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Knight-Swift Transportation Holdings posted a second-quarter profit increase of 1.2%, but revenue declined compared with the prior year, the company reported July 22.
The Phoenix-based truckload motor carrier reported net income of $80.2 million, or 47 cents per diluted share, for the three months ending June 30. That compared with $79.2 million, or 46 cents, during the 2019 period. Revenue decreased by 14.6% to $1.06 billion from $1.24 billion.
Results were mixed based on the expectations of Wall Street investment analysts, who had been looking for 35 cents per share and quarterly revenue of $1.08 billion, according to Zacks Consensus Estimate.
For the first six months of 2020, Knight-Swift Transportation reported net income of $146.1 million, or 85 cents a diluted share, on revenue of $2.19 billion. That compares with adjusted net income of $167.6 million, or 97 cents, on revenue of $2.46 billion during the first half of 2019.
Knight-Swift noted in the report that the coronavirus pandemic caused unprecedented challenges and caused volatility throughout the global markets in the first half of the year. The company credits its operational discipline, agility and cost-control culture for enabling it to navigate the crisis.
The company also pointed to its diversified customer base and networks in helping it mitigate the pandemic’s impact.
It did concede, though, that while some operating segments performed consistently, others experienced volatility.
The trucking segment’s revenue decreased 13.7% to $879.4 million compared to $1.02 billion in Q2 last year. Adjusted operating income declined 7.9% to $118.2 million from $128.3 million.
The logistics segment’s revenue fell 15.4% to $70.1 million versus $82.9 million. Adjusted operating income decreased 39.5% to $3.04 million compared with $5.02 million.
For the intermodal unit, revenue tumbled 29.9% to $82.8 million from $118.2 million. The adjusted operating loss was $4.4 million compared with an adjusted operating income of $4.2 million the prior year.
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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