Trucking

Universal Logistics’ Q2 trucking revenue increases 12.6% to $91M

Universal Logistics Holdings’ second-quarter results showed a 12% year-over-year increase in total revenue to $462.2 million, while earnings increased 30% year over year to $1.17 per share.

The company surpassed Wall Street expectations of $461.4 million in revenue and EPS of $1.14.

“We grew top-line revenue by 12%, delivered a double-digit operating margin and increased our earnings per share by 30% compared to the same period last year,” CEO Tim Phillips said during an earnings call with...

https://www.freightwaves.com/news/universal-logistics-q2-trucking-revenue-increases-12-6-to-91m

Freight mix, terminal openings weigh on Saia’s Q2; stock drops 20%

Growing pains from building out a national network hampered Saia’s second-quarter results, sending shares of the less-than-truckload carrier more than 20% lower briefly on Friday. Incremental operating costs from the company’s terminal additions and a mix shift to lower-weight, retail freight were a drag on margins during the period.

Saia (NASDAQ: SAIA) reported second-quarter earnings per share of $3.83, which was 4% below the consensus estimate ($4) but 12% higher than the year-ago quarter...

https://www.freightwaves.com/news/freight-mix-terminal-openings-weigh-on-saias-q2-stock-drops-20

Truck driver charged in Ohio crash that killed 6, including 3 students

An Ohio truck driver is facing 26 charges, including aggravated vehicular homicide, after a November crash left six people dead, including three high school students.

Jacob McDonald, 60, of Zanesville, was arrested July 18 after being indicted by a Licking County grand jury for his role in a Nov. 14 crash that killed Dave Kennat, 56; Kristy Gaynor, 39; Shannon Wigfield, 45; John W. Mosley, 18; Jeffery D. Worrell, 18; and Katelyn N. Owens, 15. Mosley, Worrell and Owens were Tuscarawas Valley High...

https://www.freightwaves.com/news/truck-driver-charged-in-ohio-crash-that-killed-6-including-3-students

Using telematics data and reporting to improve fleet safety and culture

An evergreen challenge for fleets is developing trust between not only drivers and fleets but between fleet operations and safety departments. The rise in technology and innovations in fleetwide telematics capabilities is creating new possibilities for fleets that historically have been reactive when it comes to developing safety programs. 

Erin Baucum, director of client intelligence and analytics at Lytx®, spoke with FreightWaves about what fleets should consider when pairing safety with...

https://www.freightwaves.com/news/using-telematics-data-and-reporting-to-improve-fleet-safety-and-culture

More layoffs at freight-related firms: 607 workers cut across 4 states

Layoffs continue across the commercial transportation and freight industry, according to a new round of worker reduction notices in Florida, Texas, Illinois and Wisconsin.

It is the second round of layoffs since the beginning of July. Averitt Express, Bath & Body Works Logistics Services, ShipBob, and Henry Avocado Corp. announced a total of 218 layoffs earlier in the month.

Menzies Aviation

Menzies Aviation announced July 17 that it will eliminate 409 positions from its facility at Miami...

https://www.freightwaves.com/news/more-layoffs-at-freight-related-firms-across-4-states

Illinois trucking company, brokerage file for bankruptcy liquidation

A 36-year-old Illinois trucking company and brokerage ceased operations recently and filed for Chapter 7 bankruptcy liquidation.

B.T. Trucking Inc. of Broadview, Illinois, doing business as Blue Thunder Trucking, and its three affiliated companies — B.T. Transportation Group Inc., JPL Transport Inc. and Rysoti Inc. — filed for Chapter 7 liquidation on July 19 in the U.S. Bankruptcy Court for the Northern District of Illinois.

At the time of its closure, Blue Thunder had 75 drivers and the same...

https://www.freightwaves.com/news/illinois-trucking-company-brokerage-file-for-bankruptcy-liquidation

Saia Q2 first look

Less-than-truckload carrier Saia reported second-quarter earnings per share of $3.83, which was 4% below the consensus estimate of $4 but 12% higher year over year.

Revenue increased 19% y/y to $823 million as tonnage improved 10% and revenue per hundredweight, or yield, increased 8% (9% higher excluding fuel surcharges). The carrier reported an 83.3% operating ratio, which was 60 basis points worse y/y but 110 bps better than the first quarter.

Lighter-weight shipments and higher costs...

https://www.freightwaves.com/news/saia-q2-first-look

Ryder, reporting sluggish earnings growth, sees ‘trough’ in freight market

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...

https://www.freightwaves.com/news/ryder-reporting-sluggish-earnings-growth-sees-trough-in-freight-market

TFI International Q2 2024 highlights

TFI International saw an increase in operating income, it reported in its second-quarter results after market close Thursday. The increase is due to acquisitions, offsetting weaker market conditions. This suggests that the company’s acquisition strategy is successful in expanding its business and generating revenue.

Despite the positive contributions from acquisitions, TFI International also faced weaker market conditions in Q2 2024. This resulted in a slight decrease in net income compared to...

https://www.freightwaves.com/news/tfi-international-q2-2024-highlights

Paris Olympics will be a true test of supply chains

Bart

By Bart De Muynck

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

The opening ceremony for the Summer Olympics in Paris takes place Friday. Thousands of athletes and millions of visitors will spend part of their summer in France to attend the 2024 Games. The past few years, supply chains have looked like an Olympic marathon or sometimes even like a 3,000-meter steeplechase race lined with obstacles.

Besides the...

https://www.freightwaves.com/news/paris-olympics-will-be-a-true-test-of-supply-chains

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