Company Earnings

The negative data and commentary centered on the lack of a seasonal increase in demand is forcing analysts to meaningfully lower earnings estimates and the outlook for the sector.

A major developer of, and financial investor in, Asia Pacific logistics parks has launched a potential US$1.24 billion initial public offer on the Hong Kong stock exchange.

Switch to long-term coverage that began in 2016 continues to pay off in 2019.

Investor concerns are intensifying over the fate of George Prokopiou’s publicly listed LNG partnership.

Saia’s interim report also showed a slowdown in LTL activity.

On its earnings call, NAV walked through its earnings outperformance and provided some highlights on the business and its increased guidance.

Every corner of the ocean shipping world is completely distinct from the others. What fuels the tanker business is almost entirely different than what steers dry bulkers or container ships. […]

On this special Memorial Day weekend edition of What The Truck?!? we have all the latest news in FreightTech, supply chain, and trucking – including a focus on Craig Fuller’s state of the industry report, Earnings Over/Under, On The Radar, Fast Paced Forecast, and some hot tips on how to spend your holiday weekend. All this and more on WTT?!? Subscribe now on Apple Podcasts, Spotify, Stitcher, or your favorite podcast player choice and never EVER miss an episode. No paywalls, no borders.

Improved vessel utilisation is the key to maintaining profitability in what is expected to be a challenging market according to Soren Skou, Chief Executive Officer of Maersk (Nasdaq OMX: MAER). […]

The Teekay companies continue to concentrate their focus on oil and LNG shipping.

As a major owner of Capesize bulkers, Golden Ocean is heavily exposed to events in Brazil.

South Korean ocean carrier HMM may have a shiny new corporate identity but its first quarter results were written in the same dreadful red ink as last year. Although the ocean carrier generated large increases in revenues, its costs surged, which led to large losses in the first three months of 2019.

Golar LNG Ltd is spinning off a new public entity. Flex LNG is coming too. Shipping’s US-listed field is getting even more crowded.

What The Truck?!? is sending you into the weekend with all of the latest headlines and top stories from FreightWaves.com, as well as Earning Over / Under, On The Radar presented by SONAR, Fast Paced Forecast, and so much more. Let’s bang a little cowbell for the weekend and celebrate the launch of WTT?!?’s expansion to two episodes a week!

Subscribe now on Apple Podcasts, Spotify, Stitcher, or your favorite pod player of choice.

To book a free a SONAR demo visit FreightWaves.com/SONAR

BW LPG, an ocean carrier of crude oil, gas, chemicals, and products of oil, has reported a first quarter 2019 net loss after tax of US$23.5 million. It’s a loss that’s about three times greater than the US$8.4 million loss recorded in the first quarter of 2018.

Despite the controversies through the years, DryShips has proven to be a survivor – and has posted another quarterly profit.

The retail giant’s U.S. same-store sales were up 3.4 percent, its highest first-quarter results in nine years and fourth consecutive quarter over 3 percent.

Singapore-headquartered liquefied petroleum gas and petrochemicals ocean carrier, Epic Gas (OB:EPIC-ME) today announced minimal losses of US$300,000 in the first quarter of 2019. That’s an improvement of 89 percent, which represents a U$2.4 million uptick from the losses recorded in the first quarter of 2018.

NYSE-listed Diamond S Shipping brings an experienced management team back into the public arena.

Yang Ming Marine Transport (TSE: 2609) narrowed its first quarter 2019 loss thanks to higher volumes of container shipments. The Taiwanese liner operator reported first quarter revenue of $1.14 billion, […]

Danaos CEO does not believe trade dispute will cut box-ship ton-mile demand.

Specialist liquid-gas ocean carrier Navigator Gas evidently had a faulty compass in the first quarter of 2019 as it reported a $3.3m loss. The company attributed its results to geopolitical issues along with a variety of one-off incidents around the world. Together they tended to cause an oversupply of ships and a softening of rates in its niche-sector.

