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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Despite expectations, Class 8 truck orders remain steady. With all order slots filled, the production for Q4 2023 is anticipated to be strong.
FTR reported that June's Class 8 truck orders matched May's, totaling almost 13,800 units, despite a predicted drop. The figure is a 7% YoY decrease but exceeds replacement demand. With all 2023 orders filled and 2024 slots not yet fully open, it's uncertain when the trucks will be built. This implies solid Q4 production. FTR’s chairman, Eric Starks, suggested strong production and mid-year slowdown would normalize backlogs over the next months, currently under pressure from high backlog-to-build ratio. The OEMs' building activities are predicted to extend well into Q4.
Source: Fleet Equipment Magazine
Class 8 orders for June
— Thomas Wasson (@ThomasWasson7) July 20, 2023
The backlog-to-build ratio declined 80 basis points (bps) to 5.9 months (6.6 seasonally adjusted).
2024 outlook per ACT Research: orderbooks typically open in October, lately have seen them open as early as August pic.twitter.com/cwWkBUCkjs
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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