163,318 truckers risk losing their CDLs when the FMCSA's new Clearinghouse rule takes effect in November. Here's what it means and how it impacts the industry.
Knight-Swift Transportation (KNX) shares jumped 11.75% after its earnings report on Friday. However, the company's overall numbers are a mixed bag.
Earnings Highlights:
EPS sits at 41 cents, exceeding the 39-cent forecast.
Revenue Details:
Revenues reached $2,019.9 million, surpassing the anticipated $1,915.4 million, a 21.9% increase YoY.
Challenges Afoot:
EPS plummeted by 67.7% YoY.
Operating expenses ballooned by 18.8% to $1.94 billion.
Adjusted operating income experienced a 60.8% decrease.
Trucking Insight:
Truckload sector shined, with revenues climbing 21.9%, yet adjusted operating income sank by 65.8%.
Less-Than-Truckload displayed promising revenue and operating income trends but with a marginal upswing in operating ratio.
Logistics faced headwinds, registering a 24.5% decline in revenue and a significant 650 bps jump in operating ratio.
Intermodal also grappled with challenges: revenues receded by 22.6%, and operating ratio surged to 104.5%.
CEO David Jackson discussed challenges in the truckload freight market and the potential for positive rate pressure, predicting a market turnaround. The company focuses on improving performance, growing the less-than-truckload business, and turning around U.S. Xpress Enterprises, its recent acquisition.
Knight-Swift CEO: "It's taken a lot to get to this point so deep along the bottom of this current cycle. But the market is beginning to show signs of sensitivity to when supply leaves suddenly or a provider cannot perform..."$KNXhttps://t.co/EsRXoZAssopic.twitter.com/p9zbuKHlPO
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
The US labor market is showing signs of stabilization as the rate of voluntary job quitting approaches pre-pandemic levels and employers implement better retention strategies.
