Knight-Swift says truckload recovery is finally here

Knight-Swift Transportation (CCJ Top 250, No. 3) management expressed a strong outlook for peak season as third-quarter results reflected a recovery in truckload margins.

During the company’s earnings call Wednesday, CEO Adam Miller said improvement in core truckload margins is “finally approaching recognizable territory after such a long and difficult down cycle.”

Knight-Swift posted net income of $118.3 million, up from $7.9 million a year earlier. Revenue rose 14.2% to $2.2 billion from $1.92 billion in the prior-year period. Excluding truckload and less-than-truckload (LTL) fuel surcharges, revenue grew 7.7%.

Operating income grew $178.7 million, up 255.1% from $50 million in the same period last year. The adjusted operating ratio improved 450 basis points to 89.3%.

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