Smithway Profits Hurt By Driver Shortage
Smithway Motor Xpress Corp., citing a shortage of qualified drivers, said Friday it expects fourth-quarter profits to fall to about 6 cents a share from the year-earlier 31 cents a share
Smithway Motor Xpress Corp., citing a shortage of qualified drivers, said Friday it expects fourth-quarter profits to fall to about 6 cents a share from the year-earlier 31 cents a share.
"During the fourth quarter, Smithway continued to experience a shortage of qualified drivers that resulted in under-utilized trucks and lower-than-expected revenue,'' said Chairman, President, and Chief Executive William Smith.
A driver pay increase initiated on October 1 and a revamped recruiting effort have helped Smithway add drivers during the quarter, but not as quickly as company officials had anticipated.
For the year, the primarily flatbed truckload carrier said it expects to report revenues of about $197 million and earnings of about 78 cents per share. For 1998 Smithway reported earnings of $1.06 a share and revenues of $161.4 million.
More Drivers
FDA Eases Path for Oral-Fluid Testing
Federal actions could advance oral-fluid drug testing for truck drivers, but lab certification delays and marijuana rescheduling questions remain.
Read More →
Why Hiring Truck Drivers Is Getting Harder
Higher recruiting costs, a shrinking driver pool, and renewed pay competition are raising the stakes for fleets heading into 2027.
Read More →
Roehl Offers Truck Drivers $10,000 Retention Incentive
Payments begin after the first load and continue in mileage-based installments for eligible experienced drivers joining the fleet.
Read More →
Platform Science Adds Dispatch and Safety Tools
Four additions to PS Fleet help fleets monitor loads, manage driver coaching, share truck locations and adjust video system settings.
Read More →
When Language Stops the Truck: The Return of ELP Out-of-Service Orders
English language proficiency rules for commercial drivers aren’t new, but renewed out-of-service enforcement has raised the stakes. Here’s what carriers need to know before a driver reaches a roadside inspection.
Read More →
Samsara Launches Custom AI Agent Builder
Agent Studio lets fleets create AI tools for hours-of-service monitoring, reporting and driver support, including agents that communicate by phone.
Read More →
Trucker Path Expands Reserved Parking Network
Trucker Path has added close to 6,000 more truck parking spaces to its Trucker Path Reserved Parking Network with the addition of Safe Truck Parking.
Read More →
EEOC Sues Texas Trucking Company Over Driver Age Limits
The agency says Trancasa USA rejected applicants over 65 and applied tougher driving-record standards to those over 60.
Read More →
Nussbaum, Roehl Announce Second Driver Pay Increase This Year
This year has seen a swath of major truck driver pay increases as freight capacity has tightened.
Read More →
From One Generation to the Next: How Mentorship Builds Safer Truck Drivers
After three decades in trucking, Harold Perry shares what he's learned about driver safety, mentorship, and helping the next generation build confidence behind the wheel.
Read More →