Forward Air talks Omni integration, silent on rumors it’s up for sale

Management from Forward Air said the company remains focused on the integration of Omni Logistics and ironing out a marketing strategy that includes its legacy expedited less-than-truckload services with its acquired air and ocean freight forwarding business. During opening comments on a Monday evening call, management told analysts it would not comment on “rumors or speculation” that the company was up for sale following its publicly panned merger with Omni.

When the deal was announced in...

https://www.freightwaves.com/news/forward-air-talks-omni-integration-silent-on-rumors-its-up-for-sale

Democratizing Access to Enterprise-Level Risk Management

The value proposition of risk management strategies for major enterprises makes sense at large scales, but most privately-owned businesses – particularly those in the freight industry – simply cannot absorb the time or cost of the work to implement them, nor the one-size-fits all insurance policies that are traditionally offered. 

As a result, SMEs are priced out of essential bottom-line protectors and exposed to unnecessary risk, which explains the disturbing statistic that more than 60% of...

https://www.freightwaves.com/news/democratizing-access-to-enterprise-level-risk-management

GXO Logistics posts record quarterly revenue of $3.16B

GXO Logistics Inc. reported record quarterly performance Monday, with revenue surging 28% year over year to $3.16 billion.

Adjusted third-quarter earnings per share was 79 cents, compared with 69 cents for the third quarter in 2023.

The results exceeded Wall Street expectations for the quarter, which had estimated revenue of $3.03 billion and adjusted EPS at 78 cents per share.

For full-year 2024, GXO’s guidance expects organic revenue growth of 2% to 5%; adjusted EPS of $2.73 to $2.93; and...

https://www.freightwaves.com/news/gxo-logistics-posts-record-quarterly-revenue-of-3-16b

J.B. Hunt announces changes to executive team

J.B. Hunt Transport Services announced Monday changes to the executive management team as it prepares for an eventual upturn in the freight market.

Nick Hobbs will continue as chief operating officer and will become president of highway services and the final-mile segment. Hobbs will oversee the company’s brokerage and truckload businesses as the head of highway services.

The company reported a seventh consecutive operating loss in its brokerage segment during the third quarter.

Hobbs was...

https://www.freightwaves.com/news/j-b-hunt-announces-changes-to-executive-team

4-state coalition gets nearly $250M for I-95 electric truck chargers

The Environmental Protection Agency has awarded nearly $250 million for a multistate project to add electric truck chargers along an East Coast freight corridor.

The EPA awarded the funds to the Clean Corridor Coalition, a group consisting of environmental and transportation leaders in New Jersey, Connecticut, Delaware and Maryland. The coalition will use the grant to fund a regional charging network for electric medium- and heavy-duty trucks along Interstate 95. The interstate was also...

https://www.freightwaves.com/news/4-state-coalition-gets-nearly-250m-for-i-95-electric-truck-chargers

Borderlands Mexico: Major expansion project announced for Port of Progreso 

Borderlands is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week: Major expansion project announced for Port of Progreso; Kawasaki Motors inaugurates $200M new plant in Mexico; Logistics provider Veho opens expands into Texas; and Videndum expands into Southwest with Phoenix logistics location.

Major expansion project announced for Port of Progreso 

Mexican President Claudia Sheinbaum recently announced a project to expand the Port of...

https://www.freightwaves.com/news/borderlands-mexico-major-expansion-project-announced-for-port-of-progreso

FreightWaves SONAR State of Freight: Election to strongly impact freight economy

FreightWaves SONAR State of Freight hosted a special edition of its monthly webinar Friday to discuss how the outcome of the U.S. presidential election could affect the commercial transportation industry.

With only four days until voters decide between Democrat Kamala Harris and Republican Donald Trump, FreightWaves SONAR CEO Craig Fuller and Senior Analyst Tony Mulvey drilled down on the possible impact of each candidate’s policies on the freight market.

Here are five takeaways from Friday’s...

https://www.freightwaves.com/news/freightwaves-sonar-state-of-freight-election-to-strongly-impact-freight-economy

LTL, brokerage woes weigh on ArcBest’s Q3

Weak demand coupled with cost pressure weighed on ArcBest’s third quarter. The company has mitigated some of the earnings pressure through internal initiatives in recent quarters but really needs a more cooperative freight market to push numbers higher.

ArcBest (NASDAQ: ARCB) reported third-quarter adjusted earnings per share of $1.64, 21 cents below the consensus estimate and 67 cents lower year over year.

The adjusted EPS result excluded expenses tied to past acquisitions and ongoing technology...

https://www.freightwaves.com/news/ltl-brokerage-woes-weigh-on-arcbests-q3

AI is coming to trucking. Can it fix factoring for carriers?

Ask a room of logistics executives if AI and automation will help their business, and the vast majority will say yes. Ask a group of truckers, and you might face more skepticism. 

Outgo believes it has found a way to use these transformational technologies to make lives easier for carriers: That’s by fixing factoring.

“Discussions about AI and trucking focus too much on the impact for large enterprises – for example a cost-cutting initiative at a big shipper,” said Marcus Womack, CEO of Outgo....

https://www.freightwaves.com/news/ai-is-coming-to-trucking-can-it-fix-factoring-for-carriers

Truck transportation job numbers in October barely budge from a year ago

Truck transportation data released by the Bureau of Labor Statistics on Friday is sort of like that mid-’70s dance hit: right back where we started from.

Seasonally adjusted data for October showed truck transportation employment at 1,546,200 jobs. That is down just 100 jobs from September.

The September figure was revised upward by 2,700 jobs. And the final revision for August – or final until the big annual revision that is revealed in February – cut last month’s August estimate by 2,100 jobs. 

T...

https://www.freightwaves.com/news/truck-transportation-job-numbers-in-october-barely-budge-from-a-year-ago