Knight-Swift Transportation (KNX) - 2024 Q2 - Earnings Call Presentation

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]