A high commission split means nothing without stability. Learn how credit exposure, factoring risk, and financial discipline impact freight agent income and why the right agency foundation matters most.
Rob Carpenter shares what the non-domiciled CDL ruling means for fleets, compliance, and rates.
Plus: Algorhythm Holdings Up 3.6x, Flexport Targets IPO, Roadcheck 2026 and more.
Plus, a look at the latest trade deficit numbers, new levies against Chinese retailers, a NJ trucking exec's big fraud, and more.
Good Friday morning. Several key companies have released their Q4 2024 earnings reports, and we're breaking down the numbers and what these leaders have to say about the current freight environment.
Plus:
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🐔 WHAT’S COOKIN’ IN FREIGHT
📉 Record US Trade Deficit in 2024. The US trade deficit (when a country imports more than it exports) reached a record $1.2 trillion in 2024, driven by a 6.6% increase in imports to $4.1 trillion, while exports grew at a more modest pace. A strong dollar made American goods more expensive abroad, slowing exports of vehicles and industrial supplies. Chinese electric vehicle competition and US auto strikes further pressured trade. “The Chinese auto industry has really come on and is very competitive in the E.V. space,” said Mark Zandi, chief economist at Moody’s Analytics. “And that’s a real problem for US manufacturers that are producing and exporting to the rest of the world.” Mexico remained the top source of US imports, though trade dynamics could shift in the coming year as President Trump seeks to impose his policies in the global trade war.
📦 Tariff Hike Shakes Shein, Temu Supply Chains. Trump’s latest tariffs on Chinese imports, combined with the revoked de minimis rule, have thrown Chinese e-commerce sellers into turmoil. Shein, Temu, and TikTok Shop vendors are now being asked by logistics agents to pay a 30% levy upfront, adding to uncertainty around shipping delays, customs clearance, and costs. Retailers face tough choices: pass costs onto consumers, cut prices, or change shipping strategies. Some suppliers had already begun shifting away from the small-parcel model before the tariffs hit. The question now is will this force a bigger pivot toward bulk imports and warehousing in the U.S., or will the crackdown simply slow e-commerce growth?
🏛 New Jersey Trucking Owner's $4.6 Million Fraud Scheme. Jose Pena, 46, of Monroe Township, has been charged in connection with a multimillion-dollar overbilling scheme targeting Williams-Sonoma and an unnamed logistics firm. Prosecutors allege that from 2018 to 2024, Pena and his co-conspirators fabricated deliveries, defrauding the companies of over $4.6 million. He reportedly paid bribes in cash, as well as in the form of a Rolex watch and an SUV. An internal audit uncovered the fraud, but Pena later resumed billing Williams-Sonoma under a different carrier. Two associates, Raymond DeLeon and Cintia Elaxcar, have pleaded guilty. If convicted, Pena faces up to 20 years in prison and substantial fines.
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It’s earnings season, and we’ve got a fresh look at how some of the biggest names in freight performed in Q4 2024. With demand still sluggish and costs piling up, some companies held their ground while others took a hit. Here’s what you need to know.
Key Takeaways:
XPO managed to boost profitability even as daily shipments dipped 4.4%. A win for the company was higher yields: excluding fuel surcharges, they rose 6.3%, helping offset weaker volumes. CEO Mario Harik remains bullish:
“We’ve entered 2025 with strong momentum, following landmark network investments that strengthen our competitive position in a freight market recovery and for the long-term.”
Key Takeaways:
It wasn’t a great quarter for Old Dominion, but service stayed rock solid—the company hit a 99% on-time delivery rate and kept its cargo claims ratio below 0.1%. Investors got some good news, too: the Board approved a 7.7% dividend increase to $0.28 per share. CEO Marty Freeman reassured stakeholders:
"Providing our customers with superior service at a fair price remains the cornerstone of our long-term strategic plan.”
