Trucking fleets Old Dominion, Covenant Transport, and Knight Swift all reported higher profits for the second quarter.
Covenant Transportation Group has completed the acquisition of Landair Holdings, which includes Landair Transport and Landair Logistics.
A load of publicly held trucking fleets released first quarter 2018 earnings – Forward Air, Knight-Swift, Landstar, Covenant, Echo Global, and Heartland – with all but one reporting better numbers than the same time a year ago.
Two major trucking companies on Monday announced huge increases in their earnings for the final quarter of 2017 and for all of last year, both due to changes made by Congress in federal tax laws.
Three trucking fleets issued their third quarter earnings reports on Thursday, with two showing profits increasing significantly from the same time a year earlier, while the third was healthy but nearly the same as it was a year earlier.
Covenant Transportation Group, Inc. (NASDAQ/GS: CVTI) reported on July 25 second quarter earnings of $0.08 per share, marking. That’s down 60% year over year, but according to analysis by Stifel, that result is “right in line with the Street consensus of $0.06.”
The truckload, intermodal and logistics services provider Schneider National Inc. reported its first earnings since going public last month, showing a decline in profitability, while another company has revised its earnings, pushing it into the red.
The latest batch of fleet earning reports from the fourth quarter are in, with three major fleets reporting revenue dips and a fourth signaling that it will have similar news when its formal report is released next month.
Profit for the Tennessee-based parent to Covenant Transport plummeted in the third quarter, while Landstar System recorded only a 7.6% decline, according to numbers released late Wednesday afternoon.
Third quarter earnings for the nation’s trucking companies began rolling in on Monday, following reports of lowered expectations as several negative factors weigh on the nation’s freight markets.