Top-Line Growth Accelerates on Tight Capacity in Schneider’s 4Q, but Shares Look Rich
Multimodal transport company Schneider National’s fourth-quarter revenue before fuel surcharges grew a solid 10% year over year. Revenue came in modesty ahead of our expectations, due in part to better-than-anticipated truckload-segment pricing trends, which accelerated meaningfully during the quarter on a material tightening in industry capacity. The adjusted total operating ratio (expenses/revenue, before fuel surcharges) improved 20 basis points to 90.8%, as the benefit of rate gains across a...Schneider National is a transportation and logistics services company providing a portfolio of truckload, intermodal, and logistics solutions and operating for-hire trucking fleets. The company categorizes its operations into the following segments: truckload, which consists of freight transported and delivered with equipment by the company's company-employed drivers in company trucks and by owner-operators; intermodal, which consists of door-to-door container on flat car service by a combination of rail and over-the-road transportation; and logistics, which consists of non-asset freight brokerage services, supply chain services (including third-party businesses), and import/export services.
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