New Strong Sell Stocks for December 21st
- DSKE, NVST and HENKY have been added to the Zacks Rank #5 (Strong Sell) List on December 21, 2023.
- 12/21/2023
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Daseke (DSKE) Q3 Earnings and Revenues Miss Estimates
- Daseke (DSKE) came out with quarterly earnings of $0.02 per share, missing the Zacks Consensus Estimate of $0.10 per share. This compares to earnings of $0.17 per share a year ago.
- 11/09/2023
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Daseke Reports Results for Third-Quarter 2023 and Updates 2023 Outlook
- Advanced strategic capital allocation priorities with additional $20 million term-loan repayment, delivered enhanced operational productivity, and successfully executed One Daseke initiatives Advanced strategic capital allocation priorities with additional $20 million term-loan repayment, delivered enhanced operational productivity, and successfully executed One Daseke initiatives
- 11/09/2023
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Daseke: Buying More Tractors, Beneficial Outlook, And Undervalued
- Daseke notes a beneficial outlook for the building materials sector and announces further acquisition of tractors and lower maintenance costs. The company operates in North America, providing specialized loading and transportation solutions for various industries. Shareholders should monitor the total amount of debt, but DSKE stock appears undervalued with potential for FCF margin growth.
- 11/01/2023
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Daseke, Inc. Schedules Third-Quarter 2023 Earnings Call November 9, 2023
- ADDISON, Texas, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (or the “Company”), today announced that it will hold a conference call Thursday, November 9th at 11:00 AM ET to discuss the financial and operational results of its second quarter, ended September 30, 2023.
- 10/30/2023
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Daseke, Inc. (DSKE) Q2 2023 Earnings Call Transcript
- Daseke, Inc. (NASDAQ:DSKE ) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Company Participants Jonathan Shepko - Chief Executive Officer and Board Member Aaron Coley - Executive Vice President and CEO Adrianne Griffin - Vice President, Investor Relations and Treasurer Conference Call Participants Ryan Sigdahl - Craig-Hallum Capital Group Elliot Alper - TD Cowen Greg Gibas - Northland Securities Operator Good morning, everyone. And thank you for joining today's conference call to discuss Daseke's Financial and Operational Results for the Quarter Ended June 30, 2023.
- 08/05/2023
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Daseke (DSKE) Misses Q2 Earnings and Revenue Estimates
- Daseke (DSKE) came out with quarterly earnings of $0.07 per share, missing the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.24 per share a year ago.
- 08/03/2023
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Daseke Reports Results for Second-Quarter 2023 and Updates 2023 Outlook
- Strong cash generation with asset-right strategy driving improvement in company loads, company miles, and company revenue Strong cash generation with asset-right strategy driving improvement in company loads, company miles, and company revenue
- 08/03/2023
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Daseke, Inc. Schedules Second-Quarter 2023 Earnings Call on August 3, 2023
- ADDISON, Texas, July 24, 2023 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (or the “Company”), today announced that it will hold a conference call Thursday, Aug 3rd at 11:00 AM ET to discuss the financial and operational results of its second quarter, ended June 30, 2023.
- 07/24/2023
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TipRanks reveals the top 10 services sector analysts of the past decade
- TipRanks' analyst ranking service ranks the top Wall Street firms of the past decade.
- 06/04/2023
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Flatbed carrier Daseke says no ‘clear visibility' into recovery, lowers 2023 outlook
- Flatbed truckload carrier Daseke pointed to a lack of a seasonal uplift as the basis for lowering its full-year outlook on Tuesday. The company reported first-quarter adjusted earnings per share of 12 cents before the market opened, which was double the consensus estimate but half the year-ago mark.
- 05/09/2023
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Daseke (DSKE) Reports Q1 Loss, Lags Revenue Estimates
- Daseke (DSKE) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of $0.04. This compares to earnings of $0.18 per share a year ago.
- 05/09/2023
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Daseke, Inc. to Release First-Quarter 2023 Results on May 9, 2023
- ADDISON, Texas, April 18, 2023 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (or the “Company”), today announced that it will hold a conference call Tuesday, May 9th at 11:00 AM ET to discuss the financial and operational results of its first quarter ended March 31, 2023.
