The following is a summary of the Knight-Swift Transportation Holdings Inc. (KNX) Q1 2024 Earnings Call Transcript:
Financial Performance:
Knight-Swift Transportation's Q1 2024 revenue, excluding fuel surcharge, increased 11%. However, adjusted operating income decreased by 68.5%.
Reported a loss of $0.02 in GAAP earnings per diluted share and an adjusted EPS of $0.12.
Results included a $19.5 million operating loss in the third-party insurance business, which negatively affected both GAAP and adjusted EPS by $0.08. Excluding this loss, the adjusted EPS would have been $0.20.
Business Progress:
The company's LTL business experienced a 13% YoY growth in revenue, excluding fuel surcharge.
Knight-Swift is planning to acquire or assume leases on 56 additional properties for expansion.
An interest in acquiring LTL companies for a foothold in the Southwest and Northeast regions has been expressed.
Progress has been made on costs and contractual pricing in the U.S. Xpress Truckload business.
There are plans for significant expansion in the LTL segment, including the rollout of new locations.
Positive results seen from the integration of acquired companies MME and AAA Cooper, with Q1 volumes increasing 90% YoY.
The Company is making strategic adjustments in the Logistics business and has plans to return to breakeven in the Intermodal business in Q3 and achieve modest profitability by Q4.
In maintaining cost discipline strategy, it remains nimble to respond to market changes.
More details: Knight-Swift Transportation IR
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