Truckload

Schneider National cuts outlook, ‘commoditized’ one-way fleet uninvestable

Schneider National lowered full-year 2024 expectations on Wednesday as seasonal trends, which were favorable in June and July, eroded during August and September.

The Green Bay, Wisconsin-based multimodal transportation provider now expects 2024 adjusted earnings per share of just 66 to 72 cents, down from quarter-ago guidance of 80 to 90 cents, and lower than the 82-cent consensus estimate at the time of the print.

The company did say it expects to see some seasonal improvement in the fourth...

https://www.freightwaves.com/news/schneider-national-cuts-outlook-commoditized-one-way-fleet-uninvestable

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

State of Freight for July: ‘Bullish’ market coming for freight economy

FreightWaves’ State of Freight webinar for July offered a wide ranging discussion on everything from trucking bankruptcies, a surge in West Coast imports, to what a second Trump presidency could mean for the supply chain.

Craig Fuller, FreightWaves CEO and founder, said, “For many people, the presidential race is in many Americans’ minds, looking more and more like Donald Trump. And if you’re running a supply chain, you’re already thinking about what a Trump economy looks like.” 

Here are five...

https://www.freightwaves.com/news/state-of-freight-for-july-bullish-market-coming-for-freight-economy

Sequential uptick in August Cass data but comps to 2022 fall faster

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Shipment and freight spend data published by Cass Information Systems on Monday showed sequential...

https://www.freightwaves.com/news/sequential-uptick-in-august-cass-data-but-comps-to-2022-fall-faster

Averitt Express staying elastic amid LTL volume surge

It’s been three weeks since the closure of the nation’s third-largest less-than-truckload carrier, Yellow, and the impact is still being felt across the industry.

Kent Williams, executive vice president of sales and marketing at Averitt Express, a Tennessee-based transportation provider, estimates that Averitt alone has seen an additional 2,000 daily shipments since Yellow ceased operations.

When major carriers shutter, additional volume enters the market while capacity leaves it. For carriers...

https://www.freightwaves.com/news/averitt-express-staying-elastic-amid-ltl-volume-surge

C.H. Robinson lays off 300 employees

Broker C.H. Robinson Worldwide Inc. last week laid off about 300 people, equal to about 2% of its global workforce, as it continues to work to match reduced demand for its services with its supply of labor.

In a statement Tuesday, the company (NASDAQ: CHRW) said the cuts affected workers across the company. However, they fell primarily on the shared services and non-engineering technology areas, the company said.

According to a well-placed source, the company’s marketing disciplines were...

https://www.freightwaves.com/news/ch-robinson-lays-off-300-employees

C.H. Robinson going slow on a new CEO

A couple of weeks ago, it had become apparent by the many headlines that C.H. Robinson Worldwide Inc. (NASDAQ: CHRW) had zeroed in on Jim Barber, former chief operating officer of UPS Inc. (NYSE: UPS), to become its next CEO. 

As March draws to a close, either the board is being very deliberate, or it may be having second thoughts if Barber is who the nation’s largest freight broker needs at this time.

As of Wednesday, nothing had been announced. Barber hasn’t been ruled in or out. He is still...

https://www.freightwaves.com/news/ch-robinson-going-slow-on-a-new-ceo

Uber Freight expects ‘broad-based volume recession’ in 2023

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Last week, Uber Freight, the logistics service provider arm of Uber (NYSE: UBER), issued a bearish fi...

https://www.freightwaves.com/news/uber-freight-expects-broad-based-volume-recession-in-2023

Sources: Clarke would seriously consider C.H. Robinson CEO job

Andrew Clarke, the former CFO at brokerage giant C.H. Robinson Worldwide Inc., would seriously consider an offer from the board to return to the company as CEO following last week’s abrupt firing of president and CEO Bob Biesterfeld, according to sources familiar with the situation.

Clarke, who served as the Eden Prairie, Minnesota-based company’s CFO from 2015-19, would consider it a “fascinating opportunity” to assume the helm of the nation’s largest broker and $25 billion company, said one of...

https://www.freightwaves.com/news/sources-clarke-would-seriously-consider-ch-robinson-ceo-job

Last-mile delivery of big items a fertile field for 3PLs, report says

The last-mile delivery of big and bulky e-commerce items will be big business for 3PLs through 2025, following the trend of the past four years, according to a report published Thursday by 3PL research and consulting firm Armstrong & Associates Inc. and the National Home Delivery Association.

According to the report, the highly fragmented $9.3 billion market, which grew at an 18.2% compounded annual rate from 2017 to 2021, will experience 11.8% annual growth from 2022 through 2025. The segment...

https://www.freightwaves.com/news/last-mile-delivery-of-big-items-a-fertile-field-for-3pls-report-says

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