Knight Issues 3Q Earnings Warning

Truckload carrier Knight Transportation said its third-quarter earnings would be below analysts’ predictions, citing an industrywide decline in freight tonnage and excess truckload capacity.

Knight said late Tuesday it expects to earn 18 to 21 cents per share for the quarter. Analysts expected a profit of 23 cents, the Associated Press reported.

“An industry-wide decrease in freight tonnage and excess truckload capacity have contributed to an operating environment characterized by declining tractor utilization and rate pressure from shippers,” Chairman and Chief Executive Officer Kevin Knight said in a statement.

The company said that in the current trucking environment it is focusing on reducing its operating cost per mile, enhancing its revenue per mile and building volume in its markets.

Knight Transportation is ranked No. 40 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.