In its first full quarter since repurchasing its spin-off, Navios Acquisition moved to lower its fleet age.

Kuwait, Middle East-based logistics provider, Agility, generated consolidated revenues of 378.8 million Kuwaiti Dinar (US$1.25 billion) in the first quarter of 2019, the company reported today. That’s a 1.9 percent increase on the revenues generated in the first quarter of 2018.

Third-party logistics and multimodal transportation services company, Radiant Logistics, Inc. (RLGT), reported earnings of $0.11 per share for the quarter ending March 31, 2019 (RLGT’s third fiscal quarter 2019), $0.04 […]

There are reasons to be optimistic about rates in both the crude and product tanker sectors – and INSW’s fleet spans both categories.

Crude tanker owner DHT Holdings believes the stage is now set for a pronounced upswing in rates.

Hapag-Lloyd (FSE: HLAG) reported first-quarter results that were better than expected thanks to strength in its trans-Atlantic franchise, better exchange rates, and the one-time effect of an accounting rule change. […]

It’s rough out there in the dry bulk ocean shipping business. New York-headquartered Genco Shipping & Trading (NYSE: GNK) posted a net loss of $7.8 million in the first quarter […]

Cervus Equipment (TSX: CRV) expects truck sales to rebound its Canadian Peterbilt dealerships as an order backlog improves during 2019. “The order backlog is a North American backlog,” CEO Graham […]

YRC Worldwide (NASDAQ: YRCW) posted a $31.7 million consolidated operating loss on first-quarter revenue of $1.182 billion, which declined slightly from first-quarter 2018 revenues of $1.215 billion. In first quarter […]

Freighter aircraft deployments and additional business handled for the U.S. Department of Defense helped raise first quarter earnings and revenue by double-digits for cargo aircraft leasing company Air Transport Services […]

NASDAQ-listed Eagle Bulk believes its ‘owner-operator’ model allows it earn more than ‘pure owner’ competitors.

Ride-hailing company Lyft (NYSE: LYFT) reported a first quarter 2019 net loss of $1.14 billion, or a net loss of $48.53 per share, the company said on May 7. In […]

Roadrunner Transportation Systems, Inc. (NYSE: RRTS) reported a loss of $1.78 per share compared with the break-even consensus estimate. The asset-right and asset-light logistics service provider’s reported revenue of $507.1 […]

TravelCenters of America announced higher fuel volumes and revenue, but one-time charges led to a quarterly loss.

While it posted a decline in sales, Workhorse is optimistic about its future with full production of its electric van set for this fall.

NYSE-listed Global Ship Lease is reporting improved conditions in the container ship chartering market.

Roadrunner Transportation Systems, Inc. (NYSE: RRTS) reported a loss of $1.78 per share versus the break-even consensus estimate. The asset-light logistics service provider’s first quarter 2019 loss was much lower […]

The largest flatbed, specialized transportation and logistics solutions company in North America, Daseke, Inc. (NASDAQ: DSKE), reported first quarter 2019 adjusted earnings per share of $0.03, compared to the consensus […]

Daseke, Inc. (NASDAQ: DSKE), the largest flatbed, specialized transportation and logistics solutions company in North America, reported first quarter 2019 adjusted net income of $1.8 million in the period, $3.8 […]

WEX, Inc. (NYSE: WEX), a multi-channel provider of corporate payment solutions, reported earnings of $1.72 per share, down 9 percent year-over-year, but $0.03 per share higher than the consensus estimate. […]

Berkshire Hathway (NYSE: BRK) chairman and CEO Warren Buffett said he would be willing to consider some form of precision scheduled railroading (PSR) for western U.S. railroad BNSF, although he […]

Public ship owners like Navios Partners saw rates fall due to cuts in Brazilian iron-ore exports.

