truckload carriers

‘Worst’ market in 47 years as restructuring at Covenant continues

Covenant truck on highway

Covenant Transportation Group (NASDAQ: CVTI) sees progress on its strategic plan, which is centered on replacing poorly performing freight, shuttering terminals and trimming its asset-based fleet.  

The Chattanooga, Tennessee-based truckload (TL) carrier reported a first quarter adjusted net loss of $1.7 million, $0.09 per share, a penny ahead of the consensus estimate.

Part of Covenant’s organizational refocus is to better allocate capital to higher margin offerings like contract logistics and...

https://s29755.pcdn.co/news/worst-market-in-47-years-as-restructuring-at-covenant-continues

Covenant pushes forward with strategic plan as freight market stabilizes

Covenant truck on highway

Covenant Transportation Group (NASDAQ: CVTI) sees mixed results in the first quarter of 2020, but said April was breakeven and May has shown stabilization in volumes and price.

The Chattanooga, Tennessee-based truckload (TL) carrier reported an adjusted net loss of $1.7 million, or 9 cents a share — a penny ahead of the consensus estimate.

“Our first quarter was marked by three big themes: internal energy around our strategic plan, our response to COVID-19 and a declining used equipment market,”...

https://www.freightwaves.com/news/covenant-pushes-forward-with-strategic-plan-as-freight-market-stabilizes

Pandemic pantry stocking helps Walmart’s fiscal first quarter

Walmart truck on highway

Walmart, Inc. (NYSE: WMT) saw the impact of pandemic-mandated stay-at-home orders as its comparison sales surged 10% year-over-year to nearly $136 billion in the company’s fiscal first quarter 2021, which ended April 30.

The nation’s largest retailer reported adjusted earnings per share (EPS) of $1.18, $0.09 ahead of the consensus estimate according to Seeking Alpha.

Key Performance Indicators – Walmart

Transactions declined 5.6% year-over-year, but tickets increased 16.5% on average. Walmart said...

https://www.freightwaves.com/news/pandemic-pantry-stocking-helps-walmarts-fiscal-first-quarter

Worst truckload linehaul data in 15 years may mark the bottom

Payment management solutions provider Cass Information Systems’ (NASDAQ: CASS) freight index fell mightily in April as expected. The shipments component of the index dropped 22.7% year-over-year with the expenditures component off 18.2% as the U.S. economy felt the brunt of a full month’s worth of lockdowns.

The report’s author, Stifel Financial (NYSE: SF) equity research analyst David Ross, said April marks the bottom. “May should be better, as the U.S. economy slowly begins to reopen and some...

https://s29755.pcdn.co/news/worst-truckload-linehaul-data-in-15-years-may-mark-a-bottom

Investor conference highlights trucking headwinds, tailwinds as economic restart looms

unidentified rig on highway

The outlook from management teams of several truckload (TL) and transportation companies participating virtually in the Bank of America Transportation and Industrials Conference this week hasn’t changed dramatically from their earnings reports a couple of weeks ago. However, sentiment is improving slightly as more of the economy is poised to come back online.

Thoughts on the overall market

John Kuhlow, interim CFO at J.B. Hunt Transport Services (NASDAQ: JBHT), said some “uncertainty remains,”...

https://www.freightwaves.com/news/investor-conference-highlights-trucking-headwinds-tailwinds-as-economic-restart-looms

Titanium’s US brokerage fires up in resilient first quarter

A tractor-trailer of Titanium Transportation Group

Titanium Transportation Group (TSX-V:TTR) reported a 13.6% increase in revenue in the first quarter Tuesday as the Canadian company’s U.S. brokerage more than offset slightly weaker performance from its cross-border trucking business. 

Ontario-based Titanium posted a net income of C$0.6 million, or C$0.02 per share, on C$44.3 million in revenue. It compared to C$0.5 million, or C$0.01 per share, on C$39 million during the first quarter of 2019.

“Our results were excellent given the current...

https://s29755.pcdn.co/news/titaniums-us-brokerage-fires-up-in-resilient-first-quarter

Daseke looks within to complete leadership changes

Rick Williams - Daseke/Central Oregon Truck Co

A couple of quarters into a multi-phased restructuring designed to streamline operations and increase profitability, Daseke Inc (NASDAQ: DSKE), the nation’s largest flatbed carrier, announced the appointment of its new chief operating officer (COO).

In a May 12 press release, Daseke announced that Rick Williams, founder and CEO of previously acquired flatbed carrier Central Oregon Truck Company, Inc. and head of Daseke’s flatbed segment, has assumed the role of executive vice president and COO.  

https://s29755.pcdn.co/news/daseke-looks-within-to-complete-leadership-changes

USA Truck sees green shoots amid uncertainty; shares surge

USA Truck

On its earnings conference call with analysts, truckload (TL) carrier USA Truck’s (NASDAQ: USAK) management team said that they are hearing positive feedback from customers regarding a resumption in activity.

They said that more than 80% of the company’s revenue comes from customers that have been deemed “essential” and that those customers are still shipping freight at pre-COVID-19 levels. Further, some nationwide retailers are starting up large inventory pushes and the company is hearing some...

https://s29755.pcdn.co/news/usa-truck-first-quarter-call

USA Truck posts quarterly loss; debt leverage rises

USA Truck

Van Buren, Arkansas-based truckload (TL) carrier USA Truck Inc. (NASDAQ: USAK) reported an adjusted first-quarter 2020 net loss of $2.2 million, or 26 cents per share, 10 cents better than the consensus estimate. The carrier reported adjusted net losses of $4.5 million in the fourth quarter and $1.1 million during the third.

The company’s trucking division posted an adjusted operating loss of $1.3 million with a 101.5% operating ratio, 430 basis points worse year-over-year. Revenue was basically...

https://s29755.pcdn.co/news/usa-truck-posts-quarterly-loss-debt-leverage-rises

Daseke reports small adjusted loss, declining flatbed markets plateau in late April

flatbed rig

Flatbed carrier Daseke Inc. (NASDAQ: DSKE) announced further progress in its restructuring efforts with the planned divestiture of its oil rig transportation company, Aveda Transportation and Energy Services.

“Our management and board of directors have concluded that the Aveda business is not a long-term fit with the rest of our portfolio, and as a result, we have elected to begin the process to strategically divest this business. Following its conclusion, our Oil and Gas-related business should...

https://s29755.pcdn.co/news/daseke-reports-small-adjusted-loss-declining-flatbed-markets-plateau-in-late-april

+ More