Earnings Watch: Daseke Returns to Profitability in Third Quarter

November 13, 2017

By Evan Lockridge

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Flatbed and specialized trucking company operator Daseke Inc. moved back into the black – barely – during the third quarter after reporting a loss during the same time in 2016.

Net income totaled $50,000, compared with net loss of $1.3 million for the prior year and a net loss of $4.1 million for the second quarter of 2017.

Revenue for the most recent quarter was $231.3 million compared with $174.1 million for the same period in 2016, a 32.8% increase, while it improved 17.2% over second quarter 2017 revenue of $197.3 million.

During the quarter, Daseke completed the acquisition of two companies, the Steelman Cos. and R&R Trucking.

“Revenues and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the 2017 third quarter increased year-over-year, and the company posted positive net income for the quarter,” said Scott Wheeler, executive vice president and CFO. “Our third quarter adjusted EBITDA of $27 million included a $5.7 million negative impact related primarily to costs associated with Hurricanes Irma and Harvey and, to a lesser extent, lower tractor utilization from an increase in unseated trucks.”

Third quarter 2017 revenue for the company’s flatbed segment climbed 8.4% to $85.6 million, compared with $79 million for the 2016 period. Operating income for the third quarter of 2017 was $4.8 million, a 25.3% increase from a year earlier. Total miles for the segment in the most recent quarter were 36.6 million, compared with 37.8 million miles reported for the same period last year.

The company’s specialized segment posted revenue of $147.6 million for the 2017 third quarter, and $96.5 million for the year-ago period, an increase of 53%. Third quarter operating income for the segment was $7.2 million compared with $5.7 million a year earlier, an increase of 24.7%. Total miles for the segment were 38.9 million for the third quarter of 2017, an increase of 60.5% over the third quarter 2016 total of 24.3 million miles.

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