-
Revenue (excluding fuel surcharge): Decreased 5.3% year-over-year.
-
Adjusted Operating Income: Declined by 7.1% year-over-year.
-
GAAP Earnings Per Diluted Share: $0.19 for the third quarter of 2024.
-
Consolidated Adjusted Operating Ratio: Improved modestly over the second quarter.
-
Net Interest Expense: Increased by $6.6 million year-over-year.
-
Impairment Charges and Investment Write-off: Totaling $13.1 million, excluded from non-GAAP results.
-
Truckload Revenue (excluding fuel surcharge): Decreased 6.1% year-over-year.
-
LTL Revenue (excluding fuel surcharge): Increased 16.7% year-over-year.
-
Shipments Per Day (LTL): Increased 11.1% year-over-year.
-
Adjusted Operating Ratio (LTL): 89.6, with a decline in adjusted operating income by 19.5% year-over-year.
-
Logistics Revenue: Decreased 9.5% year-over-year.
-
Intermodal Revenue: Increased 1.4% year-over-year.
-
Intermodal Load Count: Increased 7.2% year-over-year.
-
Adjusted EPS Guidance (Q4 2024): Expected to be in the range of $0.32 to $0.36.
-
Adjusted EPS Guidance (Q1 2025): Expected to be in the range of $0.29 to $0.33.
Release Date: October 23, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
-
Knight-Swift Transportation Holdings Inc (NYSE:KNX) reported a sequential improvement in their consolidated adjusted operating ratio for the first time in a third quarter since 2021.
-
The LTL segment experienced a supportive market, achieving steady rate improvements and expanding their network, which contributed to a 16.7% year-over-year revenue growth.
-
The company opened 16 additional service centers in the quarter, with plans to open four more by the end of 2024, enhancing their service capabilities.
-
Knight-Swift Transportation Holdings Inc (NYSE:KNX) successfully integrated the DHGB LTL division, adding significant growth to their service centers and door count.
-
The logistics segment maintained profitability with an improved adjusted operating ratio and increased revenue per load by 3.7% over the second quarter.
-
Revenue excluding fuel surcharge decreased by 5.3% year-over-year, and adjusted operating income declined by 7.1% due to challenging market conditions.
-
The company faced a $6.6 million increase in net interest expense and impairment charges totaling $13.1 million, impacting their GAAP results.
-
Freight rates in the truckload market remained at unsustainable levels, despite some stabilization.
-
Start-up costs and early-stage operations at new facilities were a drag on margins in the LTL segment.
-
The impact of recent hurricanes and potential port strikes disrupted volumes, particularly affecting the US Express and AAA Cooper brands.