truckload carriers

Pam Transportation reports net loss in Q2

Truckload carrier Pam Transportation Services reported a net loss for the 2024 second quarter but noted some seasonal improvement as the period progressed.

Pam (NASDAQ: PTSI) reported a net loss of 13 cents per share, which was worse than a lone analyst estimate of 8 cents and well below earnings per share of 42 cents in the year-ago quarter. Comparisons to the prior-year period show higher interest expense was a 4-cent headwind (total debt increased 16% year over year to $266 million) and lower...

https://www.freightwaves.com/news/pam-transportation-reports-net-loss-in-q2

Knight-Swift seeing signs of market stabilization

Knight-Swift Transportation believes the worst of the freight cycle has passed. It is seeing some benefit from its decision to trim the truckload fleet as asset utilization is improving. It said it will continue to allocate capital to the expansion of its less-than-truckload business through both organic growth and acquisitions.

“We don’t want to be too quick to call it but I think we’re cautiously optimistic that certainly the trough is behind us and we’re on our way to building back,” CEO Adam...

https://www.freightwaves.com/news/knight-swift-seeing-signs-of-market-stabilization

Heartland Express says recovery likely in 2025

Heartland Express reported a net loss for the second quarter on Tuesday, pointing to weak freight demand, excess capacity and higher expenses as the culprits.

The North Liberty, Iowa-based truckload carrier reported a $3.5 million net loss, or 4 cents per share. That was slightly better than the consensus estimate for a 5-cent-per-share loss but well off earnings per share of 10 cents in the 2023 second quarter. Lower gains on the sale of used equipment presented a 7-cent hurdle (assuming a...

https://www.freightwaves.com/news/heartland-express-says-recovery-likely-in-2025

Marten still holding line on rate cuts even as Q2 financials deteriorate

Second-quarter trucking conditions were on full display in the quarterly earnings of Marten Transport, released late Thursday.

The Truckload segment, which represents the nondedicated over-the-road activities of the company, was relatively busy, recording a slight increase in total miles driven, up almost 3%. Nonrevenue miles driven were down 80 basis points, which is a positive. Average miles per trip rose to 528 from 505.

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https://www.freightwaves.com/news/marten-still-holding-line-on-rate-cuts-even-as-q2-financials-deteriorate

Western Express talks safety at Enterprise Fleet Summit

This fireside chat recap is from FreightWaves’ Enterprise Fleet Summit on Wednesday.

FIRESIDE CHAT TOPIC: Navigating an ever-changing safety landscape

DETAILS: Daniel Patterson, director of safety at truckload carrier Western Express, discusses the ways his company is addressing safety challenges in trucking.

KEY QUOTES FROM PATTERSON:

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https://www.freightwaves.com/news/western-express-talks-safety-at-enterprise-fleet-summit

J.B. Hunt stays the course despite burdensome capacity costs

J.B. Hunt Transport Services said it will continue to play the long game with its approach to deploying capital across its businesses even as overall freight demand remains underwater. The company has invested heavily in intermodal capacity, which is presenting an overhang on financial results.

The company reported earnings per share of $1.32 for the second quarter on Tuesday, which was 49 cents lower year over year and roughly 20 cents below a range of consensus estimates. A higher tax rate was...

https://www.freightwaves.com/news/j-b-hunt-stays-the-course-despite-burdensome-capacity-costs

Sagging intermodal results, broad volume weakness sink J.B. Hunt’s Q2

A decline in intermodal yields, weaker volumes across all of its transportation offerings and elevated expenses were among the reasons for J.B. Hunt Transport Services’ second-quarter earnings miss.

The multimodal transportation provider reported second-quarter earnings per share of $1.32 Tuesday after the market closed. The result was 49 cents lower year over year and roughly 20 cents off a range of consensus estimates.

A higher tax rate compared to the year-ago quarter was a 1-cent headwind....

https://www.freightwaves.com/news/sagging-intermodal-results-broad-volume-weakness-sink-j-b-hunts-q2

Cass data melts lower in June

June data from Cass Information Systems showed continued weakness in volumes and expenditures, with year-over-year declines largely mirroring the trends displayed in May.

Shipments captured by the Cass Freight Index fell 6% y/y in June and were off 1.8% from May, “amid ongoing softness in for-hire [truck] demand,” a Monday report compiling freight stats from several transportation modes said.

The shipments subindex fell to its lowest point since January despite June typically being a big month...

https://www.freightwaves.com/news/cass-data-melts-lower-in-june

NFI CEO Brown absent from arraignment of co-defendants due to lawyer conflict

Sidney Brown, the CEO of privately owned NFI Industries, was not in a New Jersey courtroom Tuesday when his co-defendants were arraigned on multiple felony charges relating to real estate on the Camden waterfront.

Judge Peter Warshaw, the presiding judge of the criminal division of the Mercer County court system based in Trenton, told the court that Brown, part of the family that owns truckload carrier NFI, could not be present because his attorney was in court Tuesday in a separate federal...

https://www.freightwaves.com/news/nfi-ceo-brown-absent-from-arraignment-of-co-defendants-due-to-lawyer-conflict

Werner battling unions on 2 fronts; 1 fight may have broader significance

Werner Enterprises’ ECM unit is battling unionization efforts on two fronts, one of which may be impacted by a recent legal precedent that observers say could boost union representation efforts.

While fewer than 50 workers are involved in the unionization push at ECM, one group of employees has already chosen to be represented by a union, a campaign that ultimately brought Werner CEO Derek Leathers into the fray with a personal visit to New Jersey.

That campaign resulted last year in...

https://www.freightwaves.com/news/werner-battling-unions-on-2-fronts-1-fight-may-have-broader-significance

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