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Knight-Swift Transportation Holdings Inc. reported a surge in net income and higher total revenue for the fourth quarter of 2020, the company reported Jan. 27.
The Phoenix-based truckload carrier posted net income of $142.3 million for the three months ending Dec. 31, marking a 111% rise from $67.4 million during the same time the previous year. Earnings per diluted share were 84 cents for the 2020 period compared with 39 cents for the 2019 period, a 115.4% increase.
Total revenue increased by 6.8% to $1.28 billion from $1.2 billion.
The results were close to expectations by investment analysts on Wall Street, which had been looking for 91 cents per share and quarterly revenue of $1.28 billion, according to Zacks Consensus Estimate.
Knight-Swift Transportation reported net income of $410.6 million ($2.40) on revenue of $4.67 billion for the full year, compared with adjusted net income of $310.2 million ($1.80) on revenue of $4.84 billion in 2019.
Fourth-quarter revenue by segment:
• Trucking — Increased 9.2% to $941 million compared with $861.4 million during the same time last year. That excludes fuel surcharge and intersegment transactions. The trucking segment includes irregular route, dedicated, refrigerated, expedited, flatbed and cross-border operations. Operating income increased 64.4% for the quarter to $194.6 million from $118.4 million in Q4 2019.
• Logistics — Increased 34.8% to $125 million versus $92.8 million during the 2019 period. That excludes intersegment transactions. Operating income for the segment increased 87.5% to $11 million from $5.9 million in the prior-year quarter.
• Intermodal — Increased 2.8% to $115 million compared with $111.8 million in the 2019 period. Operating income increased 903.2% for the quarter to $6 million from $600,000 during Q4 2019.
Knight-Swift Transportation operates a fleet of about 23,000 tractors, 77,000 trailers and has 28,000 workers. The company provides truckload and logistics services throughout the United States, Mexico and Canada.
Knight-Swift ranks No. 7 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
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