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Shares of Knight-Swift Transportation Holdings Inc (NYSE:KNX) are trading lower after the company updated its first and second-quarter earnings guidance.
The company slashed its adjusted EPS outlook for first-quarter FY24 to $0.11 – $0.12 (consensus $0.29) from the previous forecast of $0.37 – $0.41.
The range includes a loss of $(0.08) per share for the third-party insurance business that ceased operation at the end of the quarter. Excluding the insurance loss, the expected adjusted EPS would be $0.19 – $0.20.
The company also lowered the second-quarter adjusted EPS outlook to $0.26 – $0.30 (consensus $0.48) from the previous guidance of $0.53 – $0.57.
Knight-Swift acknowledged that the full truckload industry continued to be challenging and oversupplied with capacity.
The company said the weather disruption in January had a greater impact than initially estimated. The softer volume and pricing headwinds also impacted the company's Logistics volumes and margins.
The company plans to provide third quarter 2024 guidance in conjunction with the first-quarter 2024 earnings release on April 24, 2024.
Price Action: KNX shares are trading lower by 4.12% at $48.69 on the last check Wednesday.
Posted In: KNX
