Trucking Stocks Fall Following Earnings Reports
Trucking stocks fell Thursday, as investors reacted to slumping first-quarter earnings from several trucking firms, the Associated Press reported.
Con-way Inc. and Werner Enterprises reported first-quarter results late Wednesday that fell from the year-ago period, missing analysts’ expectations, AP said.
JPMorgan analyst Thomas Wadewitz said Con-way was hurt by higher costs and predicted that pricing will weaken this year, AP reported. Con-way is ranked No. 6 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
Wadewitz said that at Werner, costs were compounding high diesel prices and slumping demand, and that its fuel surcharges would not be enough to cover the cost in the second and third quarter.
Con-way’s per-share price fell $5.27, to close at $44.86 a share, a 10.5% decrease.
Werner, ranked No. 14 in the TT 100, saw its price fall $1.25 to $17.86 a share, a 6.5% decline.
Other trucking companies whose stock prices declined Thursday included:
• UPS Inc., No. 1 on the TT 100, which fell 59 cents to $72.20, a 0.8% drop.
• FedEx Corp., No. 2, fell $2.07 to $94.96, a 2.1% decline.
• YRC Worldwide, No. 4, dipped 31 cents to $13.83, a 2.2% decline.
• Ryder System, No. 5, fell $2.61 to $64.07, a 3.9% decline.
• J.B. Hunt Transport Services, No. 9, fell $1.46 to $30.94, a 4.5% decline.
• Landstar System, No. 12, fell $2.25 to $51.25, a 4.2% decline.
• Pacer International, No. 15, fell 54 cents to $18.89, a 2.8% decline.
• Arkansas Best Corp., No. 16, fell $2.35 to $31.26, a 7% decline.
• Old Dominion Freight Line, No. 20, fell $2.76 to $29.50, an 8.6% decline.
• USA Truck, No. 57, fell 27 cents to $12.37, a 2.1% decline.
