Q2 2024 Knight-Swift Transportation Holdings Inc Earnings Call Transcript
Key Points
- Revenue excluding fuel surcharge increased by 18.1% year-over-year due to the acquisition of US Xpress.
- LTL segment experienced a supportive market with consistent rate increases, leading to a 15.1% year-over-year revenue growth.
- Intermodal segment saw a sequential load count growth of 10.8% and an improved operating ratio by 460 basis points year-over-year.
- Logistics segment improved profitability sequentially, with an 11.8% year-over-year revenue increase driven by higher revenue per load.
- US Xpress integration showed progress with a 33% year-over-year increase in truckload revenue excluding fuel surcharge.
- Adjusted operating income declined by 22.8% year-over-year.
- GAAP earnings per diluted share were negatively impacted by a $12.5 million pretax charge for a large auto liability claim.
- Net interest expense increased by $17.8 million year-over-year.
- Effective tax rate increased by 11.3% on GAAP results and 5.3% on non-GAAP results year-over-year.
- Truckload segment continues to face challenges with demand and excess capacity, leading to a 5.7% decline in legacy truckload business revenue.
Good afternoon. My name is John, and I'll be your conference operator today. At this time, welcome everyone to the Knight-Swift Transportation second-quarter 2024 earnings call. (Operator Instructions)
Speakers from today's call will be Adam Miller Chief Executive Officer; Andrew Hess Chief Financial Officer; Brad Stewart, Treasurer, and Senior Vice President of Investor Relations. Mr. Stewart, the meeting is now yours.
Thank you, John. Good afternoon, everyone, and thank you for joining our second-quarter 2024 earnings call. Today, we plan to discuss topics related to the results of the quarter, current market conditions and our earnings guidance. We have slides to accompany this call, which are posted on our investor website. Our call is scheduled to last one hour.
Following our commentary, we will answer questions related to these topics in order to get to as many participants as possible, we limit the questions to one per
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