From time to time, truck drivers require additional training. Whether it is refresher training or due to a recent incident, success depends on having the right approach.
Driver pay increases continue to roll in as a strong macroeconomic environment shows little signs of slowing.
Learn how technology and automation can help maximize profits and strengthen your partner relationships at MyBlueGrace.com
More trucking heads weigh in on rate expectations for 2022. Following a sizable rate bump this year, it appears that rates could move considerably higher again next year.
Understanding the differences among truckloads
Rate predictions for the truckload market are coming in earlier than in past years. High consumer demand along with a lack of drivers and equipment has industry participants calling for further increases.
Dedicated carrier Cowan Systems is offering sign-on bonuses as high as $20,000 for newly hired drivers.
Truckload carrier Heartland Express announced a 50-cent-per-share special dividend Friday. It was the second carrier to announce a special dividend this week.
Marten Transport announced a special dividend of 50 cents per share. The payment marks the third straight year of special dividends for the carrier.
AskWaves takes a look at gains on the sale of revenue equipment and how they play into the financial results of truckload carriers.
As freight markets enter the second year of peaklike conditions, FreightWaves caught up with Amit Mehrotra, Deutsche Bank’s transportation analyst, to talk about how this freight cycle will play out.
The need for truck capacity remains at historic highs, and more fleets have responded by increasing driver pay for the second time this year.
A third-quarter outlook from truckload carrier U.S. Xpress sees volume and rate strength lasting throughout 2021. However, driver and supply chain labor challenges present risks.
USA Truck reported second-quarter net income of $4.2 million, after reporting a loss of $900,000 in the same period a year ago.
The Omaha, Nebraska-based transportation and logistics provider reported second-quarter adjusted earnings of 86 cents per share.
“Our logistics segment has been thriving and growing, including contract logistics and port services, with the largest contributor being brokerage,” says Schneider CEO.
“Truckload detention is the last dark corner of the trucking industry, so we built a big flashlight.” That flashlight will shine bright on Thursday when TCA hosts a virtual workshop addressing the issue.
Knight-Swift Transportation beat second-quarter estimates and raised its full-year guidance to include the favorable operating environment in addition to accretion from recent acquisitions. However, the improved outlook includes the expectation for continued cost headwinds around labor.
Midwest Carriers announced the acquisition of alcohol transporter Osborn & Son Trucking for an undisclosed amount.
Hirschbach Motor Lines announced that it has acquired Lessors Inc. The deal marks the second combination of two temperature-controlled carriers in the last week.
U.S. Xpress sees brokerage platform Xpress Technologies as a big part of the company’s digital overhaul.
Truckload carrier Western Express will install Platform Science’s full suite of technologies, including the Remote Platform Management system, across its fleet of 3,000 trucks.
Carriers are hoping to attract drivers with more pay and improved benefits.
There was a fair amount of “feel-good” talk regarding inventory build during the fiscal first-quarter retail earnings season. But for several chains, the year-over-year comparisons were easy. Further, sales have continued at an elevated clip, suggesting the massive merchandise restocking is far from over.
The servitization of the trucking industry means there is a need for carriers to have better transparency of their available equipment in order to add new revenue streams.
Commentary from trucking executives at an investor conference suggests the capacity crunch may last well into next year.
Freight shipments continue to break records with little signs of slowing. The year-over-year comparisons get tougher in the back half of 2021 but the current supply-demand dynamics may not change all that much.
The Teamsters union is seeking executive compensation reform at XPO.
Schneider National sees several favorable catalysts through the remainder of 2021 that are supportive of its guidance raise. Finding equipment and drivers will be the challenge.
Schneider National’s first quarter comes in ahead of analysts’ expectations and the company raises its full-year outlook by 8% at the midpoint of the range.
First-quarter earnings reports from truckload carriers highlight a booming freight market. A strong consumer, tight truck capacity and elevated rates appear the likely dynamics for the remainder of the year.
Roehl Transport announced its second driver pay increase of the year.
