truckload carriers

Knight-Swift slashes H1 2024 expectation by more than half

Knight-Swift Transportation cut earnings expectations by 58% for the first half of the year on Wednesday, citing an oversupplied truck market, poor weather in January and a tough start to bid season.

The company said adjusted earnings per share for the first quarter will range between 11 and 12 cents compared to a 39-cent outlook (at the midpoint of the guidance range) provided in late January. It is calling for adjusted EPS of 26 to 30 cents in the second quarter versus the previous 55-cent...

https://www.freightwaves.com/news/knight-swift-slashes-h1-2024-expectation-by-more-than-half

J.B. Hunt’s long-term intermodal growth plan weighs on Q1 result

J.B. Hunt Transport Services said it would stay the course, increasing intermodal capacity ahead of demand to avoid the service failures the industry experienced during the pandemic. That means carrying a higher cost burden and potentially posting earnings misses like it did in the 2024 first quarter.

The multimodal provider reported first-quarter earnings per share of $1.22 Tuesday after the market closed, 31 cents light of the consensus estimate and 67 cents lower year over year (y/y). A...

https://www.freightwaves.com/news/j-b-hunts-long-term-intermodal-growth-plan-weighs-on-q1-result

March freight metrics flat with February, Cass data shows

Freight shipments and expenditures in March were largely in line with February, underperforming normal seasonal trends, according to the Cass Freight Index published Monday. The year-over-year (y/y) declines in both data sets eased again during the month.

March shipments were down 2.3% seasonally adjusted from February and 3.6% from the same month last year. Without the seasonal adjustment, March volumes were down 0.2% sequentially. However, February did include one extra day this year.

The...

https://www.freightwaves.com/news/march-freight-metrics-flat-with-february-cass-data-shows

Truckload carriers’ forecasts cut heading into Q1 prints

Analysts are cutting earnings estimates for truckload companies heading into first-quarter reports. Acknowledging decent demand, analysts cited an overhang of truck capacity, which is constraining pricing and margins, as the reason for the latest round of revisions.

“We exit 1Q much like we entered it for truckload-related transports — feeling okay about volumes but bad about pricing and expecting downward EPS revisions for businesses that live on this annual pricing cycle,” Susquehanna...

https://www.freightwaves.com/news/truckload-carriers-forecasts-cut-heading-into-q1-prints

Trimac acquires bulk hauler Feldspar Trucking

Canadian bulk hauler Trimac announced it has acquired North Carolina-based carrier Feldspar Trucking.

Feldspar Trucking hauls bulk materials used in the production of glass and ceramics, such as sand, clay and feldspar. The 57-year-old North Carolina carrier has 60 company drivers and is listed with 61 power units by the Federal Motor Carrier Safety Administration.

The company also uses third-party carriers to haul freight for customers.

“Together and with the help of Feldspar’s leaders, we’re...

https://www.freightwaves.com/news/trimac-acquires-bulk-hauler-feldspar-trucking

Carriers installing solar panels to reduce costs, extend battery life

Rising costs on nearly every line of a carrier’s income statement have compressed truckload margins, forcing fleets to come up with ways to protect profits. The use of solar energy to power tractor cabs is one such solution. The improvement in solar panel technology in the past couple of years has led to increased adoption from carriers.

The flexible panels weigh less than 20 pounds and have an adhesive allowing them to be attached to the roof of a truck, where they capture the sun’s energy. The...

https://www.freightwaves.com/news/carriers-installing-solar-panels-to-reduce-costs-extend-battery-life

Landstar adds 2 new sales roles to the C-suite

Freight broker Landstar System said Monday it has added two new members to its executive team. The roles were filled from within.

Matt Dannegger is now the company’s chief field sales officer, which will oversee the recruitment and management of independent sales agents. Landstar works with more than 1,000 agents currently. Dannegger was most recently senior executive vice president of agent field sales. He has been with the company for 16 years.

Jim Applegate is now Landstar’s (NASDAQ: LSTR)...

https://www.freightwaves.com/news/landstar-adds-2-new-sales-roles-to-the-c-suite

PS Logistics adds Yordy Transport to its flatbed fleet

PS Logistics said Monday its subsidiary Diamond State Trucking has acquired flatbed operator Yordy Transport.

Headquartered in Morton, Illinois, Yordy Transport was founded six years ago and has a fleet of 30 power units, according to Federal Motor Carrier Safety Administration data. It primarily moves railroad and building materials throughout the central and southeast U.S.

“This acquisition aligns nicely with our desire to partner with founder- or family-owned trucking companies that put their...

https://www.freightwaves.com/news/ps-logistics-adds-yordy-transport-to-its-flatbed-fleet

February brings slight relief to freight cycle’s ‘long bottom,’ Cass says

Freight shipments and expenditures improved from January to February but remained underwater compared to last year, Monday data from the Cass Freight Index showed.

Shipments increased 7.3% from January, up 2% when adjusted for normal seasonal trends, and were just 4.5% lower year over year (y/y). The y/y decline was the smallest in 10 months and 3.1 percentage points lower than January’s decline.

Severe winter weather in January as well as an extra day in February favorably impacted the...

https://www.freightwaves.com/news/february-brings-a-little-relief-to-freight-cycles-long-bottom-cass-says

Truckstop’s Hutto sees Q4 truckload cycle inflection

This fireside chat recap is from FreightWaves’ 3PL Summit on Wednesday.

FIRESIDE CHAT TOPIC: An overview of the truckload market.

DETAILS: The current capacity oversupply is likely to linger until the fourth quarter, said Brent Hutto, chief relationship officer at digital freight marketplace Truckstop, during FreightWaves’ 3PL Summit.

KEY QUOTES FROM HUTTO:

On the overall trucking environment: “We’re in just a normally adjusted economic bottom of the marketplace, and I don’t mean bottom like it’s...

https://www.freightwaves.com/news/truckstops-hutto-sees-q4-truckload-cycle-inflection

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