Deadline nears for filings as Werner seeks review of nuclear verdict

Deadlines are looming for all briefs to be filed with the Texas Supreme Court as it decides whether to review the enormous verdict against Werner Enterprises growing out of a 2014 fatal wreck. With interest, the sum now stands above $100 million.

A primary brief was filed in October by attorneys for the Blake family, which suffered one death, one catastrophic brain injury and other injuries in the Dec. 30, 2014, West Texas crash.

On Feb. 15, attorneys for Werner (NASDAQ: WERN) filed a brief for...

https://www.freightwaves.com/news/deadline-nears-for-filings-as-werner-seeks-review-of-nuclear-verdict

Morgan Stanley cuts earnings expectations amid surging insurance costs

Morgan Stanley cut earnings estimates for all the transportation companies it covers on Tuesday, citing rising insurance costs. It continues to believe the truckload space will be the most impacted as large jury verdicts remain a threat.

The firm said both nuclear verdicts and a prolonged period of insurance companies incurring costs above general inflation are reasons the cost line will remain bloated. During the fourth quarter, several carriers called out insurance expenses as a drag on...

https://www.freightwaves.com/news/morgan-stanley-cuts-earnings-expectations-amid-surging-insurance-costs

Knight-Swift names Adam Miller as new CEO, as Dave Jackson steps down

Knight-Swift Transportation announced Tuesday that President and CEO Dave Jackson has stepped down. He will be replaced by Chief Financial Officer Adam Miller.

The change follows multiple quarters of depressed results, largely due to a prolonged freight recession, but also as the company’s third-party insurance venture has been operating at a loss. The business, which brokers liability coverage to small carriers, has suffered from unfavorable claims developments and has struggled to collect...

https://www.freightwaves.com/news/knight-swift-makes-a-change-at-the-top

Bid season off to bumpy start, trucking heads say

A bout of harsh winter weather temporarily pushed truckload metrics higher in January, but fundamentals have receded back to trough levels, carriers said at a pair of investor conferences this week.

J.B. Hunt Transport Services (NASDAQ: JBHT) said its intermodal volumes have not been as strong as the increases reported at the ports of Los Angeles and Long Beach in January, where volumes were 20% higher year over year (y/y), or at its primary rail partner BNSF (NYSE: BRK-B), which witnessed a...

https://www.freightwaves.com/news/bid-season-off-to-bumpy-start-trucking-heads-say

Freight markets still bottoming out, Cass data shows

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Freight shipments and expenditures continued to fall in January, according to data compiled in the...

https://www.freightwaves.com/news/freight-markets-still-bottoming-out-cass-data-shows

Kenan Advantage Group acquires plastic resins hauler

Kenan Advantage Group (KAG) said Monday it has acquired Northern Dry Bulk for an undisclosed amount.

Clare, Michigan-based Northern Dry Bulk primarily hauls and stores plastic resins used in the automotive, packaging and electronics industries. The carrier serves the U.S. and Canada out of two terminals with a fleet of 36 tractors and 91 trailers.

The company’s drivers, technicians and operations staff will now be part of KAG.

“The acquisition of Northern Dry Bulk establishes a definitive entrance...

https://www.freightwaves.com/news/kenan-advantage-group-acquires-plastic-resins-hauler

XPO’s shares jump 18% on big Q4

XPO was “firing on all cylinders” during the fourth quarter. The better-than-expected report sent shares sharply higher on Wednesday.

The less-than-truckload carrier reported fourth-quarter adjusted earnings per share of 77 cents, which was 15 cents better than the consensus estimate but 21 cents lower year over year (y/y). The adjusted number excluded transaction, litigation and restructuring costs.

XPO’s (NYSE: XPO) LTL segment reported a 9% y/y increase in revenue to $1.19 billion. Tonnage per...

https://www.freightwaves.com/news/xpos-shares-jump-18-on-big-q4

Werner reports Q4 miss

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Werner Enterprises saw another tough quarter to close 2023 and said it will continue to favor...

https://www.freightwaves.com/news/werner-reports-q4-miss

Transportation prices grow for first time in 19 months, survey says

Transportation prices flipped to expansion for the first time in 19 months as retailers increase inventories, a Tuesday supply chain report said.

The Logistics Managers’ Index (LMI) was up 5 percentage points to 55.6 in January with all eight components of the index signaling growth. The LMI is a diffusion index in which a reading above 50 indicates expansion while one below 50 signals contraction.

This index has been in expansion territory for five of the past six months.

“This growth is driven...

https://www.freightwaves.com/news/transportation-prices-grow-for-first-time-in-19-months-survey-says

Landstar says 2 more quarters before recovery

Broker Landstar System is still pointing to “midyear” as the likely inflection point to the prolonged freight recession. Management from the company said most cycles last between six and eight quarters, noting that the fourth quarter was the sixth straight of revenue declines.

Landstar (NASDAQ: LSTR) reported fourth-quarter earnings per share of $1.62 Wednesday after the market closed. The result was in line with the consensus estimate but 98 cents lower year over year (y/y). The recent period...

https://www.freightwaves.com/news/landstar-says-2-more-quarters-before-recovery

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