The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, a significant government platooning study will move forward with a California organization conducting the research. Plus, Schneider may be eyeing an acquisition, UPS’ provides a second-quarter earnings surprise and a lumber company bankruptcy means many carriers may be out thousands of dollars.
The federal government has given a truck platooning project to a California organization that will study the benefits of platooning. California Partners for Advanced Transportation Technology will test the viability of platooning, and the results could influence federal safety regulations.
John Gallagher has the project details: Exclusive: Feds award major truck platooning contract to California PATH
Cash to spend
Schneider National (NYSE: SNDR) had a very good second quarter, and it is predicting good things in the third quarter. It also has been growing a war chest of $714 million, and it is looking to spend it.
Todd Maiden has the details on what Schneider plans to do with the cash: Schneider eyes deployment of growing cash balance
Big Brown rolls in the green
UPS (NYSE: UPS) blew away analysts’ expectations with its second-quarter earnings results, posting adjusted diluted earnings per share of $2.13, up 8.7% year-over-year and besting analysts’ $1.30 prediction.
Mark Solomon explains why the package giant performed so well: UPS blows away estimates with stunning second-quarter results
Get in line
Northland Corp., a major supplier of lumber, has filed for bankruptcy protection, and several trucking companies are among those owed thousands of dollars. The Kentucky-based company lists 199 creditors, including several flatbed carriers and brokerages.
Clarissa Hawes breaks down who is owed money: Carriers owed thousands after lumber processor files for bankruptcy
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Did you miss this?
A depressed used truck market has dented Ryder’s earnings, as the company sold more vehicles than in 2019 but took in 33% less revenue from sales. And things are not looking bright on the used front, with a glut of inventory on hand.
John Kingston has a look at what all this means for Ryder moving forward: Ryder sees weak market for used vehicles lingering, and it has a lot of them
Hammer down, everyone.