Cowen analyst lowers earnings estimates for truckers as data showing a loosening market mounts.
March data from Cass shows a deceleration in shipment growth and a higher chance of a freight recession, although “it is too early to call.”
Concerns on declining demand and falling freight rates prompted Bank of America to issue ratings downgrades for multiple transportation stocks.
Venerable index gets shellacked as freight issues fall hard.
Getting paid for getting drivers on board is the economic value proposition of the Ambassador program.
Financial technology platform Outgo emerges from stealth with a vertical banking solution that automates bookkeeping functions for carriers.
Higher diesel prices also mean higher costs for empty miles.
This week: Pilot announces details of its three-year remodeling plans; the Women Automotive Network releases diversity survey data; and Fayetteville State University honors successful supply chain interns.
He couldn’t pull off the impossible, but he has made shareholders significantly richer in the process.
The company will become a stand-alone LTL carrier in North America.
A group of carriers and logistics providers has formed to raise money for the people of Ukraine.
The company says its U.S.-based agency with eastern Ukraine operations faces severe disruptions due to fighting in the region.
Truckload carriers continue to pay up for drivers. Dry van carrier Cargo Transporters announced another increase to its pay package.
Refrigerated carrier Hirschbach announced the acquisition of John Christner Trucking. The combination will form one of the nation’s largest temperature-controlled fleets.
The Variant initiative is not yet showing signs of turning the company around.
The LTL segment remains a work in progress, but analysts are confident that Jacobs & Co. can turn it around.
“There is an urgent demand for new and innovative ways to increase visibility and efficiencies in the supply chain and improve driver experience, and this investment from our new and existing partners is going to power us to fill that need,” says Platform Science co-founder and CEO Jack Kennedy.
Werner Enterprises beat fourth-quarter expectations and announced plans to grow revenue by 10% on average over the next five years.
Nearly a year and a half into a tight truck market and carriers continue to raise driver wages. Midwest Carriers and CFI are the latest to announce increases.
Schneider provided a better-than-expected earnings outlook for 2022 on Thursday. The company also raised margin targets in two key segments.
The truckload carrier’s OR is one of the best in the industry but it’s being done on a smaller base of business.
Truckload carriers have been raising pay for 18 months now to meet heightened demand. But when this trucking cycle cools, don’t expect wages to follow in lockstep.
A lack of restroom access for drivers still plagues the trucking industry.
Voie, the group’s founder, still plans to retire in July 2023.
Knight-Swift Transportation reported another big quarterly result Wednesday. However, it appears the stretch of rapid growth will moderate as the comps have stiffened.
Marten’s labor and purchased transportation costs were higher in 2021 but were more than offset by rising revenue.
Management from the nation’s largest flatbed operator, Daseke, says the demand backlog extends for “the foreseeable future.”
Heartland Express announced 2021 was its best year since going public. Fourth-quarter results were in line with consensus.
P.A.M. Transportation Services finished 2021 on a high note, posting another large earnings beat during the fourth quarter.
KLLM Transport Services is the latest carrier to announce a historic pay increase for drivers.
Lawrence Freight said its latest pay hike for company drivers will move annual wages to roughly $90,000 in 2022.
Schneider became the latest truckload carrier to bolt on a fleet. The company announced Tuesday the $263 million acquisition of dedicated carrier Midwest Logistics Systems.
Charges against its chairman did not implicate the truckload carrier itself.
Several asset-based carriers changed their course through M&A in 2021.
J.B. Hunt Transport announced that eligible drivers and maintenance techs received nearly $10 million in appreciation bonuses on Friday.
AskWaves looks at some of the catalysts that have heated up M&A in the transportation space.
Cameron Ramsdell had only been with the company since the spring of 2020 after being brought in from Coyote.
At issue was a test given to job applicants, with the higher rate of female failure viewed as a “disparate impact.”
Knight-Swift adds to its less-than-truckload offering with the acquisition of Midwest Motor Express. Investors continue to see the value in owning LTL assets.
Difficulties finding trailers is starting to rival the effects of the driver shortage at the nation’s largest fleets.
During a Stephens conference presentation before investors, CEO Fuller also discussed the unique driver retention tool at Variant called the “squad.”
Werner Enterprises triples the size of its final-mile offering with the addition of Northeast-based Nehds Logistics.
PAM has long been known as a company that depends heavily on the auto industry. But that sector is making up less of its business these days.
Truckload carrier U.S. Xpress expects a hot freight market to carry through the end of the year but cautions consumer headwinds are mounting.
October data from Cass shows supply chain bottlenecks and capacity shortages continue to subdue shipment growth. However, the condition led to another jump in rates.
The likely end date of a chaotic transportation market is being extended.
Truckload carriers booked record gains on the sale of revenue equipment during the third quarter but the profits shouldn’t be viewed as artificial earnings.
A rule requiring vaccines for employees, or weekly testing for workers declining vaccination, at companies with staff of 100 or more gets emergency stay.
AskWaves takes a look at which rate-per-mile metrics to use out of the information public carriers disclose quarterly.
Notable cost headwinds around driver sourcing and equipment downtime weighed heavily on Werner Enterprises’ third-quarter results. But the carrier still raised long-term margin expectations.
Management from Schneider National told analysts on its third-quarter earnings call that current truckload fundamentals should carry through the end of 2021 and well into next year.
Specialized and flatbed carrier Daseke posted better-than-expected third-quarter results Friday. Management said the company is working on a couple of acquisitions.
