April 22 Earnings Roundup: Werner, Knight, Forward Air, Ryder, Heartland Express
TT File PhotosWerner Enterprises and Knight Transportation reported an increase in first-quarter earnings with help from higher freight rates, while Forward Air's profit fell because of acquisition-related costs.
Also in the freight sector, Ryder System Inc. boosted net income, and profit improved at Heartland Express Inc.
Werner announced net income improved 61% to $23.1 million, or 32 cents per share, and Knight’s earnings rose more than 50% to $29.6 million, or 36 cents a share. Forward Air’s net income fell by more than half to $4.8 million, including $12.7 million in costs related to two acquisitions.
Net income was 9% higher at $52.9 million, or 99 cents per share at Ryder, and increased 25% at Heartland to $17.6 million, or 20 cents.
“Truckload capacity remained constrained while demand continued to be solid,” Knight’s CEO Dave Jackson said. “Both our trucking and logistics segments experienced profitable growth as these businesses continue to complement one another.”
Werner’s revenue per tractor per week rose 5.5%, reflecting a 3.5% increase in revenue per mile and longer average trip length. Revenue improved less than 1% to $495.7 million, and fuel costs fell by nearly $40 million.
Revenue jumped 25.1% to $257.2 million in the quarter, Phoenix-based Knight reported, citing improved trucking and intermodal results. Last year’s first quarter earnings, which did not include results from the acquisition of Barr-Nunn Transportation late in 2014, were $19.1 million, or 23 cents, in the same period last year.
Excluding fuel surcharges, the trucking segment’s revenue rose 25% due to growth, added capacity through acquisitions and higher contract rates, the company said.
Werner Enterprises Inc., in Omaha, Nebraska, ranks No. 14, and Knight Transportation Inc. is No. 31 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
Revenue at Ryder was $1.57 billion, a 3% decline that reflected lower fuel prices. Excluding fuel costs that are directly passed through to customers, revenue rose 3% to $1.3 billion. Year-earlier period earnings were $48.2 million, or 90 cents.
Ryder, based in Miami, said revenue rose from both full service lease and commercial truck rental customers. Dedicated revenue also rose, as did the Supply Chain Solutions unit that ranks No. 10 in the for-hire TT100.
CEO Robert Sanchez at Ryder said “we anticipate continued strong performance in commercial rental, efficiencies from our maintenance productivity initiatives, and accelerated growth in our full service lease fleet.”
At Heartland, ion North Liberty, Iowa, revenue dipped 16% to $187.5 million from $224.5 million. The decline was tied to a $19.8 million reduction in fuel surcharge collections, according to the company that ranks No. 33. Heartland, which earned $14.1 million, or 16 cents, in the first quarter of last year was helped by a $10.2 million gain on asset sales.
Forward Air Corp., based in Greeneville, Tennessee, is No. 46.
Forward Air revenue jumped 20% to $205.9 million. Net income fell from $10.2 million, or 33 cents, a year ago,
Forward Air took an approximately $11.8 million charge for integration costs associated with the acquisition of Towne Air and $900,000 in deal costs associated with the purchase of Central States Trucking.
Adjusted income from operations was $20.1 million, up from $17.2 million, and adjusted net income was $12.1 million compared with $10.8 million a year ago.
