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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Pam Transportation reports over 60% YoY drop in Q2 operating income despite increase in service, impacted by 18% decline in revenue per loaded mile.
Pam Transportation Services reported a 60% YoY decrease in operating income in Q2, even as average trucks in service, total loads, and loaded miles increased, due to an 18% decline in revenue per loaded mile. Despite a 9% increase in trucks in service and loads attributed to the acquisition of Metropolitan Trucking last June, the truckload segment saw a significant operating ratio increase, and the company's logistics unit reported a 9% YoY decline in revenue. Earnings per share for Q2 dropped 66 cents YoY, and shares of PTSI were down 2.3% on Thursday.
Source: FreightWaves
Todd Maiden
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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