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Daseke Reports Second Straight Loss Since Going Public
One of the largest owners of flatbed and specialized trucking services providers moved from a profit to a loss in the second quarter of the year while reporting its second straight quarterly loss since becoming a publicly traded company early in 2017.
Daseke Inc. reported a net loss of $4.1 million in the April through June period compared to net income of $1 million a year earlier and a net loss of $7.7 million in the first quarter of 2017.
Revenue in the most recent quarter improved 15% from a year ago to $197.3 million while it was 23% higher that it was in the first quarter of this year.
Even with these latest results, the company said it remains on track to achieve its financial goals.
“As expected, we saw sequential improvement in our second quarter 2017 results versus the first quarter of 2017, with improvements in revenue, net loss and adjusted EBITDA, which we believe presents an accurate snapshot of our performance trend and growth,” said Don Daseke, chairman, president and CEO.
He said the company anticipates freight rates will continue to improve throughout 2017, with much of the recovery expected to occur in the third and fourth quarters.
“Based on the macro trends we are seeing, and the improvement in the overall flatbed and specialized transportation market, we are reiterating our 2017 pro forma Adjusted EBITDA target of $140 million, after giving effect to acquisitions made during 2017,” Mr. Daseke said.
During the second quarter of 2017, Daseke completed the acquisition of two companies effective the first of May while in early July it announced the acquisition of The Steelman Companies, bringing the number of consolidated companies under its banner to 12 with over 3,600 trucks and over 7,500 flatbed and specialized trailers.
Based on the 2016 financial ...Read the rest of this story
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For-Hire Freight Movements Remain High Despite Trucking Decline
<img width="150" src="http://www.automotive-fleet.com/fc_images/news/m-august-tsi-graphic-crop-1.jpg" border="0" alt="
Freight Transportation Services Index, June 2012 - June 2017. Graphic: U.S. DOT
" >Freight Transportation Services Index, June 2012 - June 2017. Graphic: U.S. DOT
" width="400">After hitting a new record high in May, a measure of the amount of freight moved by the nation's for-hire transportation industry declined in June, according to new Transportation Department figures.
Its Freight Transportation Services Index (TSI) declined 0.8% in June to a level of 126.2 from the month before while the May reading was revised upward to 127.2 from 126.8 and remains at an all-time high. Monthly numbers for January through April remained virtually unchanged.
Even with this drop from the month before the Freight TSI was at its second highest level of all time, exceeding the level from April by 1.6%. So far this year, while there have been four months when TSI declined, and only two months when it increased, the net increase in 2017 has been 1.3% because of the large increase in May.
Despite the month-to-month drop in June, for-hire freight shipments increased 2.9% from June 2016.
The Freight TSI measures the month-to-month changes in for-hire freight shipments by mode of transportation in tons and ton-miles, which are combined into one index. The index consists of data from for-hire trucking, rail, inland waterways, pipelines and air freight.
According to the department, the June decline from the previous month was due to significant decreases in trucking and water while air freight and rail carloads and intermodal grew. Pipeline remained steady.
“The increase ran counter to mostly rising trends in other economic indicators,” the report said. “Employment, housing starts and personal income grew. The Federal Reserve Board Industrial Production index rose by 0.4% in June, due to growth in manufacturing and mining. The Institute for Supply Management Manufacturing index rose to 57.8, indicating accelerating growth.”
While the monthly TSI declined, the quarterly TSI covering a three-month period rose. The 1.4% second quarter ...Read the rest of this story