Fleets around the country are in the midst of reporting their first quarter earnings. Here are a few notable fleets to report so far:
UPS: UPS (No. 1 in the CCJ Top 250) says weather played a role in pushing the company’s diluted earnings per share down to 98 cents a share — a 6-cent decline from 2013’s first quarter — and its operating profit to $1.5 billion, down $106 million year over year. Its international operating profit, however, rose 12 percent from 2013’s first quarter, and its average daily shipments in the U.S. climbed 4.2 percent. The carrier’s domestic revenue grew 2.6 percent to $8.5 billion.
Con-way: Con-Way (No. 4 in the CCJ Top 250) reported a net income of $12.9 million — 22 cents per diluted share — in the quarter, both down from 2013’s first quarter’s $14 million in net income and 25 cents per diluted share. Its total revenue in the quarter was $1.37 billion, up from $1.34 billion. Operating income likewise grew, up to $33.1 million from $31.6 million. Weather, too, adversely affected the company’s results, it says.
J.B. Hunt: J.B. Hunt (No. 7) saw its first quarter revenue jump 9 percent to $1.41 billion, but its operating income fell ^ percent to $117 million and its earnings per share dropped 3 cents to 58 cents. J.B. Hunt also cites the weather as a negative impact on its results. The company’s truck segment revenue fell 9 percent to $92 million.
Landstar: Landstar (No. 9) reported first quarter net income of $27.6 million, 61 cents per diluted share, both up from 2013’s $26.8 million and 57 cents, respectively. Landstar’s revenue grew to $688 million, from last year’s $623 million, and its gross profit rose to $105 million, from $96 million. The company’s truck-based revenue was $645.2 million, up from 2013’s first quarter’s $574.7 million.
Werner: Werner’s (No. 10) first quarter revenue was mostly unchanged, falling slightly to $492 million from $492.9 million. Its net income, however, fell 18 percent to $14.3 million, spurring a 17 percent drop in earnings per diluted share to 20 cents. First quarter freight demand, however, was the strongest the company had seen in 10 years, it says. Its trucking revenues were $311.5 million, down 1 percent from 2013. Average revenues per mile, however, rose 3.1 percent, due to an increase in rates and surcharges, the company says.
Old Dominion: Old Dominion’s (No. 12)first quarter revenue grew 15.2 percent to $620.3 million, and its net income rose 13.2 percent to $45.9 million, boosting its earnings per diluted share to 53 cents from last year’s 47 cents. The company exceeded its expectations, despite the severe winter weather, it says.
Saia: Saia (No. 24) saw its diluted earnings per share fall slightly to 34 cents, but its revenue grew 9.5 percent to $300 million. Its operating income also grew 4.8 percent to $14.5 million. “Solid tonnage growth” spurred the increases, in spite of severe winter weather, it says.
Knight: Knight’s (No. 25) earnings per diluted share jumped 24 percent to 23 cents, spurred by net income growth of 25.6 percent to $19 million. Its total revenue grew 5.8 percent to $249.2 million. Its trucking segment revenue climbed 2.6 percent to $161.8 million, while revenue per tractor grew 5.1 percent, due to an increase in revenue per loaded mile and an increase in length of haul, the company says.