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Knight-Swift's profit dips in Q2 as U.S. freight demand dwindles and revenues across trucking units drop sharply.
Knight-Swift Transportation, the largest North American truckload carrier, reported a sharp fall in Q2 profit to $63.3 million, down from $219.5 million year-over-year, due to reduced U.S. freight demand.
Revenue fell 21% to $1.55 billion, with the core truckload segment dropping 15.5%. The company's freight brokerage logistics business revenue also declined by 52% due to a decrease in shipper loads.
Amid this downturn, Knight-Swift reduced its full-year earnings guidance, also factoring in a projected loss from U.S. Xpress, which it acquired earlier in the year. CEO David Jackson expects a normalization of imports and seasonality in coming quarters following an inventory destocking phase.
Source: WSJ
Freight markets giving off recession vibes.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 22, 2023
Dave Jackson CEO of Knight-Swift on their conference call stated:
“I don’t know that we’ve ever seen freight demand fall this far so fast and for so long without an accompanying economic recession.” https://t.co/K2tuFbD6IR
Plus, a carrier pleading guilty to mob money laundering while still FMCSA-active, Iran's first post-ceasefire attack and what it means for diesel surcharges, FedEx Freight's first earnings as a standalone company, and more in today's newsletter.
Bad carriers are gaming the weigh station system. Plus, C.H. Robinson's own engineer goes scorched earth on Reddit, the Ghost Truck Act gets roasted, and more in today's newsletter.
Plus, STG's path out of bankruptcy, Wyoming's "Truck Around and Find Out" operation, what "phantom capacity" means for Mexico lanes, and more in today's newsletter.
Plus, a cabless autonomous truck just raised $24M, non-domiciled CDLs rules need clarifying, CSX posts a 26% profit jump while watching the UP-NS merger closely, and more in today's newsletter.
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