised by the American Trucking Associations for being “instrumental” in including $200 million for truck parking in the House Transportation Appropriations Subcommittee funding bill on Transportation, Housing and Urban Development. Womack is chairman of the subcommittee.
The Federal Highway Administration has deemed the...
https://www.freightwaves.com/news/us-house-bill-includes-200m-for-truck-parking
The California Private Attorney Generals Act (PAGA), which lets individuals mount civil cases against employers for a wide variety of perceived employment law violations, is likely to get a major overhaul. That has the trucking industry and other employers cheering.
“This is the first major reform to PAGA since its enactment in 2004, so it is a big deal,” Chris Shimoda, the senior vice president of government affairs at the California Trucking Association (CTA), said in an email to FreightWaves.
Werner Enterprises hopes the third time is the charm.
A case that has gone up to the 8th U.S. Circuit Court of Appeals three times for a judgment whose size doesn’t even hit $1 million received a ruling Monday favorable to Werner (NASDAQ: WERN). The decision came down more than seven years after a jury ruled in favor of a group of driver trainees in a class action lawsuit and more than 13 years after the initial case was filed.
The lengthy appellate process for the case had virtually nothing to...