First look: Knight-Swift’s Q3 beats expectations

Knight-Swift (NYSE: KNX) reported third-quarter adjusted earnings per share of 83 cents, 51 cents higher than the year-ago quarter and 7 cents better than the consensus estimate. (Management’s EPS guidance range was 71 to 77 cents.)

Revenue of $2.2 billion was up 14% y/y (up 8% y/y excluding fuel surcharges) and slightly ahead of analysts’ expectations for $2.17 billion.

“Similar to our outlook last quarter, we expect momentum across our businesses to keep building as rates continue to be reset, as we maintain our cost and operational initiatives, and as we anticipate more seasonal spot and project opportunities than we have seen in recent years,” said Knight-Swift CEO Adam Miller in a news release.

The truckload unit saw a 6.5% y/y revenue increase (ex-fuel) as an 11% increase in revenue per tractor was only partially offset by a 4% decline in average tractors in service. Loaded miles per tractor were up 1% y/y, an eighth consecutive increase. Deadhead was down 170 basis points y/y to 12.1%. Revenue per loaded mile (ex-fuel) increased 10% y/y. The metric was up by a mid-teen percentage in its over-the-road service.

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