NYSE$KNX
Knight-Swift Transportation Holdings Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Knight-Swift's Q2 2024 performance was impacted by a challenging truckload market, offset by strong LTL growth and strategic cost management.
Knight-Swift Transportation Holdings reported a mixed Q2 2024, with consolidated total revenue increasing by 18.9% to $1.8 billion, driven by the U.S. Xpress acquisition. However, net income attributable to Knight-Swift decreased to $20.3 million, and operating income fell by 32.5% to $63.5 million. Adjusted EPS was $0.24, including a $0.06 negative impact from a $12.5 million charge for an auto liability claim settlement.
- Consolidated total revenue increased by 18.9% year-over-year to $1.8 billion, primarily due to the acquisition of U.S. Xpress.
- GAAP earnings per diluted share were $0.13, while Adjusted EPS was $0.24, which includes a $0.06 negative impact from an auto liability claim settlement.
- The LTL segment saw a 15.1% increase in revenues, excluding fuel surcharge, and an Adjusted Operating Ratio of 85.9%.
- The company opened 11 new LTL locations during the quarter and plans to open 20 more by the end of the year.
Headline financials
Revenue & EPS history
Knight-Swift · Revenue · Quarterly
$1.85B
Revenue by segment
Knight-Swift · $1.68B total across 4 segments · Q3 2023
- Truckload$1.18B+1.7%70.2%
- LTL$240M-13.9%14.3%
- Logistics$159M-24.7%9.4%
- Intermodal$101M-22.6%6.0%
Forward guidance
Knight-Swift anticipates Adjusted EPS to range from $0.31 to $0.35 for Q3 2024 and $0.32 to $0.36 for Q4 2024, based on current market conditions and expected seasonality without factoring in a market inflection.
Tailwinds
- Truckload segment revenue is expected to increase slightly sequentially in both Q3 and Q4.
- Truckload operating margins are projected to improve sequentially each quarter, leading to adjusted operating ratios in the low to mid-90s.
- LTL revenue, excluding fuel surcharge, is anticipated to grow by a low double-digit percentage year-over-year.
- LTL shipment count is expected to improve by a mid-single-digit percentage year-over-year in both Q3 and Q4.
- Logistics load count is projected to grow sequentially by a mid-single-digit percentage in Q3 and stabilize in Q4.
Headwinds
- Truckload tractor count is expected to decrease modestly sequentially into Q3 before stabilizing in Q4.
- All Other segments operating income, excluding intangible asset amortization, is projected to be approximately $10-15 million for Q3 but modestly negative for Q4 due to seasonal slowdown.
- Net interest expense is expected to increase modestly sequentially in both Q3 and Q4.
- Intermodal operating ratio modestly below breakeven by the fourth quarter.
- The timing of an inflection in market conditions has proven especially difficult to predict during this cycle
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
-0.4%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+1.8%
Avg return
30 days after
45%
30 / 66 earnings
Positive
+11.8%
Q3 2021
Best reaction
-9.4%
Q4 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.8% | -0.5% | +7.3% | |
| Q4 2025 | +2.7% | -5.2% | +6.5% | |
| Q3 2025 | -7.2% | -7.7% | -6.8% | |
| Q2 2025 | -1.3% | -2.3% | -3.2% | |
| Q1 2025 | +1.9% | -1.0% | +8.2% | |
| Q4 2024 | +4.7% | +6.4% | -5.2% | |
| Q3 2024 | -1.6% | +1.9% | +9.1% | |
| Q2 2024 | +5.3% | +5.7% | +9.6% | |
| Q1 2024 | -4.2% | -4.8% | -3.1% | |
| Q4 2023 | +1.5% | +1.1% | +2.1% | |
| Q3 2023 | +8.3% | +6.2% | +8.8% | |
| Q2 2023 | -0.1% | +2.5% | +0.0% | |
| Q1 2023 | -0.5% | -3.2% | -3.9% | |
| Q4 2022 | +3.0% | +3.0% | +0.3% | |
| Q3 2022 | -6.9% | -3.0% | +9.6% | |
| Q2 2022 | +3.0% | +0.6% | +9.7% | |
| Q1 2022 | +3.6% | +5.2% | -2.1% | |
| Q4 2021 | -1.5% | +2.2% | -1.9% | |
| Q3 2021 | +11.8% | +9.3% | +12.3% | |
| Q2 2021 | +0.2% | +1.5% | +3.8% | |
| Q1 2021 | -5.0% | -6.2% | -1.9% | |
| Q4 2020 | -8.2% | -10.1% | -2.9% | |
| Q3 2020 | +0.6% | -0.5% | +6.2% | |
| Q2 2020 | +1.0% | -1.4% | +3.7% | |
| Q1 2020 | +0.4% | +6.2% | +13.4% | |
| Q4 2019 | +5.2% | +3.2% | -11.7% | |
| Q3 2019 | +0.1% | +0.6% | -2.8% | |
| Q2 2019 | -3.2% | -1.9% | -14.8% | |
| Q1 2019 | -0.8% | -2.5% | -14.3% | |
| Q4 2018 | +10.9% | +6.2% | +14.9% | |
| Q3 2018 | +10.6% | +3.9% | +8.1% | |
| Q2 2018 | -7.4% | -7.5% | -5.8% | |
| Q1 2018 | -6.4% | -7.1% | -3.7% | |
| Q4 2017 | +6.6% | +3.0% | +4.0% | |
| Q3 2017 | -6.4% | -6.9% | +3.5% | |
| Q2 2017 | -4.9% | -3.8% | +1.3% | |
| Q1 2017 | +0.1% | -1.7% | -4.6% | |
| Q4 2016 | -1.5% | +0.6% | -3.9% | |
| Q3 2016 | +3.3% | +4.3% | +25.4% | |
| Q2 2016 | +2.8% | +1.2% | -2.5% | |
| Q1 2016 | +0.1% | — | — | |
| Q4 2015 | -5.9% | — | — | |
| Q3 2015 | -6.4% | — | — | |
| Q2 2015 | -7.2% | — | — | |
| Q1 2015 | -2.9% | — | — | |
| Q4 2014 | -9.4% | — | — | |
| Q3 2014 | -2.0% | — | — | |
| Q2 2014 | +1.6% | — | — | |
| Q1 2014 | -2.0% | — | — | |
| Q4 2013 | +3.2% | — | — | |
| Q3 2013 | +1.1% | — | — | |
| Q2 2013 | +1.1% | — | — | |
| Q1 2013 | +1.8% | — | — | |
| Q4 2012 | -2.6% | — | — | |
| Q3 2012 | -0.7% | — | — | |
| Q2 2012 | -1.7% | — | — | |
| Q1 2011 | -2.2% | — | — | |
| Q1 2012 | -0.6% | — | — | |
| Q4 2011 | -1.4% | — | — | |
| Q4 2009 | -1.4% | — | — | |
| Q2 2011 | -1.4% | — | — | |
| Q3 2011 | -4.5% | — | — | |
| Q3 2010 | -4.5% | — | — | |
| Q2 2010 | -0.5% | — | — | |
| Q4 2010 | -0.5% | — | — | |
| Q1 2010 | +1.8% | — | — |
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