Schneider National(US:SNDR)2024-11-06 21:18Financial Performance - Operating revenues for Q3 2024 were $1,315.7 million, a decrease of 2.8% compared to $1,352.0 million in Q3 2023[96] - Revenues excluding fuel surcharge for Q3 2024 were $1,177.6 million, slightly down from $1,179.4 million in Q3 2023[97] - Income from operations for Q3 2024 was $43.1 million, down from $46.7 million in Q3 2023, reflecting a decrease of 7.7%[96] - Adjusted income from operations for Q3 2024 was $44.3 million, compared to $47.6 million in Q3 2023, indicating a decline of 6.9%[99] - Net income for Q3 2024 was $30.6 million, down from $35.6 million in Q3 2023, representing a decrease of 13.9%[96] - Adjusted net income for Q3 2024 was $31.5 million, compared to $36.3 million in Q3 2023, a decline of 13.2%[96] - Total operating expenses for Q3 2024 were $1,272.6 million, a decrease of approximately 2.5% from $1,305.3 million in Q3 2023[1] - Enterprise operating revenues decreased by $36.3 million, approximately 3%, in Q3 2024 compared to Q3 2023[8] - Enterprise net income decreased by $126.7 million, approximately 60%, in the nine months ended September 30, 2024 compared to the same period in 2023[127] - Enterprise operating revenues decreased by $175.8 million, approximately 4%, in the nine months ended September 30, 2024 compared to the same period in 2023[129] - Enterprise income from operations decreased by $142.3 million, approximately 54%, in the nine months ended September 30, 2024 compared to the same period in 2023[130] Cash Flow and Capital Expenditures - Free cash flow for Q3 2024 was $113.4 million, significantly higher than $52.7 million in Q3 2023, an increase of 115.6%[96] - Cash flow from operations for Q3 2024 was $206.4 million, up from $182.9 million in Q3 2023, an increase of 12.7%[96] - Net cash provided by operating activities increased by $0.5 million to $486.6 million in the nine months ended September 30, 2024, compared to $486.1 million in 2023[155] - Net cash used in investing activities decreased by $489.7 million, approximately 63%, in the first nine months of 2024 compared to the same period in 2023[157] - Net capital expenditures decreased by $153.7 million to $274.6 million in the first nine months of 2024, primarily due to a $172.5 million decrease in purchases of transportation equipment[158] - Total cash, cash equivalents, and marketable securities increased to $231.6 million as of September 30, 2024, compared to $159.6 million as of December 31, 2023[153] - Total debt decreased to $263.7 million as of September 30, 2024, down from $302.1 million as of December 31, 2023[153] Operational Metrics - The adjusted operating ratio for Q3 2024 was 96.2%, slightly higher than 96.0% in Q3 2023[96] - The operating ratio for Q3 2024 was 96.7%, compared to 96.5% in Q3 2023[1] - The effective income tax rate for Q3 2024 was 22.1%, down from 22.8% in Q3 2023[13] - The effective income tax rate was 24.0% for the nine months ended September 30, 2024, compared to 24.2% for the same period in 2023[134] - The operating ratio for the Intermodal segment increased to 95.1% in the nine months ended September 30, 2024, compared to 91.8% in 2023[144] Revenue Breakdown - Dedicated segment revenues (excluding fuel surcharge) increased to $347.5 million in Q3 2024 from $324.9 million in Q3 2023, a growth of approximately 6.3%[120] - Network segment revenues (excluding fuel surcharge) decreased to $185.2 million in Q3 2024 from $210.1 million in Q3 2023, a decline of approximately 11.9%[120] - Total Truckload revenues (excluding fuel surcharge) decreased to $532.2 million in Q3 2024 from $535.3 million in Q3 2023, a decrease of approximately 0.6%[120] - Intermodal revenues (excluding fuel surcharge) increased by $1.7 million, approximately 1%, in Q3 2024 compared to Q3 2023, driven by increased volume and revenue per order[123] - Logistics revenues (excluding fuel surcharge) decreased by $12.3 million, approximately 4%, in Q3 2024 compared to Q3 2023, primarily due to a decrease in brokerage revenue per order[125] - Dedicated revenues (excluding fuel surcharge) increased to $1,035.3 million in the nine months ended September 30, 2024, up from $930.7 million in 2023, representing an increase of approximately 11.2%[141] - Intermodal revenues (excluding fuel surcharge) decreased by $25.1 million, approximately 3%, in the nine months ended September 30, 2024, driven by a 5% decrease in revenue per order[144] - Logistics revenues (excluding fuel surcharge) decreased by $94.2 million, approximately 9%, in the nine months ended September 30, 2024, primarily due to decreases in revenue per order and volume[148] Other Expenses - Total other expenses increased by $3.2 million in Q3 2024 compared to Q3 2023, primarily due to a pre-tax net gain on equity investments recorded in 2023[13] - Adjusted EBITDA for Q3 2024 was $143.8 million, slightly down from $145.5 million in Q3 2023[4] - Purchased transportation costs decreased by $49.0 million, or 9%, quarter over quarter due to reduced owner-operator capacity[12]