Morgan Stanley analyst Ravi Shanker noted that Knight-Swift delivered a "big operating beat" in its first fully consolidated quarter and that management indicated they expect contract pricing to be up in the high-single to low-double digit range throughout the year. Consensus estimates for Knight-Swift, and the group in general, are going up and will likely have more room to increase, said Shanker, who raised his price target on the stock to $60 from $50 and called it his top pick in all of Freight Transportation. Shanker maintains on Overweight rating on Knight-Swift.

Reports Q1 revenue $1.82B, consensus $1.82B. CEO Adam Miller commented, "The full truckload market remains extremely challenging as carriers navigate the oversupply of capacity, reduced load volumes, and continued rate pressure through the early part of the bid season. This has negatively impacted the results of our Truckload, Logistics, and Intermodal segments...Although our consolidated results are not where we would like them to be, we are confident that we have the resources and are capable of the disciplined approach necessary to navigate the current market...We are continuing our strategy of building a nationwide LTL network through both organic and inorganic growth paths. Our logistics segment will continue to complement our truckload brands, leverage our power-only capabilities, preserve profitability, and afford outsized growth opportunity when the truckload market strengthens. We are building a strong foundation of diverse customers in our intermodal business with strategic rail partners, which we believe will position us for sustained profitability in the future."