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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Class 8 truck orders in North America hit a 14-month high in November 2023, indicating a strong replacement equipment demand despite a slow freight market.
In November 2023, Class 8 truck orders in North America reached a 14-month high, defying the sluggish freight market, with 41,700 units ordered, surpassing both the previous month and year-over-year figures. This surge, the highest since September 2022, suggests a "solid rather than stellar" outlook for 2024, according to ACT Research. The rising backlogs indicate a strong demand for replacement equipment despite the overall weak freight market. FTR Transportation Intelligence reported a slight year-over-year increase in orders, attributing the trend to replacement demand stabilization for 2024. Industry leaders like Paccar Inc.'s CEO note strength in vocational, medium-duty, and LTL markets, signalling an optimistic view for the upcoming quarters.
Source: Freight Waves
Class 8 truck orders continued to outpace the sluggish freight market with November orders surpassing 40,000. It was the best month since September 2022 on a seasonally adjusted basis.https://t.co/lomoBYXZuh
— FreightWaves (@FreightWaves) December 5, 2023
Source: FreightWaves
A truck carrying flammable chemicals crashed and exploded on Route 3 in Clifton, NJ, killing the driver and forcing evacuations.
Q2 sees slower rate of trucking business exits, but market remains challenging. Here are the latest industry data and expert insights.
Driver wages remain the largest expense. Safety bonuses ($1,831 average) surpassed starting bonuses for the first time.
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