Plus, a Chicago-based freight broker boasts about making $215k in one day, Lineage Logistics hits it big with an $18 billion IPO, the latest on the Ocean's 11-style freight heist, and more.
We took the opportunity to ask our Instagram followers about their best days as freight brokers. Here are some of their responses...
Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Sequoia-backed Next Trucking is up for sale amidst a trucking slowdown. With revenues and EBITDA below expectations, it may face a steep discount from its last $500M valuation.
Sequoia Capital–backed logistics startup Next Trucking, is looking to sell itself amid a slowing trucking sector. The company's projected revenue for the current year is $176 million, significantly down from its previous forecast, and it expects an EBITDA loss of $12 million. Industry insiders suggest that due to the negative EBITDA and lower net revenues, the company may sell at a considerable discount from its last valuation of $500 million.
Next Trucking is for sale.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) June 5, 2023
Gross revenues are $176 million - no mention of net revenues.
Gross revenues are a meaningless number at freight brokerages - versus net revenues (gross minus purchased transportation), which have real meaning.
Freight brokerages’ values are… pic.twitter.com/Zjb3AuRpU6
Source: The Information
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.
We are currently getting insider information from a freight broker who is dealing with this situation.
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