Knight-Swift Reports Rise in Profit, Revenue for Q4
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Knight-Swift Transportation Holdings Inc. reported a surge in net income and higher total revenue for the fourth quarter of 2020, the company reported Jan. 27.
The Phoenix-based truckload carrier posted net income of $142.3 million for the three months ending Dec. 31, marking a 111% rise from $67.4 million during the same time the previous year. Earnings per diluted share were 84 cents for the 2020 period compared with 39 cents for the 2019 period, a 115.4% increase.
Total revenue increased by 6.8% to $1.28 billion from $1.2 billion.
Fourth Quarter 2020 Earning... by Transport Topics
The results were close to expectations by investment analysts on Wall Street, which had been looking for 91 cents per share and quarterly revenue of $1.28 billion, according to Zacks Consensus Estimate.
Knight-Swift Transportation reported net income of $410.6 million ($2.40) on revenue of $4.67 billion for the full year, compared with adjusted net income of $310.2 million ($1.80) on revenue of $4.84 billion in 2019.
Fourth-quarter revenue by segment:
• Trucking — Increased 9.2% to $941 million compared with $861.4 million during the same time last year. That excludes fuel surcharge and intersegment transactions. The trucking segment includes irregular route, dedicated, refrigerated, expedited, flatbed and cross-border operations. Operating income increased 64.4% for the quarter to $194.6 million from $118.4 million in Q4 2019.
• Logistics — Increased 34.8% to $125 million versus $92.8 million during the 2019 period. That excludes intersegment transactions. Operating income for the segment increased 87.5% to $11 million from $5.9 million in the prior-year quarter.
• Intermodal — Increased 2.8% to $115 million compared with $111.8 million in the 2019 period. Operating income increased 903.2% for the quarter to $6 million from $600,000 during Q4 2019.
Knight-Swift Transportation operates a fleet of about 23,000 tractors, 77,000 trailers and has 28,000 workers. The company provides truckload and logistics services throughout the United States, Mexico and Canada.
Knight-Swift ranks No. 7 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
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