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Knight-Swift's profit dips in Q2 as U.S. freight demand dwindles and revenues across trucking units drop sharply.
Knight-Swift Transportation, the largest North American truckload carrier, reported a sharp fall in Q2 profit to $63.3 million, down from $219.5 million year-over-year, due to reduced U.S. freight demand.
Revenue fell 21% to $1.55 billion, with the core truckload segment dropping 15.5%. The company's freight brokerage logistics business revenue also declined by 52% due to a decrease in shipper loads.
Amid this downturn, Knight-Swift reduced its full-year earnings guidance, also factoring in a projected loss from U.S. Xpress, which it acquired earlier in the year. CEO David Jackson expects a normalization of imports and seasonality in coming quarters following an inventory destocking phase.
Source: WSJ
Freight markets giving off recession vibes.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 22, 2023
Dave Jackson CEO of Knight-Swift on their conference call stated:
“I don’t know that we’ve ever seen freight demand fall this far so fast and for so long without an accompanying economic recession.” https://t.co/K2tuFbD6IR
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