Rush Enterprises crushes Q3 sales and earnings projections

Heavy-duty truck dealership network Rush Enterprises (NASDAQ: RUSHA) reported lower sales and earnings in the third quarter but far exceeded analyst estimates.

Earnings per share decreased 14.29% over the past year to $0.60. Analysts expected $0.32 per share.

Revenue of $1,18 billion declined by 26.3% from the same period last year. Analysts estimated revenue of $1.08 billion

With 120 locations, Rush Enterprises is the only publicly traded, standalone commercial truck dealer in North America. It...

https://www.freightwaves.com/news/rush-enterprises-crushes-q3-sales-and-earnings-projections

Mullen Group pushes through Q3 with help from feds

A tractor-trailer of Mullen Group carrier Payne Transportation. Mullen reported Q3 financial results.

Canadian trucking and logistics company Mullen Group (TSE:MTL) reported a nearly 28% increase in profits in its third-quarter financial results on Wednesday as government wage subsidies offset the continued drag from COVID-19, which pushed down revenue by over 10%. 

Alberta-based Mullen had net income of C$26.2 million, or 26 cents per share, on C$290.9 million revenue. Net income increased by 27.8% while revenue dropped 10.6% compared a year earlier. 

The increase in profits appears to have come...

https://www.freightwaves.com/news/mullen-group-pushes-through-q3-with-help-from-feds

Forward Air pre-announces Q3 expectations well ahead of consensus

Forward Air truck at a terminal

Forward Air (NASDAQ: FWRD) provided preliminary results for the third quarter of 2020 in a Wednesday evening 8-k filed with the U.S. Securities and Exchange Commission. The Greeneville, Tennessee-based trucking company expects earnings per share of approximately 60 cents, well above the current consensus estimates ranging from 40 to 43 cents per share but lagging the 2019 third quarter’s 78 cents.

The result includes a one-time charge of 6 cents related to “a litigated contract dispute.”

The...

https://s29755.pcdn.co/news/forward-air-pre-announces-q3-expectations-well-ahead-of-consensus

Landstar beats recently raised guidance

Landstar truck on highway

Truck broker Landstar System Inc. (NASDAQ: LSTR) experienced quite the turnaround during the third quarter, reporting earnings per share (EPS) of $1.61, 19 cents higher than the consensus estimate and 26 cents higher year-over-year.

The Jacksonville, Florida-based company’s original guidance called for loads and revenue per load to decline in the mid-single-digit range year-over-year, but by the close of July they were only off 1% and 2%, respectively. By the first week of August, both metrics...

https://s29755.pcdn.co/news/landstar-beats-recently-raised-guidance

Goya Foods announces $80M expansion in Houston area

Goya Foods, one of the largest Hispanic-owned food companies in the U.S., will invest $80 million in an expansion of its manufacturing and distribution facility near Houston.

The 400,000-square-foot expansion at its North American Processing Center in Brookshire, Texas, includes new food-processing equipment such as a state-of-the-art freezer and high-speed processing equipment.

Goya is doubling production capacity at the facility in order to meet increased consumer demand for its products,...

https://www.freightwaves.com/news/goya-foods-announces-80m-expansion-in-houston-area

Knight-Swift puts up the Q3 analysts were expecting

Knight truck on highway

The nation’s largest truckload (TL) carrier, Knight-Swift Transportation (NYSE: KNX), on Wednesday posted third-quarter results closer to what analysts and onlookers were anticipating.

After a couple of lackluster third-quarter reports from TL carriers, Knight-Swift reported a third-quarter beat and a 2020 guidance raise, and it didn’t contain its exuberance over current TL market fundamentals, issuing better-than-expected full-year 2021 guidance. Usually carriers wait until the release of...

https://www.freightwaves.com/news/knight-swift-puts-up-the-q3-analysts-were-expecting

Forager brings new level of transparency to cross-border shipping

The logistics industry has been characterized by cutthroat competition and overall opacity since the very beginning. As technology advances and visibility increases across the sector, the call for increased transparency grows. 

Leading cross-border freight expert Forager has crafted its pricing and booking portal, SCOUT by Forager, to help answer that call. 

Forager’s new website allows users to see all the company’s rates and service fees.

“There are constant themes of lack of trust and...

https://www.freightwaves.com/news/forager-brings-new-level-of-transparency-to-cross-border-shipping

Commentary: Think 2020 is weird so far? Buckle up for Q4

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

Historically in the U.S., the fourth quarter of the year brings steadily increasing trucking rates. The question this year is to what degree this trend will continue in Q4 2020.

In a year filled with only short-term predictions, we expected low rates out of Q2, and while they were low, they also exceeded expectations. Trucking rates then surged in Q3, and these...

https://www.freightwaves.com/news/commentary-think-2020-is-weird-so-far-buckle-up-for-q4

Dynamic linehaul optimization critical for fleets during hurricane season

Dynamic linehaul optimization critical for fleets during hurricane season (Photo: Jim Allen/FreightWaves)

The economic need for keeping the trucking industry functioning seamlessly has helped build a robust system that is impervious to inclement conditions like snow or hurricane. Today, stakeholders in the trucking industry plan their operations well in advance of upcoming disruptive weather events, with technology playing a crucial role in providing algorithm-driven insights to strategize better. 

Freight movement involves different segments like planning, routing and execution teams to work in...

https://s29755.pcdn.co/news/dynamic-linehaul-optimization-critical-for-fleets-during-hurricane-season

Knight-Swift raises outlook for 2020, 2021 well ahead of forecasts

Swift truck on highway

In a rare move, Knight-Swift Transportation Holdings Inc. (NYSE: KNX) issued full-year 2021 guidance a full quarter ahead of schedule. The Phoenix-based truckload (TL) and transportation provider said it expects 2021 adjusted earnings per share (EPS) to be in the range of $3.20 to $3.40, well ahead of the current consensus estimate of $2.90 according to Seeking Alpha.

On Wednesday, the company posted third-quarter adjusted EPS of 79 cents, ahead of the consensus estimate of 64 cents and the 2019...

https://www.freightwaves.com/news/knight-swift-raises-outlook-for-2020-2021-well-ahead-of-forecasts