Financial Data and Key Metrics Changes - Revenue increased by 11.8% year-over-year, driven by an increase in revenue per load despite a flat load count, reflecting the inclusion of U.S. Xpress in the current quarter [3][4] - Revenue per load increased by 10.8% year-over-year in the second quarter, representing a 4.6% increase from the previous quarter [4] - Operating income within All Other Segments was $3.9 million, marking the first operating profit for this category in seven quarters [11] Business Line Data and Key Metrics Changes - In the Intermodal business, load count grew sequentially by 10.8% while maintaining stable revenue per load, improving the operating ratio by 380 basis points over the first quarter [7] - The Truckload segment is expected to see slight revenue growth in the third and fourth quarters, with sequential improvements in operating margins [14] - The LTL segment anticipates low double-digit percent growth in revenue year-over-year, with mid-single-digit percent improvement in shipment count [16] Market Data and Key Metrics Changes - The logistics business is expected to face challenges in a down market but has significant runway for growth as market conditions improve [2][22] - The company expects sequential volume growth in the second half based on progress in the bid season, which should help diversify the business mix and reduce costs [9] Company Strategy and Development Direction - The company aims to leverage its power-only capabilities to complement asset businesses and enhance returns on capital assets [5] - There is a focus on both organic and inorganic growth, particularly in the LTL segment, with plans to fill regional gaps through acquisitions [67][70] - The company is positioned to endure a difficult market and is prepared to improve margins and cash flow when market conditions inflect [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about nearing a balanced market, with expectations for improved operating ratios in the upcoming quarters [29][30] - The company is monitoring various data points, including freight behavior outside of seasonal patterns, to gauge market conditions [74] - Management highlighted the importance of customer discussions and inventory levels as indicators of market confidence [55] Other Important Information - The company does not anticipate significant changes in the tax rate in the near term, as lower operating income has impacted the effective tax rate [83] - Equipment gains are projected to be in the range of $5 million to $10 million per quarter [19] Q&A Session Summary Question: Truckload outlook for Q3 and Q4 - Management noted that the market is getting closer to balance, with expectations for improved operating ratios and potential rate increases in the next bid season [27][30] Question: Spot rates and market conditions - Management acknowledged the discrepancy between their confidence in market recovery and low spot rates, attributing their outlook to internal data and customer discussions [42][49] Question: U.S. Xpress performance and market support - Management indicated that U.S. Xpress has made progress primarily through self-help, with expectations for further improvement as market conditions strengthen [104][108] Question: LTL segment growth and capacity filling - Management discussed the strategy for filling new capacity through existing customer relationships and competitive pricing, emphasizing a cautious approach to growth [112][118]

Financial Performance - Q2 2024 - Net income decreased by 67.9% from Q2 2023, from $79 million to $20 million[4] - Adjusted net income decreased by 49.9% from Q2 2023, from $63 million to $39 million[4] - Earnings per share decreased by 66.7% from Q2 2023, from $0.49 to $0.13[4] - Adjusted EPS decreased by 51.0% from Q2 2023, from $0.24 to $0.13, which includes a $0.06 per share charge for the settlement of a truckload auto liability claim from 2020[4] - Total revenue increased by 18.9% from Q2 2023, from $1.553 billion to $1.847 billion[29] - Revenue excluding fuel surcharge increased by 18.1% from Q2 2023, from $1.390 billion to $1.642 billion[11] - Operating income decreased by 32.5% from Q2 2023, from $94 million to $63 million[11] - Adjusted operating income decreased by 22.8% from Q2 2023, from $115 million to $89 million[11] Segment Performance - Truckload - Truckload revenue excluding fuel surcharge increased by 33.0% from Q2 2023, from $829.4 million to $1.1028 billion[16] - Truckload operating income decreased by 65.4% from Q2 2023, from $67.9 million to $23.5 million[16] - Truckload adjusted operating income decreased by 54.3% from Q2 2023, from $68.2 million to $31.2 million[16] - Truckload operating ratio increased to 98.1% from 92.9%[16] - Truckload adjusted operating ratio increased to 97.2% from 91.8%[16] - Average revenue per tractor increased by 4.0% from Q2 2023, from $46,461 to $48,309[37] - Average tractors increased by 27.9% from Q2 2023, from 17,851 to 22,828[37] - Miles per tractor increased by 8.5% from Q2 2023, from 18,904 to 20,518[37] Segment Performance - Less-Than-Truckload (LTL) - LTL revenue excluding fuel surcharge increased by 15.1% from Q2 2023, from $228.6 million to $263.1 million[19] - LTL operating income increased by 9.3% from Q2 2023, from $30.2 million to $33.0 million[19] - LTL adjusted operating income increased by 8.2% from Q2 2023, from $34.2 million to $37.0 million[19] - LTL operating ratio increased to 89.2% from 88.7%[19] - LTL adjusted operating ratio increased to 85.9% from 85.1%[19] - LTL revenue excluding fuel surcharge per hundredweight increased by 13.4% year-over-year[21] - LTL shipments per day increased by 8.4% from Q2 2023, from 18,898 to 20,482[40] - LTL weight per shipment decreased by 4.7% from Q2 2023, from 1,058 to 1,008[40] - LTL revenue excluding fuel surcharge per hundredweight increased by 13.4% from Q2 2023, from $15.19 to $17.22[40] - LTL revenue excluding fuel surcharge per shipment increased by 8.0% from Q2 2023, from $160.66 to $173.50[40] Segment Performance - Logistics - Logistics revenue excluding intersegment transactions increased by 11.8% from Q2 2023, from $117.8 million to $131.7 million[43] - Logistics operating income decreased by 50.3% from Q2 2023, from $9.6 million to $4.8 million[43] - Logistics adjusted operating income decreased by 40.2% from Q2 2023, from $9.9 million to $5.9 million[43] - Logistics operating ratio increased to 96.4% from 92.0%[43] - Logistics adjusted operating ratio increased to 95.5% from 91.6%[43] - Logistics revenue per load increased by 10.8% from Q2 2023, from $1,652 to $1,831[23] - Logistics gross margin decreased by 150 bps from Q2 2023, from 19.4% to 17.9%[23] Segment Performance - Intermodal - Intermodal revenue excluding intersegment transactions decreased by 6.5% from Q2 2023, from $104.3 million to $97.5 million[25] - Intermodal operating loss improved by 74.1% from Q2 2023, from $(6.6) million to $(1.7) million[25] - Intermodal operating ratio improved to 101.8% from 106.4%[25] - Intermodal average revenue per load decreased by 4.9% year-over-year[25] - Intermodal load count decreased by 1.7% from Q2 2023, from 37,945 to 37,290[63] - Intermodal average tractors decreased by 6.6% from Q2 2023, from 656 to 613[63] - Intermodal average containers decreased by 2.0% from Q2 2023, from 12,842 to 12,580[63] Segment Performance - All Other Segments - All Other Segments revenue decreased by 47.5% from Q2 2023, from $130.1 million to $68.3 million[27] - All Other Segments operating income/(loss) improved by 155.1% from Q2 2023, from $(7.1) million to $3.9 million[27] Guidance - The company expects adjusted EPS to be in the range of $0.31-$0.35 in Q3 and $0.32-$0.36 in Q4[51]

