KeyBanc analyst Todd Fowler lowered his price target for Knight-Swift to $45 from $55 to reflect multiple compression associated with cycle concerns. While the analyst anticipates shares to reflect disappointment from limited Q2 upside and seasonal 2H18 guidance despite a strong backdrop, and the cadence of seated tractor count/refrigerated margin improvement to legacy Swift operations, he continues to see healthy intermediate earnings power as operational improvements garner further traction. He reiterates an Overweight rating on the 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."