Key Takeaways:
- EPS beat by 2%
- Revenue in-line
- Total revenue: $1.5B, up 6.4% YoY, up 2.7% QoQ
- Shares up 7% post-earnings
- Operating ratio improved to 71.9%, contributing to an 11.3% increase in EPS
- LTL revenue per hundredweight increased 4.4% and LTL tons per day increased 1.9%
- Capital expenditures were $238.1 million for Q2 and $357.6 million for H1 2024
- Company expects aggregate capital expenditures for 2024 to total approximately $750 million
- Top 50 customers are up mid-single digits year-to-date
Forward-Looking Statements and Insights:
Marty Freeman, President and CEO: “We believe that the combination of our best-in-class service and disciplined investments in network capacity position us to capture even more of the growing market in the years ahead.”
Adam Satterfield, CFO: “We estimate that shipping volumes are down about 15% from the peak back in 2021. And when you look at the number of service centers that have settled from that bankruptcy proceeding, not all are in operation yet, but probably at least 10% and maybe more capacity will be coming out of the market.”
