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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Morgan Stanley predicts Q2 2023 to be the bottom of the cycle for trucking companies, with estimates adjusted ahead of the earnings season.
Ahead of the earnings season, Morgan Stanley has adjusted estimates, predicting Q2 2023 as the "peak pain" point for trucking companies and likely the bottom of the cycle. The quarter started with a lack of a spring seasonal pickup, and despite a slight improvement, it was insufficient to salvage the quarter. The firm has reduced forecasts for most carriers significantly, citing persistently soft demand that impacted volumes and pricing.
Source: FreightWaves
Morgan Stanley trimmed estimates Thursday ahead of earnings season. The firm sees the second quarter of 2023 as the point of “peak pain” for trucking companies and likely the bottom of the cycle.https://t.co/gkjowed4WT
— FreightWaves (@FreightWaves) July 6, 2023
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.
Morgan Stanley's latest TLQURE model forecasts significant increases in truckload spot rates over the next year. What does this mean for the industry?
Southeastern carriers are rejecting loads at the highest rate since July 2022, breaking a two-year trend of low volatility and loose capacity.
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