Knight’s Q4 Revenue In Line, but Rates Still Down and Net Fuel Costs Up
In the fourth quarter, Knight’s revenue before fuel surcharges declined 1% from the year-ago period, largely in line with our forecast. Core pricing across the full-truckload landscape remains soft due to excess capacity, but that dynamic has been baked into our assumptions. Operating margins came in shy of our estimates, largely because of increased net-fuel outlays linked to higher diesel prices, which take time to pass through to shippers and boost empty-miles costs. The firm’s cost control o...
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