Earnings Watch: Daeske, ArcBest, Radiant Release 1st Quarter Financials
Not all carriers are riding high on the current trucking business environment. While a major less-than-truckload player turned a profit following a loss a year earlier, a major flatbed and specialized carrier trimmed its losses compared to a year ago, while a third-party logistics provider was barely in the black.
Daseke Trims Losses in Hot Flatbed Market
Daseke Inc., the holding company for more than a dozen flatbed and specialized trucking and logistics providers, released first quarter showing its trimmed it losses while it doubled revenue. Revenue rose 104% from the first quarter of 2017, totaling $327.6 million. This was due to gains of 78% in its flatbed revenue and a 129% jump in specialized revenue as the company acquired seven companies in 2017.
The Texas company saw its net loss improve significantly to $800,000, or 4 cents per share, from $7.7 million, or 32 cents per share a year earlier. The first quarter marked the company's one year anniversary of being public.
“We began 2018 on a strong note, with 10% revenue growth in both our specialized and flatbed segments on an acquisition-adjusted basis,” said Don Daseke, chairman and CEO. “This was driven by favorable year-over-year rate increases in each segment, along with 11% growth in specialized revenue per truck due to increased revenue synergies in several key markets."
During Daseke's fourth quarter 2017 earnings call, it introduced its 2018 outlook, expecting to grow revenue to approximately $1.35 billion compared to $846.3 million in 2017. While the company reported a strong first quarter, Daseke plans to update its full-year outlook on the second quarter conference call, which will reflect its latest acquisitions.
ArcBest Records $10 Million Profit
ArcBest Corp., the parent company to ABF Freight among others, moved from a loss in the first quarter of 2017 to a profit during the same time ...Read the rest of this story