Two bullish equity research reports this week on transportation stocks both highlight expectations around consumer spending and what that means for freight demand.
Less-than-truckload carrier Yellow Corp., like other LTLs, reports a weather-related falloff in February trends. However, industrial data continues to suggest this LTL freight recovery has legs.
Less-than-truckload carrier Saia reported a small decline in volumes during February, reversing the more than 5% increase recorded in January. Excluding inclement weather, the carrier said trends remain consistent with January.
Less-than-truckload carrier Old Dominion reported Tuesday that February results were impacted as inclement weather took hold on parts of its network during the month. However, the carrier noted that the deceleration from January’s robust growth rate lasted for only one week.
In today’s edition of The Daily Dash, Old Dominion is the latest LTL carrier to announce a rate increase. Plus, SONAR data shows a freight market moving sideways, and Forward Air reaffirms its direction in spite of activist shareholder pressure.
Most less-than-truckload carriers have implemented general rate increases for 2021. The average increase is in the mid-single digits, ahead of some increases issued in the past and likely indicative of a firm LTL market.
In today’s edition of The Daily Dash, an activist investor wants changes at Forward Air. Plus, a strong start to 2021 for LTL carriers; reshoring is coming into vogue; and recapping FreightWaves’ Health & Pharma Supply Chain virtual event.
An open letter from activist investor Ancora Advisors says “ineffective capital allocation” and diversification into “margin- and return-dilutive service offerings” have led to inferior results for Forward Air compared to other less-than-truckload carriers.
The most important number, yield, is up from January 2020 for Forward Air.
In today’s edition of The Daily Dash, freight rates jumped 12% to end 2020, and Amazon wants to help truckers build their own businesses. Plus, Knight-Swift acquires a technology company.
Old Dominion CEO Greg Gantt says nine service centers were added in 2020 and there are more to come this year — some of them soon.
In today’s edition of The Daily Dash, offering up a to-do list for new Transportation Secretary Pete Buttigieg. Plus, recapping the latest earnings and how Bezos changed logistics.
One notable number in the company’s earnings is that even with growth in all areas, compensation costs were held in check.
Past Forward Air CFO Andy Clarke outlines his outlook for improving returns at his former company. He represents an activist investor group, which includes turnaround investment firm Ancora Advisors and Forward’s founder.
Another supporter of improving less-than-truckload fundamentals was identified this week. UBS analyst Tom Wadewitz initiated coverage of the group with a favorable outlook.
Deutsche Bank’s December geofencing data suggests LTL volumes continued the positive trends seen in the first two months of the fourth quarter.
Former executives at Forward Air along with an activist investor have been acquiring shares since October in efforts to make changes to the management team, board and capital allocation strategy, which may include divesting “non-core assets.”
ArcBest sees asset-based revenue continue positive streak in November. This is the fourth LTL carrier to report improving trends in the quarter.
YRC Worldwide reports 3% year-over-year increase in November revenue, following a modest decline in October. The company’s overall trends are still lagging those of some competitors.
In today’s edition of The Daily Dash, Swift Transportation founder Jerry Moyes has taken over as CEO of less-than-truckload carrier Central Freight Lines. Plus, XPO has made the decision to split the company into separate businesses, and FreightWaves’ SpaceWaves event focuses on the logistics of space exploration.