Sequentially, tractor growth is positive for the first time in more than a year, a sign the company cites as evidence the Variant initiative is succeeding.
Landstar reports record third-quarter results and calls for a similar performance in the fourth and potentially beyond.
A look at how Knight-Swift Transportation blew past third-quarter expectations and raised its full-year guidance.
With other truckload carriers coming in at a sub-80% OR, Marten’s ratio for truckload improved just 40 bps.
Carriers have overcome notable cost inflation and disruption to post better-than-expected results so far in the third-quarter earnings season.
Shares of J.B. Hunt Transport Services jumped 10% Friday as the company navigated supply chain challenges during the third quarter to beat analysts’ forecasts.
J.B. Hunt Transport Services sidesteps disruption throughout the transportation network to beat analysts’ forecasts.
P.A.M. Transportation Services sees earnings surge during the third quarter even as supply chain disruption accelerates.
Heartland Express beats expectations in the third quarter with the help from gains on sale.
Supply chain constraints are keeping a lid on freight volumes while rates continue to reach new highs, according to September data from Cass Information Systems.
The former Keurig Dr. Pepper executive reports to Joe Metzger, chief supply chain officer.
The logistics arm of Cheema Freightlines announced it has acquired 3PL provider Walker Logistics.
Morgan Stanley analyst Ravi Shanker believes rate expectations of truckload management teams haven’t been reflected in 2022 earnings estimates yet.
The TCA’s public-facing stance on the vaccination mandate might not have taken place a few years ago.
Driver pay increases continue to roll in as a strong macroeconomic environment shows little signs of slowing.
Small carriers are opting to bring only a power unit to a brokered transaction.
Iron Truck Services aims to give smaller fleets affordable access to services such as insurance, equipment maintenance, fuel purchasing, truck sales and rentals.
More trucking heads weigh in on rate expectations for 2022. Following a sizable rate bump this year, it appears that rates could move considerably higher again next year.
August data from Cass shows freight expenditures extend their torrid pace. Freight demand remains high but a lack of capacity is constraining shipment growth.
Rate predictions for the truckload market are coming in earlier than in past years. High consumer demand along with a lack of drivers and equipment has industry participants calling for further increases.
Dedicated carrier Cowan Systems is offering sign-on bonuses as high as $20,000 for newly hired drivers.
Truckload carrier Heartland Express announced a 50-cent-per-share special dividend Friday. It was the second carrier to announce a special dividend this week.
Marten Transport announced a special dividend of 50 cents per share. The payment marks the third straight year of special dividends for the carrier.
AskWaves takes a look at gains on the sale of revenue equipment and how they play into the financial results of truckload carriers.
July data from Cass showed freight shipments remained elevated but labor and equipment shortages constrained growth. Expenditures held near all-time records.
The need for truck capacity remains at historic highs, and more fleets have responded by increasing driver pay for the second time this year.
The midsize truckload carrier needs to boost hiring by more than 10% but won’t compromise standards to do it.
A 3-judge panel was ready to rule on the carrier’s appeal, but a larger group of judges will now render an opinion.
Americans were expected to divert disposable income away from goods as the economy reopened to travel, lodging and entertainment. It isn’t happening, most observers say, and the supply chain implications are profound.
Interstate Personnel Services announced the acquisition of Missouri-based dry van truckload carrier Transport Distribution Co.
USX’s CEO Fuller says Variant division is near the ‘inflection point’ for the new initiative having a bigger impact on profitability.
Covenant Logistics Group beat second-quarter earnings expectations and said the second half of the year is likely to produce stronger results.
Covenant Logistics Group reported a better-than-expected second quarter as freight demand remains elevated and capacity is in short supply. The company said the favorable conditions have carried into the third quarter.
Knight-Swift Transportation beat second-quarter estimates and raised its full-year guidance to include the favorable operating environment in addition to accretion from recent acquisitions. However, the improved outlook includes the expectation for continued cost headwinds around labor.
Midwest Carriers announced the acquisition of alcohol transporter Osborn & Son Trucking for an undisclosed amount.
Heartland Express records its best consolidated operating ratio since its last acquisition was fully integrated.
Knight-Swift’s acquisition highlights the LTL industry’s sweet spot in the e-commerce supply chain, says a noted consultant.
Also on the podcast: A key agency reviews the outlook for the tight oil market.
Truckload’s operating ratio was better but OR deteriorated for dedicated.
P.A.M. Transportation benefited from a tight truckload market in the second quarter to post record revenue and operating income.
High barriers are a deterrent to starting a less-than-truckload operation. Knight-Swift’s recent acquisition sheds some light on the value in owning assets in the space.
Bulk carrier Trimac Transportation has acquired Southern California cement carrier Double Eagle Transportation.
Leased owner-operators and company drivers could be looking to strike gold on their own in a strong trucking market, Vise says.
Signs of hope are seen in driver recruitment, according to Tenstreet, as “historic” pay increases continue.
Hirschbach Motor Lines announced that it has acquired Lessors Inc. The deal marks the second combination of two temperature-controlled carriers in the last week.
Heyl Truck Lines announced the acquisition of Holiday Express. The deal combines two Iowa-based temperature-controlled haulers.
The Cass Freight Index surged again in May with continued strength recorded in freight shipments and spend. While the year-over-year comparisons become more formidable in the coming months, the current supply-demand fundamentals are expected to remain in play for some time.
Fleet intelligence provider Omnitracs announced the latest release of its SmartSense technology Thursday. SmartSense for Inattentive Driving+ aims to reduce accidents by identifying distracted driving.
