Knight Continues to Navigate a Soft Trucking Landscape in Its Third Quarter
Knight’s revenue before fuel surcharges declined 5% in the third quarter (year over year). The firm’s top-line trends weren’t far off our anticipated run rate, as we’ve been baking in the impact of lackluster pricing conditions linked to excess industry capacity--a dynamic seen by all truckload carriers this year. Operating margins were roughly in line. We expect to modestly raise our fair value estimate to $24, from $23, due to re-calibrating (upward) our margin assumptions for the next few yea...
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