P.A.M. Transportation Services posted a profit in the first quarter of 2021. The bulk of the improvement came on the nonoperating line.
GP Transco is the latest carrier to raise driver pay. Base pay alone for company drivers moves 15% higher.
Heartland Express reported a slight miss on first-quarter earnings expectations Wednesday. The carrier pointed to relative strength in March as it exited the quarter, noting that driver pay will need to be raised again.
Knight-Swift Transportation posted a large headline earnings beat in the first quarter but it was less impressive by comparison when excluding nonoperating income. The company now sees over-the-road contract rates increasing in the mid-teen percentage range during 2021.
J.B. Hunt Transport Services announced first-quarter results well ahead of analysts’ expectations.
Driver pay continues to step higher as truck capacity remains very tight and consumer spending high.
After raising pay earlier in the year, Cargo Transporters has implemented a flexible pay package, allowing company drivers to earn paid time off and bonus payments on a prorated basis.
West Coast carrier Cheema Freightlines announces a pay bump for drivers and plans to expand its fleet in 2021.
After a fresh round of pay increases at the beginning of the year, some carriers are continuing to raise rates further. Bay & Bay Transportation announced effective immediately it has raised pay for independent contractors by 20 cents per mile.
Flatbed carrier Daseke announced Wednesday it has reduced debt and refinanced the bulk of its remaining debt. The transaction, which will lower annual interest payments, is the latest in the company’s efforts to improve margins and financial returns.
Several of the nation’s largest retailers say inventory positions are improving. However, retail sales continue to outpace efforts to stock up, suggesting trucking demand could stay elevated well into 2021.
Flatbed transportation and logistics provider PS Logistics remains on the acquisition trail, purchasing the assets of Indiana carrier Jason Jones Trucking. The tuck-in deal allows JJT to keep operating under its own name.
Growth in the supply chain came at a faster pace in February, with transportation capacity falling and prices climbing at accelerated rates.
Carrier Averitt Express said it was raising pay for its newly hired regional truckload and flatbed drivers. The company becomes the latest to increase driver pay as the industry struggles to seat tractors.
Fuel card provider WEX Inc. continues to see gradual sequential improvement but at a pace below analysts’ expectations. The company’s fourth-quarter result was slightly below expectations and its first-quarter revenue guidance disappoints. Shares are off 4% in early trading.
Werner Enterprises modestly lowered earnings expectations for the first quarter of 2021 due to downtime caused by recent winter storms. The company expects no change to the tight capacity dynamic for some time.
Appearing at an investor conference, J.B. Hunt CEO John Roberts said this year’s intermodal bid season will go a long way in determining whether the company curtails the division’s margin target.
Schneider National plans to use its strong cash generation capabilities to reinvest in the fleet during 2021. The carrier will also look to allocate growth capital to its dedicated and intermodal offerings.
Schneider National posted fourth-quarter results ahead of analysts’ forecasts on Wednesday. The company’s 2021 outlook is largely in-line with the current consensus estimate.
SONAR is the leading freight forecasting platform. Two recently added SONAR indices are proving very useful to SONAR subscribers. Learn more.
Only a week removed from the $800 million purchase of UPS Freight, TFI International is back at it. On Monday, the company announced the acquisition of van and flatbed carrier Fleetway Transport.
An interview with flatbed carrier Daseke outlines the company’s operational focus and plan to get back to growth through acquisitions.
This week’s DHL Supply Chain Pricing Power Index: 70 (Carriers) Last week’s DHL Supply Chain Pricing Power Index: 65 (Carriers) Three-month DHL Supply Chain Pricing Power Index Outlook: 75 (Carriers) The DHL Supply Chain Pricing Power Index uses the analytics and data in FreightWaves SONAR to analyze the market and estimate the negotiating power for […]
Flatbed truckload company Daseke beats earnings per share estimates in the fourth quarter but revenue and operating ratios slide. 2021 guidance provides a bit of a mixed bag.
