Knight-Swift Transportation Shares Surge 11% Following Q3 Beat
Shares of Knight-Swift Transportation (NYSE:KNX) surged more than 11% intra-day today after the company reported its Q3 results. The company's earnings per share (EPS) came in at $0.41, beating the Street estimate of $0.36. Revenue also outperformed, rising 6.5% year-over-year to $2.02 billion, exceeding the Street estimate of $1.9 billion.
CEO David Jackson highlighted that freight demand remains stable in the truckload market and relatively strong in the less-than-truckload (LTL) market. However, there is notable pressure on truckload rates and costs due to the ongoing rationalization of truckload oversupply as the industry moves towards equilibrium.
For full-year 2023, Knight-Swift Transportation expects adjusted EPS to be in the range of $2.10 to $2.20, slightly adjusted from the previous range of $2.10 to $2.30, but still above the Street estimate of $2.07.
| Symbol | Price | %chg |
|---|---|---|
| 9064.T | 1802 | 0 |
| 9076.T | 2047.5 | 0 |
| 9055.T | 5670 | 0 |
| 9075.T | 3765 | 0 |
Knight Transportation Reports Q2 Miss, Gets Downgraded
Knight Transportation (NYSE:KNX) announced its Q2 financial results on Thursday. The company reported EPS of $0.49 for the quarter, which was lower than the Street estimate of $0.59. Additionally, their revenue for the quarter was $1.6 billion, matching the consensus estimate.
Knight Transportation provided guidance for the fiscal year 2023, projecting EPS to be in the range of $2.10 to $2.30, significantly lower than the Street estimate of $2.76.
Following the release of these results, CFRA downgraded Knight Transportation from Hold to Sell, setting a price target of $48.00. Similarly, Evercore ISI downgraded the company from Outperform to In Line, adjusting the price target to $52.00 from the previous $60.00.
