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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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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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The Swedish parent to truck brands Volvo, Mack and others reported its second quarter profit slid from a year ago due to lower sales in many parts of the world and has downwardly revised its expectations in North America.
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Trucking and intermodal giant J.B. Hunt Transport Services reported its second quarter profit increased just slightly, falling short of Wall Street expectations.
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The second quarter earnings season got underway on Monday with Daimler AG unexpectedly releasing numbers showing its adjusted earnings in the second quarter of the year are “significantly above market expectations” – but the news did not carry over into its truck operations.
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Strong parts sales offset slumps in other areas, but softening of the North American truck market will make continued profits doubtful, the company said.
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The third party logistics and multi-modal transportation services company Radiant Logistics Inc. reported on Monday afternoon it swung from a profit to a loss in the first quarter of the year despite a 54.2% increase in net revenue.
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Lower fuel prices propelled truckstop operator TravelCenters of America from a profit to a loss in the first quarter of the year, but that’s not keeping it from going ahead with expansion plans.
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Lower North American truck sales led to lower financials compared to a year ago for two Indiana-based companies.
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