Biden victory may seriously jump-start transport-funding negotiations, group says.
Company had forecast an OR in the low 90s and got there; tractors reduced but Parker says it’s part of the plan
OR improved for the company; on analyst call, Fuller says there will be bumps in the road on the way to a new operating model.
Q3 performance contrasts with loss in corresponding quarter last year
Knight-Swift Transportation’s third-quarter report provides an earnings beat, a 2020 guidance raise and a better-than-consensus first take at 2021 earnings as the carrier sees “strong freight conditions” continuing.
Knight-Swift Transportation raises its 2020 outlook and provides 2021 guidance that is well ahead of recently raised expectations.
OMERS Private Equity is considering selling Kenan Advantage Group, the tank truck carrier and logistics provider, according to a report in Bloomberg.
P.A.M. Transportation Services sees a “marked improvement” as its auto manufacturing customer base gets back to work. The carrier expects “upward rate pressure” as truck capacity tightens.
Fleetpal is built on VMRS, the universal coding system, allowing it to track and segment equipment failure and operating costs efficiently.
Shares of J.B. Hunt Transport Services move 9% lower after the company fails to meet recently raised analyst expectations. Intermodal service headwinds and elevated costs were the culprits.
J.B. Hunt Transport Services misses 3Q estimates by 9 cents per share. Revenue and operating income climb 5% but a variety of cost inflation and a tough truck brokerage market weigh on the quarter.
FlockFreight pools together LTL freight and ships it via shared truckloads in full truckload containers instead.
Data and commentary point to an earnings blowout for trucking companies in the third quarter with the likelihood of similar results in the fourth quarter. However, headwinds surrounding driver recruitment and retention present a hurdle to the rally.
Soaring demand and a lack of truck capacity have industry participants calling for double-digit rate increases in 2021. UBS transportation equities analyst Tom Wadewitz outlines his bullish call in a note to clients.
Flatbed carrier Daseke says it moved to stop a cyberattack as ransomware group claims to have breached subsidiary E.W. Wylie.
Their inability to guarantee coverage is the primary reason why small carriers have been confined to the spot market, and as a result, they’ve earned rates that are often less than half of the rates paid to larger carriers.
FreightWaves Chief Strategy Officer JT Engstrom chats surface transportation outlook with Ryder’s head of transportation management at The Future of Logistics Real Estate summit.
U.S. Xpress’ industry forecast calls for the truckload market to experience high driver turnover, declining capacity and “overwhelming” volumes through 2021.
Demand for drivers described as ‘insatiable’ as Schneider appears to be leading the way in hiking compensation
Truckload giant appears to be out ahead of others as driver market tightens
Cowen raises price projection for the truckload carrier after its announced third-quarter forecast
Covenant also announces it reached agreement with Triumph over sale of TFS factoring unit
Truckload carrier also sees strong third quarter
Cass data for the month of August shows significant acceleration in demand and rates but the comparisons to 2019 still lag other data sources.
Werner’s Leathers said some customers struggling to get product in time for peak.
With many data points sitting at cycle highs, several industry participants are calling for the trucking market’s bull rally to last well into 2021.
Walmart pushes suppliers, carriers to get their inbound delivery act together.
Suppliers face noncompliance fines of 3% of cost of goods.
Tightening truckload and intermodal markets have carriers expecting the hot freight market to carry forward. One carrier is calling for large rate increases in 2021.
Deutsche Bank’s Amit Mehrotra becomes increasingly bullish on the future of trucking. The analyst is forecasting earnings growth at the publicly traded carriers much higher than that of his peers.
Whether you’re an employer looking to fill freight-related positions or a job-seeker, Freight.Careers.com is the go-to website.
Mullen Group shores up its cross-border less-than-truckload business as it acquires the outstanding shares of British Columbia carrier Pacific Coast Express Limited.
Strong spot market fundamentals and low inventories prompt UBS analyst Tom Wadewitz to raise truckload carriers’ earnings estimates for the second half of 2020.