9 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------|-------|--------------------|----------------|-----------------------------------|--------------|---------------------|-------|------------| | Condensed Consolidated Statements of Comprehensive | | \nQuarter \n2024 | Income \nEnded | (Unaudited) \nJune 30, \n2023 | 1 | Year-to-Date \n2024 | June | 30, \n2023 | | | | | | (In thousands, | except per | share data) | | | | Revenue: | | | | | | ...

Wall Street expects a year-over-year decline in earnings on higher revenues when Knight-Swift Transportation Holdings (KNX) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on July 24, 2024, might help the stock move higher if these key numbers ...

H 1988 i l II 10 - 0011 Fir 11 t Introduction It's time to discuss trucking. Data by YCharts What's Up With Trucking Full Truckload (FTL) Shipments TL Linehaul Index Full-truckload (FTL) is for shipments with enough volume to require a full truck of dedicated space A2Z Market Research Moreover: The Monday report noted "ongoing softness in for-hire demand" as loads normally pegged for the for-hire market are being insourced by private cariers. It also said shippers consolidating less-than-truckload shipments ...

Currently, Knight-Swift carries a Zacks Rank #5 (Strong Sell). Knight-Swift Transportation Holdings Inc. (KNX) is currently mired in multiple headwinds, which, we believe, have made it an unimpressive investment option. Knight-Swift exited the first quarter of 2024 with cash and cash equivalents of $204.76 million, which is lower than its long-term debt (excluding current maturities) of $1.19 billion. This implies that the company does not have enough cash to meet its debt obligations. Partly due to these h ...

or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________________________________________________________________________________________________ FORM 10-Q ____________________________________________________________________________________________________________________________________________________ ...

Knight-Swift Transportation Holdings Inc. (KNX) reported first-quarter 2023 adjusted earnings per share (EPS) of 12 cents, which missed the Zacks Consensus Estimate of 19 cents and declined 83.6% year over year.  Total revenues of $1,822.46 million missed the Zacks Consensus Estimate of $1,841.3 million but improved 11.3% year over year.Total operating expenses (on a reported basis) increased 20.7% year over year to $1.80 billion. Knight-Swift’s adjusted operating income fell 68.5% year over year.Segmental ...

For the quarter ended March 2024, Knight-Swift Transportation Holdings (KNX) reported revenue of $1.82 billion, up 11.3% over the same period last year. EPS came in at $0.12, compared to $0.73 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $1.84 billion, representing a surprise of -1.02%. The company delivered an EPS surprise of -36.84%, with the consensus EPS estimate being $0.19.While investors closely watch year-over-year changes in headline numbers -- revenue an ...

Knight-Swift Transportation Holdings (KNX) came out with quarterly earnings of $0.12 per share, missing the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.73 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -36.84%. A quarter ago, it was expected that this trucking company would post earnings of $0.47 per share when it actually produced earnings of $0.09, delivering a surprise of -80.85%.Over the l ...