- 04/18/2023
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Why Daseke Stock Is Surging Today
- The trucking company delivered better-than-expected results.
- 02/06/2023
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Daseke, Inc. (DSKE) Q4 2022 Earnings Call Transcript
- Daseke, Inc. (NASDAQ:DSKE ) Q4 2022 Earnings Conference Call February 6, 2023 11:00 AM ET Company Participants Adrianne D. Griffin - VP, IR and Treasurer Traci Graham - VP, FP&A and Business Analytics Jonathan Shepko - CEO Aaron Coley - EVP and CFO Conference Call Participants Bert Subin - Stifel, Nicolaus & Company, Inc. Jason Seidl - Cowen and Company Greg Gibas - Northland Capital Markets Ryan Sigdahl - Craig-Hallum Capital Group Operator Good morning everyone and thank you for joining today's conference call to discuss Daseke's Financial Results for the Fourth Quarter and Full Year Ended December 31, 2022.
- 02/06/2023
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Flatbed carrier Daseke sees industry hitting new peak for rates in 2025
- Management from flatbed truckload operator Daseke said it expects to see demand improve by the middle of the year, in line with normal seasonality, with rates returning to 2022 peak levels next year. It also sees the industry reaching a fresh peak for rates in 2025.
- 02/06/2023
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Daseke Has A Good Upside Potential
- The company's revenue should benefit from the healthy demand in high-security cargo, aerospace, agriculture, and renewables. DSKE's transformational program should continue to benefit the operating ratio and help generate free cash flow to deleverage its balance sheet.
- 01/17/2023
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Buyout of founder changes Daseke's capital structure; S&P lowers outlook
- The buyout of founder Don Daseke by flatbed operator Daseke Inc. has led S&P Global Ratings to shift its outlook on the company to “negative.” The action by S&P Global Ratings (NYSE: SPGI) does not change the company's actual debt rating, which was upgraded to B+ from B in August.
- 12/30/2022
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Daseke: Recalibrating Expectations
- Recent financial performance achieved by Daseke has been a bit mixed, but the overall picture for the company is far from bad. Management recently completed a major financial transaction that has both positives and negatives, but that will eat some of the firm's cash flows.
- 12/19/2022
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Daseke to Participate in Two Investor Conferences
- ADDISON, Texas, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (“Daseke” or the “Company”), the premier North American transportation solutions specialist dedicated to servicing challenging industrial end-markets, announced today that Vice President of Finance and Investor Relations Officer, Traci Graham, is scheduled to participate in two upcoming investor conferences and will be conducting one-on-one meetings with investors that have registered for the respective events.
- 11/15/2022
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Daseke to buy out founder in $108M transaction
- Flatbed truckload provider Daseke said Monday that it will buy out founder and former chairman Don Daseke. An agreement to repurchase $107.6 million in stock from Daseke and his affiliates is expected to close “later this week.
- 11/14/2022
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Daseke, Inc. (DSKE) Q3 2022 Earnings Call Transcript
- Daseke, Inc. (NASDAQ:DSKE ) Q3 2022 Earnings Conference Call November 9, 2022 11:00 AM ET Company Participants Traci Graham - Vice President of Finance and Investor Relations Jonathan Shepko - Chief Executive Officer Aaron Coley - Executive Vice President and Chief Financial Officer Conference Call Participants Bert Subin - Stifel, Nicolaus & Company, Inc. Jason Seidl - Cowen and Company Ryan Sigdahl - Craig-Hallum Capital Group LLC Operator Good morning, and thank you for participating in today's conference to discuss Daseke's Financial Results for the Third Quarter ended September 30, 2022 as well as Daseke's 2022 Full-Year Outlook. With us today are Jonathan Shepko, Chief Executive Officer and Board member; Aaron Coley, Executive Vice President and Chief Financial Officer; and Traci Graham, Vice President of Finance and Investor Relations.
- 11/09/2022
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7 Trucking Stocks to Sell as the Shipping Boom Goes Bust
- There's a good deal of trucking stocks to sell. To be clear, the market ideas on this list do not necessarily represent flawed strategies or operations.
