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Knight-Swift Transportation Holdings Inc. officials reported $74.6 million in net income for the quarter ended Sept. 30, a decrease of 29.5% from $105.9 million in the same period a year before, according to an Oct. 23 earnings news release.
Company officials said a softer freight environment negatively impacted results during the third quarter, partly because of an oversupply of truckload capacity in the freight market.
Earnings per share were 44 cents, down 26.7% from 60 cents for the third quarter of 2018.
The Phoenix-based truckload carrier reported revenues dropped 10.8% to $1.2 billion from $1.35 billion a year before.
The freight market’s slowdown put pressure on the trucking segment’s revenue per loaded mile at Knight-Swift, which decreased by 2.7% from the third quarter of 2018, officials said.
Revenue for the trucking segment was $876.4 million, down 6.4% from $936.3 million a year before.
Company officials also said they saw increased competition in the intermodal market, which led to a 10.3% reduction in volume and 6.8% less revenue per load year-over-year.
Company officials said intermodal revenue was $108.8 million, down 16.4% from $130.1 million.
Those factors led to the overall decrease in revenue, company officials said.
Knight-Swift officials said they expect a seasonal improvement in demand during the fourth quarter of 2019, but less robust than originally anticipated. The company also predicted a more favorable freight environment in the second half of 2020.
The company said it would not let up on cost control.
Knight-Swift ranks No. 5 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
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