Company Earnings

Earnings at supply chain software provider E2open were a mixed bag, better than a year ago but weaker sequentially.

Earnings estimates for truckload and less-than-truckload carriers get a notable negative revision at Morgan Stanley.

Knight-Swift provided a second-quarter earnings warning on Wednesday while also confirming the closing of the U.S. Xpress acquisition.

The Greenbrier Companies sees “steady production” as the rail equipment manufacturer prepares to close out its 2023 fiscal year.

Year-on-year revenue at FedEx was down $2.7 billion, while diluted earnings per share beat estimates slightly; CFO Michael Lenz plans to retire at the end of July.

C.H. Robinson avoided a debt downgrade at S&P but the outlook was changed to negative, mostly on the size of its share buybacks.

Less-than-truckload carrier Yellow reported another large drop in volumes Friday after the market closed.

ArcBest holds on to tonnage growth in the April-May period but yields take a notable step lower.

Less-than-truckload provider Forward Air said Tuesday that demand momentum has improved as the second quarter has progressed.

Sticking to earlier forecasts, RXO’s chief strategy officer sees the 3PL’s market share growing and increased volume year on year.

Less-than-truckload carrier Old Dominion reported no seasonal inflection in volumes during May but continued to push yields higher.

Less-than-truckload carrier Saia reported second-quarter volume metrics on Friday that imply a high-single-digit sequential increase in tonnage from the first quarter.

Supply chain visibility provider Descartes beat first-quarter estimates, and management said they are optimistic about recent trends.

Freightos, an online reservation portal for freight shippers, is adding users, but heavy development costs and a weak shipping market make it difficult for the startup to reduce losses.

The quarterly earnings report of major truck lender BMO finally reflected the deterioration in the trucking market.

Freight broker Landstar cut its second-quarter revenue and earnings guidance as volumes and revenue per load were worse than expected halfway through the period.

Outsize profits are still flowing to companies like Danaos and Costamare that lease ships to container lines.

The container shipping party is over — that’s old news. Yet headlines continue to focus on comparisons to the peak.

First-quarter financials were iffy and cash was tight, but Workhorse electric stepvan manufacturing made progress.

All airlines are experiencing lower cargo revenue, but Air Canada lagged most competitors during the first quarter for reasons both unique to the airline and common for the industry.

Ratings agency Moody’s held J.B. Hunt’s debt rating steady, as the trucking company’s rating hasn’t changed since 2014.

The CEO of shipping line Hapag-Lloyd argues that current freight rates are unsustainable and will correct upward over time.

U.S. Xpress has laid off about 150 staffers and reported a hefty loss to the SEC.

Radiant Logistics said it will continue to use free cash flow and potentially debt to fund share repurchases and acquisitions.

U.S. box demand, which has experienced historic declines in the past two quarters, remains unusually weak in Q2 from all indications.

GXO, the world’s largest pure-play contract logistics provider, posted a record 12% year-over-year revenue gain.

Daseke pulled in its full-year 2023 outlook on Tuesday as the freight market has failed to yield normal springtime demand improvements.

Nikola will get $35 million in cash and 20.6 million of its shares from ending a joint venture with Europe’s Iveco Group, but ties remain.

Higher expenses and lower carload volumes contributed to a year-over-year dip in BNSF’s net profits for the first quarter.

Amazon air cargo partner ATSG has its eye on long-term growth, but investors with a shorter horizon are wary of big expenditures for cargo jets as shipping demand wanes.

Cold storage provider Americold raised 2023 guidance even though it remains uncertain how much a recent cyberattack will impact results.

Airbus has delayed the entry into service of the firstA350 freighter until 2026.

Less-than-truckload carrier XPO reported better-than-expected first-quarter results and said it remains on track to achieve long-term profitability targets.

Reduced North American rail traffic isn’t dampening the outlook for these rail equipment manufacturers and rail car lessors.

Inventory destocking is the biggest container shipping headwind, says Maersk. Its data shows no evidence of inventory pressures alleviating yet.

Werner Enterprises reported first quarter revenue of $832.7 million, up 9% year over year compared to the same period last year.

Less-than-truckload carrier Yellow Corp. recorded a net loss during the first quarter as it attempts to overhaul its network.

Quarterly earnings at stand-alone brokerage RXO were healthy compared to the performance of most companies in the freight sector.

Korean Air and Lufthansa Cargo saw cargo revenues shrink substantially during the first quarter amid weak economic conditions.

Tech solutions firm Trimble reported $154.9 million in first-quarter transportation revenue amid a softening freight market.

The softer markets in air and ocean freight are directly visible in Expeditors’ first-quarter earnings.

Canadian air cargo company Cargojet is searching under every rock for savings to maintain profit levels as shipping demand deteriorates.

The price of crude oil is now lower than it was when OPEC announced its latest cuts, fueling more concern on tanker demand.

Supply chain software provider e2open gave a bleak outlook in its earnings. Its stock took a pounding in response.

U.S. truck engine maker Cummins on Tuesday reported first-quarter revenue of $8.5 billion, boosted by strong global demand for its products.

Forward Air noted some optimism in its lowered outlook on Tuesday, saying recent customer conversations have been promising.

Uber Freight suffered along with the general freight market downturn and saw its first-quarter EBITDA sink yet again.

Two of the world’s largest third-party logistics providers consider the glass half-full despite a substantial drop in profits.

Truckload carrier Heartland Express missed first-quarter expectations.

Saia’s revenue trends in April are much better than its less-than-truckload peers.

Universal Logistics Holdings saw revenue declines in its trucking, brokerage and intermodal segments in the first quarter.

