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One trucking company serving mainly the less-than-truckload market and another in the truckload sector have both reported lower third quarter earnings.
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Some of the nation’s largest fleets have reported mixed financial results or expectations as the freight environment in the third quarter has remained soft.
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One truck maker has reported its third quarter profit doubled and is considering the sale of its used truck business while one of the nation’s largest trucking fleets has reported new records for the period in several areas.
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Two large trucking fleets reported big increases in profits for the third quarter of the year. A fleet management and related services conglomerate also saw a hike, but things slipped for a niche trucking provider.
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Marten Transport reported a 9.9% increase in third quarter net income from a year earlier, due in part to increased dedicated business.
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Covenant Transportation Group reported a big gain in third quarter profit. Revenue slipped 2.3% but freight revenue moved higher.
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J.B. Hunt's third quarter net earnings exceeded analyst expectations at $115.1 million, or diluted earnings per share of 99 cents, compared to third quarter 2014 net earnings of $102.4 million, or 87 cents per diluted share.
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Ryder System Inc. has become the latest trucking operation to revise downward expectations for its upcoming third quarter earnings.
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The third party logistics and multi modal transportation services provider Radiant Logistics Inc. reported a small increase in net earnings following the purchase of three operations earlier this year.
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Swift Transportation has lowered projections for profits for the final two quarters of the year and for the full year, due in large part to at least one accident, legal claims and expected lower freight volume.
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