Brexit has not been explicitly blamed for the sale of Bombardier’s Northern Irish operation, but the EU withdrawal is a strong suspect, in putting 3,600 jobs at risk.

Executives at GasLog Ltd. believe the LNG shipping spot market is set to rebound. Others are not so sure.

U.S. Xpress held a call with analysts and the media to discuss its first quarter 2019 earnings, which were $0.15 per share compared to the consensus estimate of $0.18.

U.S. Xpress (NYSE: USX), a Chattanooga-based truckload carrier, reported adjusted earnings per share of $0.15 compared to the consensus estimate of $0.18.

According to Seaspan Corporation, the largest U.S.-listed container-ship lessor, liner companies are pulling vessels from service to install scrubbers, which is increasing demand for new charters.

Schneider National, Inc. held  a call with analysts and media to discuss earnings results. Most of the call focused on explaining what occurred in the first quarter and how the company will achieve its lowered guidance.

Royal Dutch Shell PLC (NYSE: RDS) announced net income of $5.3 billion for the first quarter of 2019, a decrease of 2 percent from the same quarter last year, reflective of the crude oil market, but a significant improvement on the $4.5 billion expected by analysts.

Schneider National, Inc. announced first quarter 2019 earnings of $.21 per share, $0.06 per share lower than last year and $0.10 worse than the consensus estimate.

NYSE-listed Scorpio Tankers has returned to profitability and its scrubber-installation program should position it to take advantage of the looming IMO 2020 rule.

Releasing its earnings before the market open on May 2, Dana Inc. (NYSE: DAN) reported a drop in net income, which was $98 million in the first quarter of 2019, down from $108 million compared with the same three months of 2018.

C.H. Robinson officials said their business model and technology has allowed the company to adapt through multiple cycles.

Atlas Air held a conference call to discuss its first quarter 2019 results. There were several questions of interest asked on the call.

So far this year, there has been heightened refinery downtime for maintenance and upgrades, but the tide is expected to turn in the second half, to the benefit of product-tanker rates.

Atlas Air Worldwide Holdings reported adjusted earnings of $0.98 per share, ahead of the fourth quarter 2018 and the NASDAQ consensus estimate of $0.86.

Supply challenges weigh on profits, but company stays positive on market conditions.

Growth in Canadian firm’s trucking business remained solid despite earnings miss.

Widening margins in NAST, especially truckload brokerage, led the way for Robinson.

Eaton, maker of electrical systems and powertrain components posted record revenue in the first quarter.

Tanker companies like Euronav expect to see financial benefits from impending environmental regulations, which will change the type of fuel burned at sea and could eventually limit how fast ships can go.

Genesee & Wyoming, Inc. reported adjusted earnings per share of $0.78 for the first quarter of 2019, which were 11 percent better year-over-year, but less than NASDAQ’s consensus estimate of $0.83.

Cummins is reviewing is emissions certification and compliance process following questions from EPA and CARB. The company did report strong earnings and a record number of engines shipped in the first quarter.

Oshkosh Corporation (NYSE: OSK) reported its fiscal year 2019 second quarter earnings on April 30, highlighting an increased diluted earnings per share of $1.82, compared to the $1.47 reported in the same quarter in 2018, and a net income of $128.5 million compared to $110.8 million, in 2018.

But Ryder’s 3PL division, Supply Chain Solutions, is expected to go into negative year-over-year growth next quarter.

Genesee & Wyoming, Inc. reported adjusted earnings per share of $0.78 for the first quarter of 2019, which were 11.4 percent better year-over-year, but less than the consensus estimate of $0.83.

Canadian National Railway Company reported adjusted earnings per share of C$1.17 per share for the first quarter 2019, 17 percent better than the same period a year ago.

Dry bulk shipping faced multiple headwinds in the first quarter, but NYSE-listed Scorpio Bulkers benefited from its smaller ships and its diversification into the product-tanker sector.

