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Former Business Contributing Editor
Evan Lockridge worked for Heavy Duty Trucking for 20 years until 2018. A consummate "news guy" since the 1980s, he began covering trucking in 1990 on nationwide radio, print and digitally.
He is the recipient of four Jesse H. Neal honors.
A new Transportation Department report shows trucks carried more U.S. freight by value with its NAFTA partners, Canada and Mexico, in May compared to the year before. But declines in all other freight modes led to a 3.1% decrease in the dollar value of cross-border freight, totaling $89 billion.
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Trucking companies in both the less-than-truckload and truckload sectors reported lower second quarter profits on Thursday morning.
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Phrases such a “challenging freight market” and a freight environment that’s “less attractive” continued to be some of the buzz words Wednesday as another raft of second quarter corporate earnings washed ashore, while one company defied the trend with its net income soaring more than 300%.
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National average spot freight rates for dry vans and reefers each slipped slightly over the past week while the average flatbed rate made a small gain for the third consecutive week, according to new figures from DAT Solutions, based on its network of load boards.
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While new orders for manufactured durable goods plunged in June, a closely watched economic indicator shows a gain for the first time in three months, as a separate report shows a big hike in new home sales and another is calling for even better retail sales.
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The second quarter earnings season continued on Tuesday with companies ranging from a fleet and 3PL to a trailer maker and mega-dealer, with all but one reporting higher earnings than the same time last year.
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UPDATED -- The parent company of truck makers Kenworth and Peterbilt reported an increase in second quarter earnings despite lower revenue, but it's in the red for the first half of the year due to a big fine.
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Profits for two trucking companies turned lower in the second quarter of the year while a third moved into the red, according to newly released earnings reports.
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Spot truckload freight rates switched patterns over the past week, following seasonal highs hit by vans and reefers and a decline in flatbeds, as overall cargo volume was lower than anticipated, according to DAT Solutions and its network of load boards.
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Car and truck maker Daimler AG reported a slight increase in its second quarter profit, but it expects significantly lower truck sales for this year. Meanwhile, one supplier is feeling the effects of the slowing North American commercial vehicle market.
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