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Knight-Swift Transportation Holdings Inc. has cut its expectations for fourth-quarter adjusted earnings per share to 50 cents to 52 cents compared with the previously announced expectation of 62 cents to 65 cents.
The Phoenix-based truckload carrier cited an oversupply of trucks and a “more muted seasonal improvement” in the freight market from the third quarter to the fourth quarter.
“This resulted in fewer than expected seasonal high-yield freight opportunities. As a result, our sequential third- to fourth-quarter rate increases were less than anticipated, leading to reduced revenues and lower than expected operating income,” a company statement said.
Knight-Swift Transportation Holdings ranks No. 5 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. — Transport Topics
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