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The nation's largest truckload carrier, Knight-Swift Transportation, missed first-quarter expectations and significantly reeled in its 2023 earnings outlook. Full-year earnings per share are now forecast in a range of $3.35 to $3.55, 16% lower than the guidance provided just a quarter ago (calculated at the midpoint).
Knight-Swift Transportation Holdings (KNX) came out with quarterly earnings of $0.73 per share, missing the Zacks Consensus Estimate of $0.83 per share. This compares to earnings of $1.35 per share a year ago.
Knight-Swift Transportation is buying U.S. Xpress Enterprises for $808 million. These are the details.
The acquisition of U.S. Express by Knight-Swift (KNX) is likely to be completed in late second-quarter or early third-quarter 2023.
Knight-Swift Transportation's latest acquisition is a bit of a reversal from recent initiatives, which were designed to dilute some of the cyclicality inherent in being an over-the-road truckload carrier. Those actions included acquiring less-than-truckload assets and building out a power-only brokerage offering.
Knight-Swift Transportation Holdings Inc. has seen 2022 end on a softer note. The margin profile from 2021 and early 2022 was not sustainable, with 2023 earnings set to fall a bit.
Knight-Swift had a disappointing fourth quarter, as deterioration in the core trucking and logistics markets hit the company even harder than expected. Trucking continues to be pressured by overcapacity and weak freight demand, and an expected second-half recovery is tied to improved consumer spending and further retailer destocking.
PHOENIX--( BUSINESS WIRE )--Knight-Swift Transportation Holdings Inc. (NYSE: KNX) announced today that David Jackson, President and Chief Executive Officer, Adam Miller, Chief Financial Officer, and Brad Stewart, Senior Vice President of Investor Relations are scheduled to participate in the following upcoming transportation conferences:
Growth stock KNX is in a buy zone as it launches autonomous software on its freight trucks; stock surges despite Q4 lower earnings.
Knight-Swift (KNX) fourth-quarter 2022 earnings and revenues decrease year over year.