Key Takeaways:
Universal had a standout quarter, with double-digit revenue and EBITDA growth. The company also declared a dividend, keeping shareholders happy. CEO Tim Philips gave credit to the company's contracts and heavy-haul demand services, saying:
“Our contract logistics segment continues to be the cornerstone of our success...Strong demand for our specialized, heavy-haul services has also enabled our trucking segment to produce solid results during the quarter, and throughout all of 2024."
Key Takeaways:
Werner felt the weight of a weak freight market and rising insurance costs, which dragged down its margins. However, One-Way revenue per mile increased, marking the second straight quarter of improvement. The company also saw stronger-than-expected peak season demand, with volumes doubling from last year at better rates. CEO Derek Leathers remains optimistic:
"The freight market continues to present challenges, but we're seeing early signs of improvement. We're focusing on what we can control—investing in ourselves and making strategic decisions that set us up for long-term success."
Key Takeaways:
Uber Freight remains a trouble spot, losing more money for the ninth straight quarter. The division was not mentioned on Uber’s earnings call, signaling it’s not a priority for the broader company. However, it did launch Broker Access, a tool connecting brokers directly to Uber Freight’s carrier network to improve efficiency.
With mixed results across the board, the freight industry is still navigating a rough patch. Some players found ways to grow profits, while others are feeling the squeeze. As we roll into 2025, the big question is: Will rates and demand finally pick up, or is more turbulence ahead?
TOGETHER WITH HIGHWAY
MODE Global, a leading logistics provider, has partnered with Highway to strengthen its risk mitigation capabilities. In response to increasing industry fraud, this collaboration enhances MODE Global’s technology ecosystem with improved carrier sourcing and fraud prevention.
“With fraud on the rise, this partnership boosts our platform's security,” said Lance Malesh, CEO of MODE Global. The integration provides real-time fraud detection during load booking, with Highway’s ‘Load Lock’ feature ensuring a more secure, reliable freight network.
This partnership represents a significant step toward building trust and enhancing security across the logistics industry.
🌎 AROUND THE FREIGHT WEB
📊 China's Reliance on US Trade. A recent analysis by Visual Capitalist highlights China’s significant dependence on trade with the United States, accounting for 14.8% of the country's exports in 2023.
🚨 Iowa Trucker Shooter. Patrick Lee Miller, 56, of Malvern, Iowa, faces attempted murder charges—carrying a potential sentence of up to 25 years in prison—after allegedly firing multiple shots at another semi-truck during a road rage incident on I-80. No injuries were reported.
💊 Decline in Fentanyl Seizures. In fiscal year 2024, US border authorities reported an 18.8% year-over-year decrease in fentanyl seizures. During this period, 43 pounds of fentanyl were seized at the Canadian border, while 21,000 pounds were confiscated at the Mexican border.
🏛️ Senators Question Ford. Senators Josh Hawley and Roger Marshall are demanding answers from Ford regarding its decision to terminate a longstanding contract with Jack Cooper, a move impacting nearly 2,000 union workers.
🤝 GenLogs Partners with Highway. GenLogs has announced a partnership with Highway aimed at eliminating fraud in the freight industry. This integration will bring “new levels of efficiency and control” to brokers seeking to vet carriers, according to Highway’s Chief Commercial Officer, Michael Caney.
⚖️ Georgia’s Tort Reform. Georgia Governor Brian Kemp has introduced two tort reform bills designed to limit excessive jury awards—known as 'nuclear verdicts'—in an effort to curb rising insurance costs and mitigate financial pressures stemming from these verdicts.
🎣 THE FREIGHT CAVIAR CORNER
FREIGHT MEME OF THE DAY
Plus: Algorhythm Holdings Up 3.6x, Flexport Targets IPO, Roadcheck 2026 and more.
A penny stock wiped $4.8B off C.H. Robinson's market cap yesterday. Plus: self-driving trucks are now running 1,000 miles nonstop, STG Logistics cleared a major bankruptcy hurdle, the FMCSA revoked nine ELDs, and more.
Here’s what’s trending across freight and logistics on X, LinkedIn, Reddit, and YouTube.
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