As previously reported, Stifel analyst David Ross upgraded Knight-Swift to Buy from Hold, stating that Knight exceeded expectations in Q1 while Swift is getting better and he fully expects the new leadership to improve its operating efficiency. Even though he believes Street estimates are likely still too high, Ross upgraded the stock now given the selloff and underperformance versus peers and his expectation for solid growth in the economy through year-end. Ross has a $48 price target on Knight-Swift shares.

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."