Could DB Schenker be the next TFI International? TFI just agreed to buy UPS Freight. DB Schenker is ready to become a pure play trucker in the U.S. and will be looking for sellers.
Truck broker Landstar System expects high demand and elevated truckload rates to carry through the first quarter of the year. However, the company’s CEO has a bit of a contrarian “pessimistic” view for the second half.
Knight-Swift Transportation reports a big jump in results during the fourth quarter. However, while some may view this as a victory lap, investors appear to be calling the end to the TL trade.
Knight-Swift Transportation capitalizes on strong truckload fundamentals to post much higher year-over-year results. Fourth-quarter numbers came in slightly ahead of expectations and the company’s full-year 2021 guidance remains unchanged.
An economic outlook report from truckload carrier U.S. Xpress calls for tight truckload dynamics to remain in place at least through the third quarter. The forecast calls for contractual rates to increase as high as 15% in the year.
J.B. Hunt Transport Services’ fourth quarter came in better than expected. However, the company said it was reviewing long-term margin targets across all segments. Intermodal margin forecasts may be reduced but other units could see upward revisions.
J.B. Hunt Transport Services’ fourth quarter outpaces analysts’ forecasts. Brokerage, truck and final-mile divisions benefit from revenue surge.
Fourth-quarter results for Heartland Express displayed a revenue dip on driver employment headwinds but operating income jumped 35%. The company mentions getting back into M&A.
U.S. Xpress announced Monday that Jake Lawson has joined as chief commercial officer and Justin Harness will head the dedicated division.
Interview with Daseke’s leadership team covers recent changes and the return to M&A.
New 25-driver subcommittee will give FMCSA direct feedback on safety issues.
Temperature-controlled carrier Nagle Toledo announced a 17% pay increase for its drivers. The company was one of the first to start paying drivers a straight salary.
UBS equity research analyst Tom Wadewitz’s 2021 outlook calls for a continuation of healthy freight activity during the first half of the year with a little more uncertainty in the back half.
Flatbed carrier Daseke announced several moves Tuesday. The company’s CEO has resigned, former founder Don Daseke will be renominated to the board and institutional shareholder Lyons Capital will occupy a board seat.
The trucking sector has been on a historic run of late, with some pointing to an end nearing. Don’t tell that to Deutsche Bank’s Amit Mehrotra, who sat down with FreightWaves to discuss his positive outlook for the new year.
A couple more truckload carriers have announced pay increases for drivers ahead of the new year. Beacon Transport and Bay and Bay Transportation are the latest.
Roehl Transport joins the list of truckload carriers increasing driver pay to keep trucks rolling during a high-demand environment.
Sell-side research analysts have made their bets on trucking in 2021. Some believe a continuation in consumer spending and inventory restocking will benefit truckload carriers while others see less-than-truckload carriers gaining traction as the industrial economy advances.
The Cass Freight Index sees sequential weakness in shipments but logs year-over-year improvement with expenditures data advancing.
Frozen Food Express is raising linehaul driver pay by 25% for new solo drivers and 20% for team drivers.
Truckload carrier Titan Transfer adds another fleet to the portfolio with the acquisition of JTL Carriers.
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.
Forward Air adds to non-airport less-than-truckload service by opening a facility in Bethlehem, Pennsylvania.
In today’s edition of The Daily Dash, spot rates could be heading higher yet again. Plus, truckload carriers wonder if we are in peak season or a new normal; and a Texas group tackles tort reform.
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.
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.
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.
Heartland Express raises driver pay 6% across the board and as high as 12% for some.
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.
Universal Logistics reported revenue of $365 million during the third-quarter, a 2.8% decrease compared to the same period last year.
USA Truck was able to use a favorable demand backdrop and very tight truck capacity to break a string of four consecutive quarterly losses.
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.
Knight-Swift Transportation raises its 2020 outlook and provides 2021 guidance that is well ahead of recently raised expectations.
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.
The Cass Freight Index booked 7% sequential gains in shipments and expenditures during September.
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.
The fleet management solution is Transfix’s first foray into a pure software product.
