Company Earnings

FedEx’s fiscal first-quarter results give efficiency the nod over growth. (Photo: Jim Allen/FreightWaves)

FedEx beat analysts’ estimates despite downgrading its full-year revenue outlook.

Radiant Logistics is looking to deploy its unleveraged balance sheet on M&A.

J.B. Hunt provided a slightly more positive outlook at an investor conference on Wednesday.

Forward Air’s August tonnage improved from July but likely came in lower than expected.

Less-than-truckload carrier Old Dominion reported a large turnabout in operating trends during August.

Supply chain visibility provider Descartes leans on past acquisitions to grow through the downcycle.

Less-than-truckload carrier XPO appears to have maintained the market share gains it acquired following Yellow’s closure in July.

ArcBest said Monday that shipments from its primary less-than-truckload customers have increased 20% since June.

Knight-Swift Transportation announced late Friday that its top two executives have taken a reduction in base pay amid other cost-cutting measures at the company.

Third-party logistics provider GXO received two solid analyses this week from the debt and equity side of the ledger.

Freight booking platform Freightos is working to reduce its cash burn as it continues to grow and add new products.

Walmart posted revenue gains of 5.7% in its fiscal 2024 second quarter, paced by a 6.4% gain in U.S. same-store sales.

Zim lost $213 million in the second quarter. Will rising trans-Pacific spot rates help it reverse course in the third?

The current valley in airfreight demand hasn’t spooked Air Transport Services Group, which continues to invest in freighter aircraft for its leasing and airline businesses.

Less-than-truckload carrier Saia sees freight surge in the first two weeks of August.

Werner Enterprises’ CEO said Tuesday that the worst of the cycle is in the rearview and that he will remember which shippers stood by the company during the recent freight recession.

Cargojet trimmed its express flying in Canada, but lower fuel costs and other cost measures made for a relatively healthy bottom line last quarter under weak market conditions.

Looming rail car retirements and high rates for rail car scrapping — not rail volumes — are driving the rail car market, according to the CEOs of rail car leasing companies and rail equipment manufacturers.

Second-quarter cargo revenue at Air Canada fell 24% — not so bad in the context of global market conditions.

Looking ahead, Taiwanese ocean carrier Yang Ming said that “the overall momentum for economic recovery over the next two years still appears relatively weak.”

Ocean carrier HMM attributed much of its first-half net-profit nosedive of 90% to overcapacity in the container shipping industry.

“Weaker demand and lower freight rates are having a very noticeable impact on our earnings,” said Hapag-Lloyd CEO Rolf Habben Jansen.

Cathay Pacific is rebuilding its passenger network after a three-year pandemic freeze, and the network effect is greatly benefiting the freighter operation.

Hyliion Holdings has enough cash and investments to run its business through 2024 without raising new capital.

Yellow Corp. released second-quarter financials Wednesday following a bankruptcy petition earlier in the week.

The U.S. Postal Service’s non-GAAP loss nearly doubled year over year, while shipping volume was down slightly and revenue was flat.

Atlanta-based FleetCor Technologies reported fuel transaction revenue of $399 million in the second quarter, a 6% year-over-year increase.

About 1 million daily packages were diverted from UPS and 200,000 more did not enter the system due to lost sales.

Hyzon Motors is willing to consider selling itself or merging to keep making progress on its fuel cell system.

Expeditors had a second-quarter financial performance that might be expected from a company active in the air and ocean freight markets.

Workhorse Group claims business progress, but it needs approval for new shares to raise capital to make electric trucks and drones.

UPS’ full-year guidance change reflects the volume and cost impact from labor negotiations with the Teamsters.

Investors in Danaos thought they were buying a container shipping stock. Now they’re invested in dry bulk, too.

The quarterly earnings report from Berkshire Hathaway was the first with a full set of financial numbers from Pilot.

Second-quarter freight volumes fell 11% across BNSF’s segments for consumer, agricultural and industrial products and coal.

Asset sales in Q2 helped Nikola add cash to its balance sheet, but losses widened as ramp-up of fuel cell trucks consumed cash.

Sun Country Airlines had a strong quarter for cargo thanks to growth in its Amazon business.

Less-than-truckload carrier XPO said it would add capacity to meet the increased demand created by Yellow’s departure.

Less-than-truckload carrier XPO saw shipments and tonnage surge in July as a competitor shut down.

Despite upgrading its full-year outlook, container shipping giant Maersk no longer sees a second-half demand rebound.

Texas-based flatbed carrier Daseke does not expect to see improvement in the freight market the rest of the year.

Werner Enterprises reported an earnings miss for the second quarter on Thursday after the market closed.

Supply chain technology provider Trimble posts impressive Q2 results and says truck spot rates may have “bottomed out.”

Amazon’s earnings per share of 65 cents nearly doubled consensus estimates.

The day after CEO Dave Bozeman’s first call with analysts, they weighed in on the company’s outlook.

Multimodal provider Schneider National reeled in its 2023 earnings outlook by roughly 13% on Thursday.

GXO Logistics is one of few companies to better its 2023 estimates and raise its guidance.

Lufthansa Cargo last year was able to avoid much of the fallout from the shrinking freight market, but the bottom line is feeling the negative effects in 2023.

Less-than-truckload provider Forward Air missed second-quarter earnings expectations but management noted it’s seeing a lift from Yellow’s shutdown.

Cummins posted higher second-quarter sales and income thanks to its acquisition of Meritor, but EBITDA declined.