- 10/26/2022
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Daseke: A Great Prospect At Current Prices
- Daseke has been pushed down hard by the market in recent months, driven by concerns over the economy. The downside the company experienced is mostly unwarranted, even though its financial position could deteriorate due to market conditions moving forward.
- 10/03/2022
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Daseke announces share buyback following activist's encouragement
- After sagging performance in its shares, flatbed truckload operator Daseke announced Friday that it would repurchase up to $40 million of its stock. The stock will be repurchased from “time to time” in the open market or by using a Securities and Exchange Commission Rule 10b5-1 plan, which sets the schedule and amount of trading in advance.
- 09/30/2022
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Daseke announces new CFO, reiterates guidance
- Flatbed truckload provider Daseke Inc. announced Friday that it accepted the resignation of CFO Jason Bates effective last Monday. A news release said Bates was leaving the Dallas-Fort Worth area where the company is based due to “familial obligations.
- 09/23/2022
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S&P upgrades flatbed operator Daseke's debt rating after Moody's holds the line
- Several months after Daseke expressed disappointment that one of the leading debt ratings agencies didn't increase its rating, the flatbed operator got its wish when another one did. When Moody's conducted a review of Daseke (NASDAQ: DSKE) earlier this year, it came out with a report that said the outlook on the company's debt was “stable,” which means conditions were not in place to suggest an upgrade or downgrade.
- 09/09/2022
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Daseke sees strong demand, solid rates outlook for rest of 2022
- Freight demand across industrial markets will continue growing throughout the year, keeping rates high and enabling flatbed truckload provider Daseke Inc. to continue generating more revenue and profit. “We continue to see strength in freight rates and have also flexed our asset light service offering to capture additional freight,” Daseke CFO Jason Bates told analysts on its second-quarter call Tuesday.
- 08/02/2022
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Daseke, Inc. (DSKE) CEO Jonathan Shepko on Q2 2022 Results - Earnings Call Transcript
- Daseke, Inc. (NASDAQ:DSKE ) Q2 2022 Earnings Conference Call August 2, 2022 11:00 AM ET Company Participants Traci Graham - Vice President of Finance and Investor Relations Jonathan Shepko - Chief Executive Officer Jason Bates - Chief Financial Officer Conference Call Participants Ryan Sigdahl - Craig-Hallum Jason Seidl - Cowen Bert Subin - Stifel Greg Gibas - Northland Capital Markets Operator Good morning, everyone, and thank you for participating in today's conference call to discuss Daseke's Financial Results for the Second Quarter ended June 30, 2022 as well as Daseke's 2022 Full Year Outlook. With us today are Jonathan Shepko, CEO and Board member; Jason Bates, Executive Vice President and CFO; and Traci Graham, Vice President of Finance and Investor Relations.
- 08/02/2022
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Can Daseke (DSKE) Keep the Earnings Surprise Streak Alive?
- Daseke (DSKE) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
- 08/01/2022
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Daseke (DSKE) Moves 14.3% Higher: Will This Strength Last?
- Daseke (DSKE) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.
- 07/29/2022
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Daseke Continues To Drive A Sturdy Rebound Amidst Supply Chain Potholes
- Daseke, Inc. remains durable with its robust growth and operational efficiencies. Its stellar Balance Sheet allows it to sustain its operations and cover borrowings.
- 07/20/2022
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Daseke: Still Trucking But Different
- Open-deck freight is generally complex, time-sensitive and focused on less cyclical parts of the economy.
- 07/20/2022
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Is Daseke (DSKE) a Great Value Stock Right Now?
- Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
- 05/05/2022
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Daseke (DSKE) Q1 Earnings and Revenues Beat Estimates
- Daseke (DSKE) delivered earnings and revenue surprises of 50% and 14.26%, respectively, for the quarter ended March 2022. Do the numbers hold clues to what lies ahead for the stock?
- 05/03/2022
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Investment group urges Flatbed operator Daseke to start stock buyback
- Daseke is the target of an investment fund that is asking the flatbed operator to launch a buyback of its shares, saying they are undervalued because the broader market is not giving it credit for the relative strength of the flatbed market. Alta Fox Capital Management, based in Fort Worth, Texas, sent the letter to the directors of Daseke (NASDAQ: DSKE) Thursday.
