Knight-Swift Transportation Updates Forward Guidance, Sees Q1 EPS $0.37-$0.41 Vs $0.46 Est.; Sees Q2 EPS $0.53-$0.57

Author: Benzinga Newsdesk | January 24, 2024 05:12pm

Guidance — Given the unusual degree of uncertainty as to the direction and magnitude of outcomes from bid season, the timing and degree of an inflection in market conditions, and the difficulty assessing prevailing levels of demand as a result of weather disruptions in January, we are adjusting our approach to earnings guidance to provide two quarters of forward visibility as opposed to the full year. We will reassess this approach as market conditions develop. We expect that Adjusted EPS1 will range from $0.37 to $0.41 for the first quarter of 2024 and will range from $0.53 to $0.57 for the second quarter of 2024. Our expected Adjusted EPS1 ranges are based on the current truckload, LTL, and general market conditions, recent trends, and the current beliefs, assumptions, and expectations of management, as follows: • Truckload margin down slightly sequentially and improves in the second quarter, • Truckload tractor count down modestly sequentially through the first half, • Truckload miles per tractor increase mid-single digit percent year-over-year in the first half, • LTL shipment count improves mid-to-high single digit percent year-over-year and revenue per hundredweight, excluding fuel surcharge, improves mid-to-high single digit percent year-over-year, • Logistics volume declines high-single digit percent sequentially in the first quarter before partially recovering in the second quarter, • Intermodal volumes flat year-over-year in the first quarter before building high-single digit percent in the second quarter, • Equipment gains to be in the range of $7 million to $10 million per quarter, • Net interest expense stable sequentially with fourth quarter levels through the first half, • Net cash capital expenditures for the full year 2024 expected range of $625 million - $675 million, • Expected tax rate of approximately 25% to 26% for the year. The factors described under "Forward-Looking Statements," among others, could cause actual results to materially vary from this guidance. Further, we cannot estimate on a forward-looking basis, the impact of certain income and expense items on our earnings per share, because these items, which could be significant, may be infrequent, are difficult to predict, and may be highly variable. As a resu

Posted In: KNX