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Sep 30, 2024
Knight-Swift Q3 2024 Earnings Report
Knight-Swift's Q3 2024 performance reflected a mix of strategic investments and market challenges.
Key Takeaways
Knight-Swift Transportation Holdings reported a decrease in net income attributable to Knight-Swift to $30.5 million, with adjusted net income at $54.4 million. Consolidated total revenue was $1.9 billion, a 7.1% decrease year-over-year, while consolidated operating income was $81.4 million, a slight increase of 0.4%. The company focused on LTL expansion and managing costs amidst market volatility.
Consolidated total revenue decreased by 7.1% year-over-year, totaling $1.9 billion.
GAAP earnings per diluted share were $0.19, while adjusted EPS was $0.34.
LTL segment revenue, excluding fuel surcharge, increased by 16.7%, driven by shipments per day up 11.1%.
The company opened 16 new LTL locations and acquired the less-than-truckload division of Dependable Highway Express, Inc.
Knight-Swift
Knight-Swift
Knight-Swift Revenue by Segment
Revenue by Segment
Truckload Revenue
CapyFin.comLTL Revenue
CapyFin.comLogistics Revenue
CapyFin.comIntermodal Revenue
CapyFin.com Forward Guidance
The company expects Adjusted EPS to range from $0.32 to $0.36 for Q4 2024 and $0.29 to $0.33 for Q1 2025, based on current market conditions and expected seasonality.
Positive Outlook
- Truckload segment revenue expected to be up slightly sequentially in Q4 2024.
- LTL segment projected to have high-teens percentage growth in revenue, excluding fuel surcharge, year-over-year in both Q4 2024 and Q1 2025.
- LTL growth driven by shipment count growth from expanding network and yield improvement.
- Logistics segment revenue expected to increase high single-digit percent sequentially in Q4 2024.
- Equipment gains to be in the range of $5 million to $10 million per quarter.
Challenges Ahead
- Truckload segment revenue expected to be down low-to-mid single-digit percent sequentially into Q1 2025.
- Truckload operating margins expected to decline modestly sequentially into Q1 2025.
- Tractor count down low single-digit percent sequentially in Q4 2024 and Q1 2025.
- Logistics segment revenue declining high-teens percent sequentially in the first quarter.
- Intermodal Segment load count down mid-to-high single-digit percent sequentially in the fourth quarter
Revenue & Expenses
Visualization of income flow from segment revenue to net income