- 04/22/2022
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Daseke: Undervalued And Beneficial 2022 Outlook
- Daseke is a transportation solutions specialist offering tractors and flatbed, warehousing services, and trailers to clients in the United States, Canada, and Mexico.
- 03/29/2022
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Daseke to Attend Upcoming Investor Conferences
- ADDISON, Texas, Feb. 04, 2022 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (“Daseke” or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, today announced that senior management will participate in two upcoming investors conferences and will be conducting one-on-one and group meetings with investors registered for the respective events.
- 02/04/2022
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Daseke, Inc. (DSKE) CEO Jonathan Shepko on Q4 2021 Results - Earnings Call Transcript
- Daseke, Inc. (DSKE) CEO Jonathan Shepko on Q4 2021 Results - Earnings Call Transcript
- 01/25/2022
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2022 to build on record 2021, flatbed carrier Daseke says
- Flatbed operator Daseke posted record full-year 2021 results Tuesday, with management calling for further improvement in the new year. A multiyear turnaround, which consolidated past acquisitions and reduced its fleet size and debt leverage, led the company to a 90.9% full-year adjusted operating ratio, 270 basis point better year-over-year.
- 01/25/2022
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Daseke (DSKE) Beats Q4 Earnings and Revenue Estimates
- Daseke (DSKE) delivered earnings and revenue surprises of 28.57% and 2.24%, respectively, for the quarter ended December 2021. Do the numbers hold clues to what lies ahead for the stock?
- 01/25/2022
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3 Potential Value Opportunities to Consider
- When seeking value opportunities, investors could be interested in the following stocks, since their prices are trading at a discount to the intrinsic value calculated by GuruFocus' earnings-based discounted cash flow (DCF) calculator.
- 01/14/2022
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Daseke, Inc. to Release Fourth Quarter and Full-Year 2021 Results on January 25, 2022
- ADDISON, Texas, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, today announced that it plans to report results for its fiscal fourth quarter and full-year ended December 31, 2021 on January 25, 2022. A conference call to discuss the financial and operational results is scheduled for January 25, 2022 at 11:00 AM ET.
- 01/11/2022
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Daseke (DSKE) Gains But Lags Market: What You Should Know
- Daseke (DSKE) closed at $9.48 in the latest trading session, marking a +0.96% move from the prior day.
- 12/21/2021
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Daseke (DSKE) Gains As Market Dips: What You Should Know
- Daseke (DSKE) closed at $9.39 in the latest trading session, marking a +0.43% move from the prior day.
- 12/20/2021
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Daseke (DSKE) Dips More Than Broader Markets: What You Should Know
- Daseke (DSKE) closed at $10.05 in the latest trading session, marking a -0.99% move from the prior day.
- 12/13/2021
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Daseke, Inc. (DSKE) CEO Jonathan Shepko on Q3 2021 Results - Earnings Call Transcript
- Daseke, Inc. (DSKE) CEO Jonathan Shepko on Q3 2021 Results - Earnings Call Transcript
- 10/22/2021
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Flatbed operator Daseke posts Q3 beat, eyes M&A
- Flatbed truckload provider Daseke said on a call with analysts Friday it was working on a couple of potential acquisitions. The nation's largest flatbed carrier reported third-quarter adjusted earnings per share of 43 cents, 11 cents ahead of the consensus estimate and 19 cents better than the year-ago quarter.
- 10/22/2021
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Daseke Clocks 13% Revenue Growth In Q3, Tops Consensus
- Daseke Inc (NASDAQ: DSKE) reported third-quarter FY21 revenue growth of 13% year-over-year to $424.6 million, beating the consensus of $423.28 million. This company attributed the year-over-year increase in revenue to record freight rates in the Flatbed segment.
- 10/22/2021
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Daseke: Q3 Earnings Insights
- Daseke (NASDAQ:DSKE) reported its Q3 earnings results on Friday, October 22, 2021 at 08:00 AM. Here's what investors need to know about the announcement.
- 10/22/2021
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Daseke (DSKE) Earnings Expected to Grow: Should You Buy?
