Regulatory authorities continued to force out non-compliant capacity in the second quarter, creating a "rapid progression in truckload market conditions," according to Knight-Swift Transportation. The carrier reported better-than-expected results on Wednesday, highlighted by contract rates that climbed throughout the period and a tender rejection rate that was twice the industry average. It expects the positive momentum to intensify starting in September and to carry through the rest of the year.
"We've just never seen the FMCSA, the DOT with the push that they're making on cleaning up our industry and taking the non-compliant, the bad actors out of it," said CEO Adam Miller on a Wednesday evening call with **** ysts.
He believes the change the industry is experiencing is "durable" and "raises the floor" for rates in the next downturn.
Knight-Swift (NYSE: KNX) reported second-quarter adjusted earnings per share of 63 cents, 28 cents higher year over year and 12 cents better than the consensus estimate. (Management's EPS guidance range was 45 to 49 cents.)
Revenue of $2.1 billion was 13% higher y/y and ahead of the $2.04 billion consensus estimate. Revenue was up 6% y/y excluding fuel surcharges.
#swift #wednesday
"We've just never seen the FMCSA, the DOT with the push that they're making on cleaning up our industry and taking the non-compliant, the bad actors out of it," said CEO Adam Miller on a Wednesday evening call with **** ysts.
He believes the change the industry is experiencing is "durable" and "raises the floor" for rates in the next downturn.
Knight-Swift (NYSE: KNX) reported second-quarter adjusted earnings per share of 63 cents, 28 cents higher year over year and 12 cents better than the consensus estimate. (Management's EPS guidance range was 45 to 49 cents.)
Revenue of $2.1 billion was 13% higher y/y and ahead of the $2.04 billion consensus estimate. Revenue was up 6% y/y excluding fuel surcharges.
#swift #wednesday
6 days ago
