Trucking

Tough trucking market hits EBITDA at TriumphPay; other indicators up

In his quarterly note to shareholders, Triumph Financial CEO Aaron Graft predicted that the headline on the earnings might be “TriumphPay swung to a loss this quarter” — one quarter after that growth segment at the trucking-focused bank had become EBITDA-positive.

And so it was: Earnings before interest, taxes, depreciation and amortization for TriumphPay was negative in the quarter. But as Graft noted several times in his unique quarterly shareholder missive, Triumph Financial is playing the...

https://www.freightwaves.com/news/tough-trucking-market-hits-ebitda-at-triumphpay-other-indicators-up

Freight brokerages struggle through a long trough

The freight winter that sent Surge into bankruptcy and shut down Convoy isn’t over yet, even if the bottom is likely in. Tender rejection rates are hovering around 4%, indicating that capacity is still loose and that asset-based carriers aren’t in a position to reject contracted freight.

J.B. Hunt’s first-quarter results, reported Tuesday after markets closed, revealed the pain felt by the largest transportation providers and their brokerages. Integrated Capacity Solutions (ICS), Hunt’s...

https://www.freightwaves.com/news/freight-brokerages-struggle-through-a-long-trough

Bad news at Marten: Profits miss expectations, truckload OR plummets

Truckload carrier Marten Transport added to this week’s trucking earnings calamity, coming in short of consensus on first-quarter earnings per share and revenue, and suffering a 570-basis-point decline in its operating ratio.

Marten (NASDAQ: MRTN) posted GAAP earnings per share of 12 cents, which SeekingAlpha said was 2 cents less than the consensus forecast. That is a miss of about 14.3% compared to the consensus of 14 cents per share.

Revenue of $249.67 million was short of consensus by $14.2...

https://www.freightwaves.com/news/bad-news-at-marten-profits-miss-expectations-truckload-or-plummets

Pam Transportation books operating loss in ‘extremely challenging’ Q1

Truckload carrier Pam Transportation Services announced an operating loss for a second straight period in what it described as an “extremely challenging” first quarter.

Pam (NASDAQ: PTSI) reported net earnings per share of 1 cent compared to 23 cents in the same period a year ago. The result was below a lone analyst’s 7-cent estimate.

Gains generated from equity holdings were $3 million higher year over year (y/y), which produced a 10-cent tailwind to the EPS number. The carrier booked a loss on...

https://www.freightwaves.com/news/pam-transportation-books-operating-loss-in-extremely-challenging-q1

State of Freight: How long will trucking market trough linger?

With the equities market for trucking stocks reeling this week on the backs of two companies’ highly bearish disclosures, one question loomed large on the FreightWaves State of Freight webinar: Are we getting near the bottom?

Battered and bruised in #trucking this a.m. due to numbers from $JBHT and $KNX. At approximately 10:50, here were some of the % drops: $XPO, -4.6%; $WERN, -2.5%; $TFII, -7%; $SNDR, -4.3%; $SAIA, -3.4%; $ODFL, -5.5%; Hunt, -9.2%; Knight Swift, -4%; $FWRD, -9.08%; $ARCB,...

https://www.freightwaves.com/news/state-of-freight-how-long-will-trucking-market-trough-linger

Borderlands Mexico: US-Mexico trade rises to $67B in February

Mexico was the United States’ top trading partner in February, with two-way trade increasing 11% year over year (y/y) to $67 billion, according to the latest data from the Census Bureau.

It was the second consecutive month and 12th of the past 14 months Mexico has been No. 1. Canada was the second-ranked U.S. trade partner in February at $62 billion, followed by China at No. 3 with $44 billion in two-way commerce.

Mexico’s exports to the U.S. increased 13% y/y to $40.2 billion in February. The...

https://www.freightwaves.com/news/borderlands-mexico-us-mexico-trade-rises-to-67b-in-february

5 auto haulers combining to create publicly traded trucking company

A Florida-based auto hauler, Proficient Auto Transport, is the lead company in the process of rolling up several other auto haulers with plans to take itself public in an initial public offering.

In a prospectus filed with the Securities and Exchange Commission and made public last week, Proficient Auto Logistics was introduced as the name of the company that will acquire five auto haulers at the time the IPO goes through: Delta Automotive Services, Deluxe Auto Carriers, Sierra Mountain Group,...

https://www.freightwaves.com/news/5-auto-haulers-combining-to-create-publicly-traded-trucking-company

TrueLifeCare: An angel on your shoulder – Taking the Hire Road

Kay Pfeiffer, senior vice president of TrueLifeCare joined Jeremy Reymer on a recent episode of Taking the Hire Road. Pfeiffer and Reymer chatted about the importance of awareness, education and action in addressing the diabetes epidemic plaguing the trucking industry today.

The average lifespan of a truck driver is just 61 years old. That doesn’t sit right with Pfeiffer. 

A trio of diseases — sleep apnea, diabetes and hypertension — is largely responsible for shortening the lifespan of...

https://www.freightwaves.com/news/truelifecare-an-angel-on-your-shoulder-taking-the-hire-road

California carrier and freight brokerage ceasing operations, blames AB5

A family-owned trucking company and brokerage — California Intermodal Associates Inc. (CIA), headquartered in Commerce, California — is ceasing operations after nearly 25 years, citing the state’s independent contractor law.

CEO Gabriel Chaul said he recently notified customers that he is winding down operations.

“I blame AB5 for the main reasons our company is closing,” Chaul told FreightWaves on Tuesday.

He said all hope that his company would survive faded in March after a federal judge in...

https://www.freightwaves.com/news/california-carrier-and-freight-brokerage-ceasing-operations-blames-ab5

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