- Daseke (DSKE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 10/15/2021
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Daseke (DSKE) Gains As Market Dips: What You Should Know
- Daseke (DSKE) closed at $9.98 in the latest trading session, marking a +0.71% move from the prior day.
- 10/11/2021
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Daseke (DSKE) Sees Hammer Chart Pattern: Time to Buy?
- Daseke (DSKE) has been struggling lately, but the selling pressure may be coming to an end soon.
- 09/22/2021
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Daseke (DSKE) Upgraded to Strong Buy: What Does It Mean for the Stock?
- Daseke (DSKE) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
- 09/06/2021
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Why Daseke (DSKE) Stock Might be a Great Pick
- Daseke (DSKE) has seen solid earnings estimate revision activity over the past months, and belongs to a strong industry as well.
- 09/03/2021
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Daseke (DSKE) Is Up 0.11% in One Week: What You Should Know
- Does Daseke (DSKE) have what it takes to be a top stock pick for momentum investors? Let's find out.
- 09/02/2021
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New Strong Buy Stocks for August 30th
- DSKE, HNGR, GPS, SCSC, and RDNT have been added to the Zacks Rank #1 (Strong Buy) List on August 30, 2021
- 08/30/2021
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Top Ranked Momentum Stocks to Buy for August 30th
- DSKE, SCSC, ULTA, and REX made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on August 30, 2021.
- 08/30/2021
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Top Ranked Momentum Stocks to Buy for August 20th
- TRNS, ARCB, TUP, and DSKE made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on August 20, 2021
- 08/20/2021
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New Strong Buy Stocks for August 20th
- MRO, GOLF, TUP, DSKE, and ARCB have been added to the Zacks Rank #1 (Strong Buy) List on August 20, 2021.
- 08/20/2021
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Top Ranked Momentum Stocks to Buy for August 13th
- MRVI, DSKE, VRTS, and RMBS made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on August 13, 2021.
- 08/13/2021
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4 Transportation Stocks At Attractive Valuations
- Valuations in the transportation sector have come down in the last couple of months, creating an opportunity to buy some great stocks.
- 08/11/2021
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Infrastructure Portfolio: Resetting The Table
- Infrastructure Portfolio: Resetting The Table
- 08/10/2021
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New Strong Buy Stocks for August 9th
- CPRI, DSKE, GMS, JLL, and MOS have been added to the Zacks Rank #1 (Strong Buy) List on August 9, 2021.
- 08/09/2021
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Top Ranked Momentum Stocks to Buy for August 9th
- DSKE, JLL, BY, and HAFC made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on August 9, 2021.
- 08/09/2021
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Daseke (DSKE) Hits Fresh High: Is There Still Room to Run?
- Daseke (DSKE) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.
- 08/06/2021
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Daseke's (DSKE) CEO Jonathan Shepko on Q2 2021 Results - Earnings Call Transcript
- Daseke's (DSKE) CEO Jonathan Shepko on Q2 2021 Results - Earnings Call Transcript
- 08/03/2021
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Why Did Daseke Stock Gain 12% Today?
- Daseke Inc (NASDAQ: DSKE) reported second-quarter sales growth of 14.9% year-over-year to $404 million, and +18% Y/Y excluding the Aveda Transportation and Energy Services business's impact, beating the consensus estimate of $369.45 million. Adjusted EPS improved to $0.42 from $0.13 in 2Q20, beating consensus estimates of $0.09.
- 08/03/2021
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Daseke reports Q2 revenue of $404 million, up 15% year-over-year
- Daseke Inc. on Tuesday reported second-quarter adjusted earnings per share of 42 cents, compared to 10 cents per share in the same year-ago quarter. The nation's largest flatbed carrier's quarterly revenue rose 15% year-over-year to $404 million, with adjusted net income of $30.2 million.
- 08/03/2021
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Daseke (DSKE) Tops Q2 Earnings and Revenue Estimates
- Daseke (DSKE) delivered earnings and revenue surprises of 444.44% and 9.28%, respectively, for the quarter ended June 2021. Do the numbers hold clues to what lies ahead for the stock?
- 08/03/2021
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DSKE Stock Price Increases Over 13% Pre-Market: Why It Happened
- The stock price of Daseke, Inc. (NASDAQ: DSKE) increased by over 13% pre-market. This is why it happened.
