Knight-Swift Transportation beat third-quarter expectations Wednesday after the market closed. Guidance introduced for the first quarter was worse than expected.
Knight-Swift (NYSE: KNX) reported adjusted earnings per share of 34 cents, which compared favorably to the consensus estimate of 32 cents and management’s guidance of 31 to 35 cents. The result was 7 cents lower year over year.
The company reiterated fourth-quarter adjusted EPS guidance of 32 to 36 cents, which bookended a 34-cent consensus estimate at the time of the print. First-quarter guidance of 29 to 33 cents was light of a 36-cent consensus estimate.
Table: Knight-Swift’s key performance indicators – Consolidated
Knight-Swift’s truckload segment reported a 6.1% y/y revenue decline as average tractors in service were down by a similar percentage. Efforts to improve equipment utilization led to flat miles per tractor in the quarter and a slight decline in revenue per tractor.