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.
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.
Daseke selects current flatbed head to lead operations amid a multi-year restructuring effort.
As demand for flatbed capacity sags, Daseke sees strength in some end markets and continues to push forward with a company-wide overhaul.
Excluding several items, Daseke reported a near break-even first quarter. Demand headwinds in most of the markets it serves have ‘plateaued’ in recent weeks.
Jason Bates will fill the vacant CFO role at Daseke after three years in the same role at USA Truck.
Daseke expects weakness in the industrial markets and oil and gas sectors to persist. Management said the environment was sequentially weaker in the first quarter.
Into its second decade of existence, Daseke pumps the brakes on acquisitions and attempts to streamline all that it has bought.
Daseke has found a permanent replacement for its retired founder and namesake Don Daseke, naming interim CEO Chris Easter to the position. Plus, Valentine’s Day logistics, truckers in Oregon get political and Chinese truck capacity shrinks.
Daseke updates guidance, lowering the expected fourth-quarter loss. The company’s restructuring remains on track.