- 08/03/2021
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Daseke, Inc. to Release Second Quarter Results on August 3, 2021
- ADDISON, Texas, July 19, 2021 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, today announced that it plans to report results for its fiscal second quarter ended June 30, 2021 on August 3, 2021. A conference call to discuss the financial and operational results is scheduled for August 3, 2021 at 11:00 AM ET.
- 07/19/2021
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Earnings Estimates Rising for Daseke (DSKE): Will It Gain?
- Daseke (DSKE) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
- 06/08/2021
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Daseke's (DSKE) Shares March Higher, Can It Continue?
- As of late, it has definitely been a great time to be an investor in Daseke, Inc. (DSKE).
- 06/08/2021
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Daseke (DSKE) Sees Hammer Chart Pattern: Time to Buy?
- Daseke (DSKE) has been struggling lately, but the selling pressure may be coming to an end soon
- 05/21/2021
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Daseke Still Undervalued After A Successful Restructuring
- Daseke Still Undervalued After A Successful Restructuring
- 05/11/2021
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Daseke, Inc. (DSKE) CEO Jonathan Shepko on Q1 2021 Results - Earnings Call Transcript
- Daseke, Inc. (DSKE) CEO Jonathan Shepko on Q1 2021 Results - Earnings Call Transcript
- 05/07/2021
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Daseke Comments on Recent SEC Statement Relating to Warrants and Announces Timing for First Quarter Earnings Call
- Company reaffirms fiscal 2021 guidance, believes correction in warrant accounting not meaningful to investment thesis in Daseke, and will likely result in an increase to 2021 GAAP net income Company reaffirms fiscal 2021 guidance, believes correction in warrant accounting not meaningful to investment thesis in Daseke, and will likely result in an increase to 2021 GAAP net income
- 04/22/2021
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New Strong Sell Stocks for March 16th
- Here are 5 stocks added to the Zacks Rank #5 (Strong Sell) List today
- 03/16/2021
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Forget SPACs - These 2 High-Yielding Stocks Win No Matter What
- Forget SPACs - These 2 High-Yielding Stocks Win No Matter What
- 02/23/2021
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Daseke sharpens focus; M&A in ‘crosshairs'
- Daseke's (NASDAQ: DSKE) go-forward strategy will expand on its recently completed operational restructuring and include accretive acquisitions. Those plans were outlined in an interview FreightWaves had with Interim CEO Jonathan Shepko and CFO Jason Bates.
- 01/30/2021
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Daseke, Inc. (DSKE) CEO Jonathan Shepko on Q4 2020 Results - Earnings Call Transcript
- Daseke, Inc. (DSKE) CEO Jonathan Shepko on Q4 2020 Results - Earnings Call Transcript
- 01/29/2021
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Daseke (DSKE) Surpasses Q4 Earnings and Revenue Estimates
- Daseke (DSKE) delivered earnings and revenue surprises of 400.00% and 0.45%, respectively, for the quarter ended December 2020. Do the numbers hold clues to what lies ahead for the stock?
- 01/29/2021
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Recap: Daseke Q4 Earnings
- Shares of Daseke (NASDAQ:DSKE) remained unaffected after the company reported Q4 results. Quarterly Results Earnings per share rose 200.00% over the past year to $0.12, which beat the estimate of ($0.04).
- 01/29/2021
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Why Daseke (DSKE) Might Surprise This Earnings Season
- Daseke (DSKE) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.
- 01/28/2021
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Daseke (DSKE) Expected to Beat Earnings Estimates: Can the Stock Move Higher?
- Daseke (DSKE) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 01/22/2021
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Daseke, Inc. to Release Fourth Quarter and Full-Year 2020 Results on January 29, 2021
- ADDISON, Texas, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, today announced that it plans to report results for its fiscal fourth quarter and full-year ended December 31, 2020 on January 29, 2021. A conference call to discuss the financial and operational results is scheduled for January 29, 2021 at 11:00 AM ET.