One-year old container ship joint venture expects customers to come back with more boxes and pay higher rates in 2019.

WTI’s recovery this quarter should accelerate production in the Permian Basin, driving further truckload demand.

Werner Enterprises, Inc. reported non-GAAP adjusted earnings per share (EPS) of $0.52, $0.03 ahead of the consensus estimate.

Company about to move the delivery cheese again.

Werner Enterprises, Inc. (NASDAQ: WERN), reported non-GAAP adjusted earnings per share (EPS) of $0.52, besting  the consensus estimate of $0.49 per share.

Covenant Transportation Group (NASDAQ: CVTI) posted adjusted earnings per share (EPS) of $0.27 for the first quarter of 2019, beating analyst estimates and edging past the expectations the company itself announced earlier this quarter.

This is the year when ALK expects Virgin America merger synergies to ramp up, but they’re still adding back costs associated with the deal.

Knight-Swift Transportation reported adjusted earnings per share that were ahead of analysts’ expectations. FreightWaves was able to speak with David A. Jackson, Knight-Swift Transportation’s President and Chief Executive Officer.

Intermodal business surges from acquisitions made during 2018.

Landstar’s President and Chief Executive Officer Jim Gattoni said that he is “comfortable” with the current full-year consensus EPS estimate of $6.41.

Roper Technologies, Inc. (NYSE:ROP) reported diluted earnings per share (EPS) of $3.30 in the first quarter of 2019, up from $2.61 in the same quarter last year.

The company issued soft second quarter guidance, expecting organic net sales to range anywhere from flat to down 2.5 percent from the second quarter of 2018. The company also expects adjusted EPS to fall next quarter.

Kyocera Corporation will celebrate its 60th anniversary and its second consecutive year of record sales by paying out shares to its employees and confidently predicts a third year of record sales with further mergers and acquisitions to come.

CEO Gantt lowered capex guidance by $10 million to $480 million, likely reflecting top line headwinds, but we’re waiting to hear updated revenue guidance in the conference call.

Canadian firm’s transportation segment shines as oil services shows signs of recovery.

Landstar System, Inc. reported first quarter earnings per share (EPS) of $1.58, compared to the consensus estimate of $1.51 and $0.21 higher than the 2018 first quarter.

Tesla (NASDAQ: TSLA) badly missed analysts’ earnings estimates for the first quarter of 2019. The company reported an adjusted loss per share of $2.90, much worse than analysts’ estimated loss per share of $0.69.

Despite a crash in truckload spot prices (approximately 50% of ECHO revenue), the freight brokerage beat analyst expectations.

After two deadly crashes involving its 737 MAX rattled the company, Boeing (NYSE: BA) is expected to report its earnings Wednesday, highlighting the financial toll of the flawed aircraft.  

CEO Alain Bédard says acquisition will invigorate Canadian firm’s U.S. last-mile business.

Knight-Swift Transportation Holdings, Inc. (NYSE: KNX) reported first quarter 2019 adjusted earnings of $0.55 per share compared to analysts’ expectations of $0.52 per share.

Heavy-duty equipment maker tops estimates largely due to one-time tax gain, but the mining business does show better growth.

In the wake of the 737 MAX crashes and subsequent worldwide grounding of the aircraft, Boeing reports its earnings, which are down for the quarter.

The company posted an operating ratio (OR) of 66 percent, improving on its fourth quarter 2018 OR of 67.8 percent and setting a first quarter record.

Swedish company says market outlook remains positive in North America as order book remains full.

Manhattan Associates, Inc. held a call with investors to discuss its first quarter 2019 earnings results which were ahead of analysts’ forecasts on an adjusted basis.

SAP posted impressive growth in cloud revenue while avoiding a concomitant drop in licenses.

Canadian transportation company reports strong performance across businesses following record 2018.

Manhattan Associates, Inc. reported adjusted non-GAAP earnings per share of $0.41, $0.04 better year-over-year.