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%.
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.
