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.
More trucking companies on Wednesday reported surging fourth-quarter earnings and higher profits for the year, including Landstar and ArcBest.
At a time when many publicly held trucking companies are reporting lower, if not sharply lower, first quarter profits, one stood out among the herd of numbers released Wednesday while another saw a slight improvement in earnings.
Fleet earnings reported this week so far are varying widely, ranging from record numbers at one carrer to another barely eking out a profit, and one carrier delayed in reporting due to an investigation into its accounting practices.
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.
Asset-light trucking and related services provider Landstar System reported a 20% second quarter decline in earnings due to lower revenue and a big insurance claim.
UPDATED – Three large publicly held trucking fleets reported first quarter earnings on Wednesday with all showing a decline in profits from a year earlier.
The asset-light trucking and logistics provider Landstar Thursday reported a decline in its fourth quarter profit, but it was higher than expected, and the company also improved its annual performance.
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.
Earnings season continued on Thursday, with results reported by the world’s largest truck manufacturer along with results from one component supplier and a major owner-operator trucking company.
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