Schneider National(SNDR) - 2024 Q3 - Quarterly Results

Financial Performance - Operating revenues for Q3 2024 were $1.3 billion, a decrease of 3% from $1.4 billion in Q3 2023[1] - Income from operations was $43.1 million, down 8% from $46.7 million in the same quarter last year[5] - Diluted earnings per share (EPS) for Q3 2024 was $0.17, compared to $0.20 in Q3 2023, representing a 15% decline[5] - Net income for the three months ended September 30, 2024, was $30.6 million, down from $35.6 million in the same period of 2023, representing a decline of 14.0%[28] - Adjusted income from operations for Q3 2024 was $44.3 million, compared to $47.6 million in Q3 2023[48] - Adjusted net income for the three months ended September 30, 2024, was $31.5 million, down from $36.3 million in 2023[53] - Adjusted EBITDA for the three months ended September 30, 2024, was $143.8 million, compared to $145.5 million in the same period of 2023[55] Revenue Breakdown - Truckload revenues (excluding fuel surcharge) decreased by 1% to $532.2 million, while average truck count for Dedicated increased by 4%[9] - Logistics revenues (excluding fuel surcharge) decreased by 4% to $313.7 million, primarily due to lower brokerage revenue per order[13] - The Truckload segment generated revenues of $532.2 million for the three months ended September 30, 2024, slightly down from $535.3 million in the same period of 2023[28] - The Logistics segment reported revenues of $313.7 million for the three months ended September 30, 2024, a decrease from $326.0 million in the same period of 2023[28] - Revenues (excluding fuel surcharge) for the three months ended September 30, 2024, were $1,177.6 million, slightly down from $1,179.4 million in 2023[45] Cash Flow and Capital Expenditures - Free cash flow year-to-date increased by $154.2 million compared to the same period in 2023[7] - Cash and cash equivalents increased to $179.0 million as of September 30, 2024, compared to $102.4 million as of December 31, 2023[25] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $486.6 million, slightly up from $486.1 million in the same period of 2023[26] - Net cash provided by operating activities for the three months ended September 30, 2024, was $206.4 million, an increase from $182.9 million in the same period of 2023, representing a growth of 12.8%[57] - Free cash flow for the nine months ended September 30, 2024, was $212.0 million, compared to $57.8 million in the same period of 2023, indicating a significant increase of 267.2%[57] - Net capital expenditures for the full year are now expected to be approximately $330 million[15] - Net capital expenditures for the three months ended September 30, 2024, were $(93.0) million, a decrease from $(130.2) million in the same period of 2023, showing an improvement of 28.6%[57] - Proceeds from the sale of property and equipment for the three months ended September 30, 2024, were $23.1 million, down from $34.5 million in the same period of 2023, a decrease of 33.5%[57] Operational Metrics - The average number of trucks in the Truckload segment was 10,397 for the three months ended September 30, 2024, compared to 10,677 in the same period of 2023[33] - The operating ratio for the Truckload segment was 95.5% for the three months ended September 30, 2024, compared to 90.5% in the same period of 2023[32] - The operating ratio for the Intermodal segment improved to 95.8% in Q3 2024 from 95.1% in Q3 2023[35] - Logistics segment operating ratio was reported at 97.6% for the three months ended September 30, 2024, compared to 97.4% in the same period of 2023[38] - Adjusted operating ratio for Q3 2024 improved to 96.2% from 96.0% in Q3 2023[50] Guidance and Future Outlook - Adjusted diluted EPS guidance for the full year has been updated to $0.66 - $0.72, down from the previous guidance of $0.80 - $0.90[15] - The company anticipates continued challenges in managing operational disruptions and inflationary pressures in the transportation industry[62] - The company is focused on maintaining key customer arrangements and managing disruptions due to external factors such as natural disasters and pandemics[62] - The company is committed to executing growth and diversification strategies while managing costs effectively[62] - The company does not undertake any obligation to publicly release revisions to its forward-looking statements after the date of the earnings release[63] Shareholder Actions - The company repurchased 3.8 million Class B shares for a total of $95.5 million under its stock repurchase program[8]