New C.H. Robinson CEO Dave Bozeman waxed philosophical on his first earnings call with analysts.

Asian demand for propane continues to build, as does US supply, equating to booming business for LPG tanker owners in the middle.

GXO’s full-year EPS guidance was raised by 5 cents, while adjusted EBITDA was increased by $10 million.

RXO was flat between the first and second quarters, and that proved to be a turnoff for investors in the 3PL.

Korean Air is the latest Asian airline to announce outsize declines in cargo revenue for the latest quarter.

Shipping lines are seeing higher cargo volumes and successfully integrating newly built vessels into their fleets, says Textainer’s CEO.

Like other trucking OEMs, Daimler Truck rode higher prices to solid second-quarter results while incoming orders fell.

DHL Group forecasts $7.7 billion in earnings before interest and taxes should a recovery take hold early in the second half.

Yellow’s demise is a “huge benefit for our industry,” TFI International CEO Bedard says.

Uber Freight’s negative EBITDA was improved from the first quarter, but revenue has declined steadily for more than a year.

Volume declines ate into TFI International’s revenue in the second quarter.

“It is extremely difficult to announce a reasonable business forecast at this time,” said ONE, citing container shipping market uncertainties.

Truckload carrier Heartland Express reported worse-than-expected second-quarter results on Monday.

Because container liner profits plummeted off an extraordinarily high peak, some carriers are still posting hefty profits despite huge declines.

CPKC eyes opportunities for intermodal and for beefed-up business in Mexico to help recoup higher costs and lost revenue in the second quarter.

All Nippon Airways underperformed competitors by a wide margin in cargo during the last quarter as it prepares to invest in growing the cargo business.

On an earnings call with analysts, Saia’s CEO and CFO tried to address the pending collapse of Yellow without mentioning the company’s name.

Universal Logistics reported revenue of $413 million and earnings per share of 90 cents during the second quarter.

Saia’s second-quarter earnings show a decline in volume but by a relatively small amount.

ArcBest reported an earnings miss Friday but that may not matter as its less-than-truckload unit is quickly taking on volume as a competitor winds down.

Hub Group reported $1 billion in revenue and earnings per share $1.44 during the second quarter.

CPKC released second-quarter earnings results as a merged company.

NS is seeking to improve network fluidity after the East Palestine train derailment, cut down on Ohio-related costs and match resources with market demand in the second half of 2023.

Navistar saw a big drop in orders, but deliveries of new International trucks helped parent Traton to strong second-quarter results.

Even truckload companies are being asked how a Yellow collapse might benefit them; Covenant had an answer on its second-quarter earnings call.

Rush Enterprises posted strong Q2 sales and profits, relying on its parts and services business amid trucking headwinds.

Truck broker Landstar issued worse-than-expected third-quarter guidance Thursday and said most metrics are still underperforming normal seasonal trends.

Revenue declines and a $416 million expense charge put pressure on Norfolk Southern’s second-quarter 2023 net profits.

Two of the top three global logistics powers took a big profit haircut during the second quarter and aren’t very optimistic about a seasonal upturn in shipping.

New sick leave agreements and other deals will increase Union Pacific’s labor costs. Investors on UP’s second-quarter 2023 earnings call wanted to know by how much.

Covenant Logistics’ second-quarter earnings reflected, as expected, a weaker truckload market.

Ryder’s second-quarter performance was mixed, but it forecast a much stronger second half, sending the stock climbing.

Consumer demand is putting pressure on intermodal and lumber volumes and that is weighing on how CN views the back half of this year.

Old Dominion reported what will likely be best-in-class results for the second quarter and said recent turmoil at competitor Yellow Corp. hasn’t altered its strategy any.

Former Union Pacific and CN executive Jim Vena will be UP’s next CEO, while sustainability and strategy EVP Beth Whited has been promoted to president.

Wabash reported record Q2 earnings because it was able to price its trailers and truck bodies higher than the cost of materials.

Hawaiian Airlines is starting an in-house cargo airline that will fly dedicated routes for Amazon Air starting this fall.

The Canadian wildfires and lower volumes for intermodal and crude oil put pressure on Canadian railway CN’s revenue for the second quarter of 2023.

What’s behind Paccar’s stunning Q2 profits? Inflation is part of the answer. So is a burgeoning parts footprint.

Paccar continued a string of record quarterly performances in Q2, posting a 70% gain in profits and a 24% increase in sales.

Logistics real estate operator Link Logistics upgrades its portfolio in the second quarter, booking a 52% increase in leasing spreads.

Stock analysts size up less-than-truckload market dynamics following weeks of turmoil at carrier Yellow Corp.

Expectations for peak season have waned, but container lines may have bounced off the bottom.

TriumphPay dealt with the same weak conditions as other trucking-focused companies in the second quarter, but one key measure was stronger.

Figuring out how to encourage more shippers to switch from truck to rail is not something that can be done overnight, executives said during CSX’s second-quarter 2023 earnings call.

Knight-Swift Transportation called out several headwinds facing its businesses as reasons to meaningfully lower its 2023 earnings guidance.

Volume and pricing gains for CSX’s merchandise segment weren’t enough to offset a decline in intermodal volumes and falling export coal benchmark prices, CSX said.

Pam Transportation Services reported a sharp decline in earnings during the second quarter.

American and United airlines enjoyed highly profitable second quarters, but their cargo businesses were a downer.