Schneider has announced it will test Daimler Trucks’ eCascadia electric truck while Navistar and Volvo Trucks ink deals to expand charging opportunities.
Now is a good time for carriers that boosted their balance sheets with PPP loans to leverage that by investing in technology.
Keller Trucking uses TCA benchmarking program to identify Best Practices and elevate profitability.
FreightWaves’ JT Engstrom and Tenney Group’s Spencer Tenney sit down at the FreightWaves Carrier Summit to discuss reasons trucking deals are outpacing broader deal flow.
Declines in Cass freight data continue to outpace the industry by a considerable margin. The firm sees improved results on the horizon.
The US third-party logistics industry will post lower gross revenues for the second straight year, Armstrong & Associates study predicts.
Understanding freight networks and making data-driven decisions are key for carriers to improve profitability, Garner Trucking’s CEO and KSM Transport Advisors’ president said during the FreightWaves Carrier Summit.
FreightWaves’ Kevin Hill interviews co-founders of Baton about their technology plans to eliminate long-haul truck driver dwell times.
Carriers with exposure to essential retail are benefiting from increased freight demand as retailers of grocery, household and home improvement goods struggle to keep inventories on their shelves.
Commercial Vehicle Training Association’s Don Lefeve and Roadmaster Drivers School’s Brad Ball discuss the state of CDL training at FreightWaves Carrier Summit.
Walmart’s fiscal second quarter comes in well ahead of analyst expectations as e-commerce sales surge. The COVID-related inventory drawdown is a positive for trucking.
An interview with Daseke CFO Jason Bates highlights the company’s financial turnaround. When will the carrier get back on the acquisition trail?
Roadrunner fully exits truckload business and announces financial improvement. The company adds former Celadon CEO to the board.
Prosecutors argued against Meek traveling in December, saying keeping the kids back in the U.S. wasn’t a “surety bond.”
Moroun to remain as chairman, cites new CEO’s acquisition experience as a plus
Shares of Daseke surge 20% as the company’s overhaul appears to be ahead of schedule. Second quarter results were better than expectations.
Flatbed carrier Daseke’s turnaround starting to show fruits. Stock pops more than 15% on better-than-expected second quarter.
TravelCenters of America has been forced to close some restaurants again as an increase in COVID-19 cases has tightened restrictions on dining out in some regions.
Improving demand and truckload fundamentals are expected to drive third-quarter growth. The carrier’s growing cash balance garners some attention.
“Cost containment” minimizes the impact of a 15% revenue decline during Schneider National’s second quarter. Guidance was reinstated higher than current consensus expectations.
Werner Enterprises’ second-quarter result was much better than expected, with the carrier providing a favorable rate outlook.
Werner Enterprises reports second-quarter earnings well ahead of analysts’ forecasts and largely in line with the year-ago quarter.
Management from USA Truck provides upbeat commentary regarding the potential for significantly improved earnings as truckload fundamentals remain firm.
USA Truck’s second-quarter result comes in slightly ahead of expectations, but the carrier extends its losses to four consecutive quarters.
P.A.M. Transportation points to automotive manufacturing closures as reason for second-quarter loss.
Landstar’s earnings call outlines the company’s better-than-expected guidance.
Landstar misses estimates in its second-quarter report, which included bonus payments to workers during the pandemic. New guidance better than expected.
Knight-Swift sees demand improve throughout the second quarter, producing a big earnings beat. The carrier raises its 2020 earnings outlook to a level higher than its original expectation.
Workers to be covered stretch back to second half of 2012 through this year
Knight-Swift posts solid second quarter and reinstates full-year guidance to a level higher than before the outbreak.
Canadian trucking and logistics firm Titanium Transportation Group opens second brokerage office in the United States as it pushes service and transparency.
TFI International grows U.S. specialty businesses with CT Transportation in second acquisition from bankrupt Comcar industries.
