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.
