A November supply chain survey shows the rates at which transportation capacity is shrinking and pricing is climbing are increasing.
Temperature-controlled carrier KLLM Transport Services is rolling out “one of the largest” increases to driver pay in the company’s more than 55-year history.
Recent data points as well as updates from retailers suggest this inventory restocking cycle may take a few quarters to fix, meaning the current supply-demand dynamic in trucking could linger.
Cash payout to class members small; but debt forgiveness more than $1,300 per driver
J.B. Hunt Transport Services announces several changes to the executive roster on Tuesday, including the appointment of John Kuhlow as the company’s permanent chief financial officer.
Trucking executives were on hand at Stephens Annual Investment Conference this week, making it known that this cycle is different and that the current market dynamics are here for a while.
The Cass Freight Index returns positive trends for shipments in October. The expectation is strong volumes will continue with the outlook for higher expenditures on the horizon.
Knight-Swift announces Adam Miller will lead Swift Transportation in addition to his role of CFO at the parent company.
Between drug clearinghouse and shut CDL schools, Fuller sees far fewer eligible drivers in the market
Management from Schneider National expects tightness in the trucking markets to continue. Inventory restocking will keep truck demand elevated and new capacity is entering the market at a slower pace than in previous cycles.
Flatbed carriers Hornady Transportation and Builder’s Transportation Co. announce the completion of their merger. The deal is part of parent company Daseke’s operational overhaul.
This Carrier Outlook Report — presented in partnership with SkyBitz, DDC FPO, and Transflo — is the fourth installment of a quarterly publication. This report provides a look back at 2020 and a forecast for the remainder of the year. Carrier survey results and SONAR data are included.
Management from J.B. Hunt sees the current inventory replenishment cycle sustaining a high freight demand environment through the first quarter of 2021.
One of the toughest obstacles for a new trucking company can be finding affordable insurance. Robert Haley, VP of Transportation for USI Insurance Services, and Pierre Laguerre, founder and CEO of Fleeting, discuss tips on risk mitigation for new carriers at FreightWaves LIVE @HOME.
While some truckload carriers posted significantly better-than-expected results, most saw their shares sag as the bullish trucking trade cooled heading into the third-quarter earnings season.
No more need to build information technology from the ground up when available cloud-based solutions can cheaply and efficiently modernize a trucker’s operation, experts tell the FreightWaves LIVE @HOME audience.
Heartland Express raises driver pay 6% across the board and as high as 12% for some.
Shipwell CEO Greg Price explains during FreightTech Venture Summit the importance of winning over venture capitalists at the onset of presenting your idea.
Flatbed carrier Daseke Inc. cruises past third-quarter forecasts. Operations are likely to improve again in 2021 but high-margin third-quarter project freight could create some tough comparisons.
USA Truck’s third-quarter performance was something management had been foreshadowing for the last few quarters. They were adamant that earnings would improve if the market would cooperate.
Flatbed carrier Daseke Inc. posted a third-quarter result that highlighted the company’s restructuring efforts and easily surpassed analysts’ expectations.
The strength in truckload fundamentals didn’t really show in Schneider National’s third-quarter report. Lower revenue per truck, intermodal rail congestion and brokerage malaise overshadowed the announcement of a $2 special dividend.
Schneider National announces a $2 special dividend answering the mounting questions around the carrier’s future cash deployment. After the $355 million payment, the company still has ample cash to pursue other initiatives.
Werner Enterprises sees the current tightness in the truck market continuing into 2021 as inventory restocking will take multiple quarters to accomplish and drivers are in short supply.
Werner Enterprises’ third-quarter result comes in ahead of analysts’ forecasts.
Revenue and earnings beat estimates; improved OR might not stick but there are broader goals at the company
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.
