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Knight-Swift posts higher Q2 adjusted EPS as truckload fundamentals tighten
The trucking company reported 63 cents adjusted EPS, beat expectations, and raised third-quarter guidance to 71 to 77 cents.
Knight-Swift Transportation delivered second-quarter results that topped expectations, citing rapid progression in truckload fundamentals as the quarter progressed. Yahoo Finance reports the company will hold a call at 5:30 p.m. EDT on Wednesday to discuss the quarter.
Knight-Swift posted second-quarter adjusted earnings per share of 63 cents, up 28 cents year over year and 12 cents above the consensus estimate. Revenue rose to $2.1 billion, up 13% year over year, and the company forecast third-quarter adjusted EPS of 71 to 77 cents, better than the 71-cent consensus at the time of the print.
In truckload operations, truckload revenue increased 3% year over year to $1.1 billion, while truckload revenue per tractor rose 6% and average trucks in service declined 3%. The unit recorded a 91% adjusted operating ratio, meaning a 9% adjusted operating margin, which was 360 basis points better year over year.
Outside truckload, less-than-truckload revenue fell 1% year over year to $333 million, as tonnage rose 4% but yield declined 4%. The logistics segment revenue grew 9% year over year, brokerage revenue per load was up 30%, and purchased transportation costs pressured results, with a 350 basis point erosion to gross margin year over year.