Check Call: Q1 Earnings Did Most Carriers No Favors
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It’s earnings season, which means it’s time to see how the competition stacked up.
Starting off earnings season was none other than J.B. Hunt’s (NASDAQ: JBHT) brokerage unit reporting a $17.5 million operating loss as loads declined 22% year over year, with revenue per load down just 5%. The main reason for the loss was higher insurance expenses and integration costs from the acquisition of BNSF Logistics. The company overall reported earnings per share of $1.22 instead of the $1.50 target, attributing that to higher insurance premiums and weaker-than-expected demand.
Fan favorite C.H. Robinson’s first-quarter earnings highlighted the good and where there is strong room for improvement. The good was that the company beat Wall Street projections. EPS was projected to be 63 cents and came in at 83 cents. An article by FreightWaves’ John Kingston breaks it down: “Revenue was also beating expectations at $4.41 billion which was $130 million more than expectations. Gross profits in [core brokerage business North American Surface Transportation] NAST rose to $397.1 million from $380.2 million, and income from operations rose sequentially to $109 million from $96 million.”
Jumping over to the seemingly unflappable RXO (NYSE: RXO), the company reported revenue of $900 million, down from $1 billion of the previous quarter. Kingston writes, “Revenue in key groups fell from the …
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