Truck broker Landstar System handily beats its guidance, which was raised in early September. The company posted its second-best third quarter ever.
In today’s edition of The Daily Dash, a potential TRATON-Navistar tie-up moves closer to a conclusion, plus carriers still hold an upper hand in rate negotiations and early earnings results are not what people expected.
Landstar System announces the opening of a new driver center for its independent owner-operators in Carnesville, Georgia. The 8,000-square-foot facility provides classrooms, a business center, laundry, showers and break rooms.
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.
Carriers, logistics businesses and technology providers make the cut in 2020.
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.
Landstar System raises earnings outlook on higher truck volumes and pricing improvements. New third-quarter expectations are 25% higher than the midpoint of the previous guidance range.
No one knows how long freight will continue to break new records; only time will tell.
In today’s edition of The Daily Dash, fleets looking for excess insurance coverage are paying top dollar; Landstar projects a strong Q3; and Waymo will test autonomous vehicles in the last mile.
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.
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.
Landstar System calls attention to its variable cost model as first quarter falls short of expectations. No guidance issued for second quarter.
Tyson Foods plans to pay drivers and essential personnel $60 million in “thank you” bonuses for service during the pandemic.
Long-haul truckers practice social distancing by staying in their sleeper berths, uncertain where their next load will come from as manufacturers and retailers shut down.
XPO increases paid sick leave by two weeks for employees affected by the coronavirus.
BCOs handled 45% of shipments by revenue in the fourth quarter of 2019.
Stifel Financial sees an OK first quarter, but the picture gets less clear after that, with risks to second-quarter earnings estimates.
Market softness, excess capacity, weak demand and soaring insurance costs and claims were the near-term challenges highlighted on Landstar’s conference call.
Landstar’s insurance and claims expense line hit first-quarter results, and another fatal accident results in guidance well below analysts’ expectations.
