Knight-Swift reports Q3 adjusted EPS 48c, consensus 49c
Reports Q3 revenue $1.2B, consensus $1.23B. Knight-Swift stated: "We continue generating meaningful free cash flow, maintaining a healthy balance sheet, and focusing on the fundamentals of our business as we navigate through the softer freight environment that negatively impacted our consolidated results during the third quarter. An oversupply of truckload capacity in the freight market resulted in greater than expected pressure on our Trucking segment's revenue per loaded mile, excluding fuel surcharge and intersegment transactions, which decreased by 2.7% from the third quarter of 2018 to the third quarter of 2019. We also experienced increased competition in the intermodal market, which led to a 10.3% reduction in volume and 6.8% less revenue per load year-over-year. The reduced revenues from these factors, as well as the cost of exiting certain underperforming dedicated business, resulted in a 28.6% decrease in consolidated operating income, compared to the same quarter of last year."