truckload carriers

Transportation prices up in February but capacity grows faster

Transportation prices grew from depressed levels for a second time in as many months during February, a Tuesday supply chain report showed. However, the rate of growth in transportation capacity was higher, signaling a meaningful recovery in the freight cycle is not yet underway.

The subindex for transportation prices (57.6) increased 1.8 percentage points sequentially in February, according to data compiled in the Logistics Managers’ Index (LMI). Prior to January, the index had been in...

https://www.freightwaves.com/news/transportation-prices-up-in-february-but-capacity-grows-faster

Shelley Simpson named CEO at J.B. Hunt in long-expected move

In a long-awaited move, Shelley Simpson has been elevated to CEO at J.B. Hunt. 

Simpson is currently the president of the trucking and intermodal provider. She has been with the company for almost 30 years and has been president since 2022.

Simpson will assume her new role July 1. She will remain president as well.

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https://www.freightwaves.com/news/shelley-simpson-named-ceo-at-j-b-hunt-in-long-expected-move

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

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