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Publicly trader transportation companies: Ryder, Landstar, and Old Dominion report Q2 2023 earnings.
Ryder System Inc. suffered an $18 million loss in Q2 2023 due to weaker market conditions and a substantial charge associated with its departure from the UK market. Simultaneously, Landstar System Inc. reported a year-over-year decrease in revenue and earnings in the same quarter, with net income dropping to $66.6 million from $112.5 million the previous year. Old Dominion Freight Line's Q2 revenue fell by over 15% YoY, with less-than-truckload (LTL) shipments per day down by 11.5%.
In the past year, despite the downturn in the freight market, Ryder's stock has risen by 28.55%, Landstar's has increased by 29%, and Old Dominion's share prices have impressively surged by 40.6%.
Sources: Transport Topics, Transport Topics, Transport Dive
Key trends in freight and shipping market of June 2023, with insights into spot market, carrier capacity, LTL sector and cross-border shipping.
Molson Coors, recognized as 2023's Shipper of Choice, excels in supply chain management, shipping 13M barrels of beverages annually.
Tornado damages Pfizer plant in North Carolina, affecting 50,000 pallets of medication and potentially impacting nationwide supply.
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.
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