Schneider National (NYSE: SNDR) reported adjusted fourth-quarter earnings per share of 44 cents Wednesday, 5 cents ahead of consensus and 7 cents better than the 2019 fourth quarter.
The Green Bay, Wisconsin-based truckload carrier issued 2021 adjusted EPS guidance of $1.45 to $1.60 compared to the current consensus estimate of $1.55.
LINK TO FULL REPORT – Schneider looks to ramp up investments in 2021
The company’s TL segment saw a 5% year-over-year decline in revenue with the average truck count down 6% and revenue per truck up 1%. The division posted an 86.2% operating ratio, 290 basis points better year-over-year excluding the 2019 impact of the closure of its first- to final-mile segment (560 bps better including FTFM results in the prior period).
A decline in available capacity led to the revenue dip but “effective yield management actions” and growth in the dedicated segment were offsets.
“In our truckload segment, we achieved an 86% operating ratio through effective yield management, dedicated new business growth and cost initiatives,” stated Schneider CEO and President Mark Rourke in the press release.
Intermodal loads increased 3% year-over-year and revenue per order was flat on a shift in mix to favor the East Coast and shorter lengths of haul. The division recorded 310 bps of OR deterioration at 90.8% due to “meaningful rail congestion and allocation issues that resulted in missed revenue opportunities and added costs,” said Rourke.
Logistics revenue increased 64% year-over-year on higher brokerage volumes. Revenue per order increased by an undisclosed amount as the company took on more spot business in the period. The division’s OR improved 230 basis points to 94.2%.
“Our positive momentum of the fourth quarter has continued into 2021, setting up a strong start to the new year. Our key objectives are the continued growth of our dedicated, intermodal and brokerage offerings while enhancing the margins of our truckload network business,” Rourke added.
Shares of SNDR are down nearly 2% in early trading compared to the S&P 500, which is flat on the day.
The company will host a conference call to discuss these results at 10:30 a.m. Stay tuned to FreightWaves for more coverage on Schneider’s earnings report.
LINK TO FULL REPORT – Schneider looks to ramp up investments in 2021