Flatbed carrier Daseke reported five weeks of volume improvement in its second quarter update. The carrier improved its liquidity position through the first two months of the quarter.
Deutsche Bank analyst Amit Mehrotra favors a few transportation stocks as the second quarter comes to a close.
Daseke’s ratings were confirmed at recently downgraded levels by Moody’s. The report points to the company’s restructuring as a source for a potential ratings upgrade.
CEO and President Derek Leathers to usher in the next era for Werner Enterprises as founder CL Werner plans exit.
Werner Enterprises’ announced that CL Werner, its founder and executive chairman, has stepped down as executive chairman. Werner is expected to remain as chairman through the end of his term ending May 2021.
The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates. News reports that Uber is re-evaluating non-core units like Uber Freight did not take me by surprise. To learn more about what’s happening, you can read JP Hampstead’s Uber ‘re-evaluating’ non-core units like […]
Covenant Transportation Group provides an update on the ‘strategic plan,’ announced breakeven results in April during first quarter conference call.
Recent stabilization in truckload markets with a recovery expected later in the year were some of the takeaways from Wolfe Research’s investor conference.
Covenant Transportation Group sees a breakeven April and noted that May trends have “stabilized” as it moves forward with restructuring efforts.
Walmart bested analyst expectations as grocery and household items drive comparison sales 10% higher and ecommerce accelerates 74%.
April’s 20% year-over-year declines in Cass data may mark the bottom of the COVID-19 downturn.
Truckload and transportation companies talk freight markets ahead of reopening with some calling a market bottom in April as spot rates remain below breakeven.
Titanium Transportation Group reports 13.6% increase in revenue on the strength of its growing brokerage business in the United States and steady performance from trucking.
USA Truck continues to execute on its internal turnaround initiatives, but they have yet to bleed through and provide positive earnings results for the carrier.
Management says “tough pricing environment” muted operational efficiency initiatives.
Dan Cushman retiring after 11 years as the head of P.A.M. Transportation. The search is underway for a permanent replacement.
A better than expected first quarter yields to expectations that a recovery may not occur until June. Some of Schneider’s customers are starting up again, but demand in May will likely be choppy.
While others have seen a decline in shipments, April held firm: CEO
Schneider reports TL volumes are down upper single-digit percentages in late April, but notes that some of its customers shutdown by COVID-19 are set to come back online.
Favorable customer mix to make Werner’s truckload model a little more defensive through the downturn.
Werner believes its consumer-heavy shipper base will allow the company to ‘more effectively manage through’ the downturn.
Covenant continues to reshape the company in efforts to better focus on contract logistics and improve its financial structure.
Landstar has seen volume declines accelerate in recent weeks and management believes that a recovery is unlikely until the automotive and building products segments resume activity.
Jason Bates will fill the vacant CFO role at Daseke after three years in the same role at USA Truck.
Knight-Swift’s better than expected quarter yields to further uncertainty as the year progresses.
Heartland Express’ better than expected result was diminished by the lack of gains on equipment sales.
Company was also nominated in three other categories.
KeyBank report mostly positive after discussions with management.
Other segments at the truckload carrier had weaker performances.
P.A.M. Transportation finds success calling on its “friends in the industry” as it scrambles to replace lost automotive OEM business.
The J.B. Hunt first-quarter conference call provided a mixed bag of anecdotes. While concerns mount over economic disruption, the company has some offsets.
Cass data plummets further, erasing any chance of second-quarter year-over-year growth in shipments and freight costs, according to report.
While transportation industry participants have an abundance of questions loaded for management teams this earnings season, answers on the future will be tough to provide.
Chris Henry writes about the true costs of “unseated” trucks and what carriers can do to keep their number of unseated trucks as close to zero as possible.
The Department of Labor has issued new guidance on the Families First Coronavirus Response Act that may not require companies to offer paid leave in certain situations.