Sun Country is bucking the trend of express carriers flying fewer hours because of slow shipping volumes. Its Amazon fleet is busy as ever.

ArcBest on Friday stood by its strategy to take on lower-margin business.

Triumph Financial felt the soft freight market like everybody else, but its network of the future did show signs of improvement.

Hub Group had year-over-year revenue declines in its intermodal and logistics segments during the first quarter.

Amazon also issues higher second-quarter guidance.

Covenant’s biggest announcement in disclosing its first-quarter earnings is that it bought a large hauler of poultry-related freight.

Quarter after quarter, Paccar Inc. points to parts sales as driving its revenue and profits. Rush Enterprises deserves some of the credit.

Schneider National beat first-quarter expectations Thursday but lowered its full-year outlook as excess capacity lingers.

American Airlines joined its peers in posting lower cargo revenue for the first quarter from a year ago.

The partnerships with the two truck carriers for intermodal service will create new business opportunities for all three companies, CPKC officials said during the company’s first-quarter 2023 earnings call.

Gol Airlines in Brazil will have five all-cargo aircraft in its fleet by next month operating in a dedicated service for a large online retailer.

Freight broker Landstar System sees a big earnings falloff from the all-time high established a year ago.

Trailer maker Wabash reaped the benefits of its reorganization and long-term customer deals in the first quarter.

C.H. Robinson had a weak first quarter, as expected, and a new CEO should be in place by the end of the quarter, according to management.

Hawaiian Airlines faces more turbulent market conditions coming out of the pandemic than nearly any airline. On the bright side is a new charter contract with Amazon that will diversify the business.

Norfolk Southern is adjusting how it configures trains in response to the February East Palestine, Ohio, derailment. That will help the company improve productivity later this year, officials said during the railroad’s first-quarter 2023 earnings call Wednesday.

Like Volvo Group and Paccar Inc., which have already reported, Daimler Truck forecasts a stronger-than-expected first-quarter earnings report.

Link Logistics maintained high occupancy and rent growth in the first quarter.

Old Dominion said Wednesday that volumes have stagnated and some of its customers are pushing back on pricing.

Cargolux set financial records in 2022 but expects its air cargo business to decrease this year because of difficult operating conditions.

A weak U.S. consumer and a continued Asian downturn weigh on UPS. The macro environment is expected to remain challenged, CEO Carol Tomé says.

Not to be outdone by CPKC, CN said it is partnering with Union Pacific and Grupo México to provide a new, cross-continent intermodal service that will seek more truck-to-rail conversions.

Paccar Inc. crushed Q1 revenue and profit estimates, a quarter dampened by a $446 million hit related to European price-fixing settlements.

Pam Transportation saw first-quarter earnings fall as the truckload market searches for a bottom.

Service improvements at CSX come as headcount levels are at “a good number,” officials said during the company’s first-quarter 2022 earnings call.

Knight-Swift Transportation has recalibrated its 2023 outlook after posting an earnings miss to start the year.

Union Pacific’s earnings guidance for the year is based on the assumption that a recession won’t occur, officials said during the railroad’s first-quarter 2023 earnings call Thursday.

Volvo Group reported record sales and deliveries in the first quarter, projecting a positive note as the first truck manufacturer to release financials.

Truckload carrier Marten had a first quarter in which it drove more miles than last year but made less money.

United Airlines posted a quarterly loss and said cargo sales fell more than a third from a year ago, but was optimistic about strong travel demand the remainder of the year.

Logistics real estate operator Prologis believes headwinds facing the supply side will prop up occupancy and rents into 2024.

Warehouse operator Prologis reported first-quarter results in line with expectations Tuesday.

J.B. Hunt missed first-quarter expectations Monday as weak intermodal and trucking trends plagued the quarter.

J.B. Hunt Transport Services missed analyst expectations for the first quarter on Monday.

Delta Air Lines made less money from cargo during the first quarter than a year ago — or any quarter in between. Similar results are expected when other airlines report results.

Volvo posted unexpectedly strong preliminary sales and earnings in Q1, reversing a dour projection made just months ago. (Photo: Volvo Group)

First-quarter numbers from container lines Cosco, OOCL and Evergreen show lingering upside from the tail end of the boom.

Rail car manufacturer Greenbrier posted gains in its second fiscal quarter net income amid revenue increases for its manufacturing, maintenance and leasing business segments.

The trend in container shipping is summed up by the adage, “The higher you climb, the further you have to fall.”

Rail car manufacturer FreightCar America is eyeing opportunities to manufacture tank cars that would carry nonflammable materials should its competitors be busy manufacturing DOT-117 tank cars.

Radiant Logistics said Monday it has completed a financial restatement process that resulted in very minor changes.

The deal to sell itself to Knight-Swift ends a struggle at U.S. Xpress that lasted several years and included the failed Variant initiative.

In a first-quarter earnings preview, Deutsche Bank analyst Amit Mehrotra said he expects an in-line type quarter but voiced some concerns.

The FedEx Ground unit flexed its muscles in the third quarter with strong operating income and cost-reduction prowess.

FedEx Express is aggressively scaling back air operations to save money as shipping demand crumbles.

Tanker capacity for diesel is already tight amid war fallout. With very few ships on order, future transport capacity could fall short.

Volume weakness persists at FedEx, but cost reductions are acting as strong offsets.

Freight reservation aggregator Freightos issued its first earnings report as a public company. Reducing losses continues to be a challenge in a difficult economy.

IAG’s cargo division has convinced management to use larger passenger jets on some short-hop routes to capture more cargo business.