- 01/18/2021
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Daseke Announces Cooperation Agreements with Lyons Capital and Don Daseke
- Appoints Grant Garbers to Board of Directors
- 01/05/2021
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Contingent Consideration Payable to Former Aveda Shareholders
- Calgary, Alberta--(Newsfile Corp. - November 17, 2020) - 2111943 Alberta Ltd. (the "Aveda Nominee") wishes to provide an update to the former shareholders of Aveda Transportation and Energy Services Inc. (TSXV: AVE) ("Aveda") regarding the potential contingent consideration (the "Earn-out") payable to persons who held common shares of Aveda as of June 6, 2018, being the date that Aveda was indirectly acquired by Daseke, Inc. (NASDAQ: DSKE) (NASDAQ: DSKEW) ("Daseke") under the terms of the...
- 11/17/2020
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Daseke Appoints Julie Hoagland as Chief People Officer
- New CPO brings 25 years of Human Resources experience to the Company and completes the Company's executive leadership team
- 11/11/2020
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Daseke, Inc. (DSKE) CEO Chris Easter on Q3 2020 Results - Earnings Call Transcript
- Daseke, Inc. (DSKE) CEO Chris Easter on Q3 2020 Results - Earnings Call Transcript
- 10/30/2020
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Why Daseke Stock Surged 29% This Morning
- And why it then gave most of that back.
- 10/30/2020
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Daseke Reports Record Results for Third Quarter of 2020
- Strong execution drives record quarterly Operating Income, Net Income of $15.7 million, and record Adjusted Net Income Strong execution drives record quarterly Operating Income, Net Income of $15.7 million, and record Adjusted Net Income
- 10/30/2020
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Improved Execution To 'Open Doors' For Daseke; Acquisitions On Horizon
- The nation's largest flatbed carrier, Daseke Inc. (NASDAQ: DSKE), could see more "doors open" if it continues to succeed on its turnaround plan. An improving capital structure could lead to the resumption of acquisitions, providing the catalyst for the carrier's next phase of growth. Of course, all of this hinges on its ability to continue to execute, according to CFO Jason Bates.In an interview with FreightWaves, Bates said he believes a couple more quarters of improved execution will provide the company with more avenues to improve its capital structure. "If we can put up two or three more really solid quarters and develop kind of a consistent trend and a positive direction, that may catch the eyes of ratings agencies and lenders and may open some additional doors for us," Bates said.An improved capital structure would include a bump to credit ratings, a lower cost of capital, lower interest rates and less debt leverage. Daseke could even issue new equity as it has done twice since its shares went public in February 2017. This would allow the Addison, Texas-based company to get back to doing what it did for much of its first decade of existence — buying other flatbed fleets.Too many too fast led to restructuringDaseke is a company of companies, executing more than 20 acquisitions in the flatbed trucking space since its founding by namesake Don Daseke in 2009. Some of the fleets acquired carry heavy equipment for Caterpillar Inc. (NYSE: CAT) and the U.S. Department of Defense and aircraft wings for Boeing Co (NYSE: BA). What started out as a fleet of 60 tractors generating $30 million in annual revenue grew to more than 6,000 units with revenue exceeding $1.7 billion in 2019.However, difficulty integrating nine deals in the 2017-2018 two-year stretch alongside a declining industrial backdrop that sent flatbed rates and truck utilization lower, prompted the carrier to hit the pause button and retool the game plan.Photo: Jason Bates/LinkedInThe company's two-phase restructuring plan is expected to be fully implemented by year-end. Phase one was completed at the end of the first quarter, producing an annual run rate of $30 million in operating income improvement. Phase two plans to boost that run rate an additional $15 million by the time 2020 concludes.The overhaul includes consolidating separately operated flatbed trucking companies acquired through acquisition, disposing of underutilized tractors and trailers, and reducing headcount. Daseke has rolled up six of its 16 stand-alone fleets and is divesting the assets from its oil rig transportation unit Aveda Transportation and Energy Services. At the close of the second quarter, Daseke reported it had reduced its tractor count by 10% year-over-year, with nondriver headcount being reduced by a similar amount.Daseke's restructuring began in earnest in early 2019 with the addition of now-CEO Chris Easter, who joined the company to fill the newly created chief operating officer role. In May 2019, three new board seats were filled with individuals who had experience as operational leaders. The overhaul accelerated when the company's former chairman and CEO, Don Daseke, stepped down in August 2019. Easter stepped in to lead the company on an interim basis, immediately upgrading the