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Earnings Watch: Schneider National Profits Hit by Costs, Hurricanes
Trucking giant Schneider National Inc. on Tuesday reported increased costs and severe weather in parts of the country kept its third quarter profit from rising significantly when compared to a year earlier.
Net income totaled $36.9 million, or 21 cents per share, versus $36.8 million, or 24 cents per share, for the third quarter of 2016.
Revenue moved higher to $1.11 billion from $1.05 billion primarily due to improved demand versus capacity balances, according to the company. Also, increased revenue was generated from demand in intermodal and logistics, productivity in truckload, the company's leasing business, and fuel surcharge revenue.
Schneider's income from operations declined to $64.1 million compared to $70.8 million a year earlier.
“In the third quarter, we saw improved demand-supply balance and increased economic activity, resulting in accelerating pricing," said Chris Lofgren, CEO "This was offset by cost pressures from driver recruiting and pay, continued refining of our cost structure in the first to final mile service offering, as well as lost revenue and productivity from the hurricanes.”
The company's truckload segment reported revenue excluding fuel surcharges totaled $551.7 million, an increase of 2% compared to third quarter 2016 while income from operations was $41.1 million, a decrease of 23% from a year earlier.
The drop in income from operations was attributed to the impact of the hurricanes due to lost revenue and increased costs, decreased gains on sales of equipment, account start-up costs, and continued refining of the cost structure in the company's first to final mile service offering, partially offset by improvements in freight selection and truck productivity.
Intermodal revenue excluding fuel surcharges was $196 million an increase of 4% compared to third quarter 2016 while income from operations increased 12% to $12.2 million.
The increase in revenue was due to an 8.3% increase in orders, partially offset by a 3.6% decrease in revenue ...Read the rest of this story
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