first phase of the cost improvement plan. Easter was named permanent CEO in February. Bates joined the team at the end of April.Several cost and efficiency opportunities remainOn the potential for future headcount reductions or further consolidation of separately run units, Bates said "most of the heavy lifting" was done in the second half of 2019 and "there's not too much more activity" planned at this time. He said the company continues to monitor the markets, COVID-19 and the election but they "feel pretty good" with the current level of resources.While there were tangible changes like asset and headcount reductions that provided immediate results, more subtle initiatives have driven improvements and are likely to drive the next stage of the restructuring. Bates said increased usage of information and data has improved decision making across all of its brands. Information flow has improved throughout the organization now that some of the smaller and underperforming fleets are managed by the better-operating units. This has allowed management to better implement best practices.> "We have some runway to continue to demonstrate the turnaround that hopefully people are starting to see and take note of through the last couple of quarters.""One of the benefits of this portfolio approach is you have some of these guys that are out there operating at a really, really high level and they're very capable, very knowledgeable operators, they're very process-oriented and very, very focused on cost control," said Bates. He said some of the lower-performing fleets didn't have these processes in place, and now they have the opportunity to see how the operation should run.Bates doesn't expect a formal rollout or "phase three" of the business improvement plan. He believes improved decision making and the continual evolution of best practices across the entire organization will be the primary margin catalysts for the carrier in 2021 and beyond. The company established a long-term goal of a sub-90% operating ratio (OR), operating expenses expressed as a percentage of revenue, during its second-quarter earnings presentation for core trucking operations, which account for roughly 80% of revenue.More quarters like Q2 and the buying spree could resumeDaseke reported second-quarter adjusted net income (after preferred dividends) of $6.7 million or 10 cents per share, outpacing analysts' expectations for a 9-cents-per-share loss. The result was also well ahead of second-quarter 2019's $2.1 million profit, excluding costs associated with restructuring and transforming the business.Even with revenue declining more than 20% year-over-year in the quarter, cost actions from the restructuring initiatives drove an improved financial performance. Importantly, the carrier bolstered its liquidity position and reduced debt in the period. Daseke ended the second quarter with $240 million in liquidity and net debt of $532 million, improvements of $91 million and $118 million, respectively, from the year-ago period.Shares of DSKE surged more than 25% on the better-than-expected earnings report, closing up 19% for the day. The one-day spike followed a 43% runup in the stock heading into the earnings report, which was propelled by a favorable second-quarter update issued in mid-June citing improvement in freight demand and liquidity. The stock is up 60% since the second-quarter report at $6.63, almost 8x higher than it traded in the early days of COVID-19 when it gapped down to 86 cents.The company's debt leverage ratio — net debt-to-adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) — declined to 3x from 3.2x at the end of the first quarter and below the 4x leverage covenant required by its lending agreements. Not facing any debt maturities until 2022 (revolving credit facility) and 2024 (term loan), Bates believes the company can be "opportunistic" when accessing capital markets. The hope is continued operational improvement will allow the company to minimize its interest expense and improve the balance sheet."We have some runway to continue to demonstrate the turnaround that hopefully people are starting to see and take note of through the last couple of quarters," commented Bates.The bulk of Daseke's debt is on a term loan with a variable interest rate. The average interest rate on its term loan debt was 7.4% in 2019, declining to 6.3% during the second quarter. Each 1 percentage point change in the rate equates to roughly $5 million in interest expense. Further, an improved credit profile would allow the carrier to lower rates on its equipment term loans and leases. The company recorded $23 million in interest expense in the first half of 2020 after recording more than $50 million during 2019.Of note, the recent financial improvement occurred through COVID and in the presence of a weak industrial economy. Demand for flatbed equipment has remained under 2019 levels for most of this year and is only a fraction of what 2018 provided. The Flatbed Outbound Tender Reject Index (SONAR: FOTRI.USA), a proxy for flatbed equipment demand, measures the number of flatbed loads tendered to and rejected by carriers. The mid-April to late-June stretch, the majority of second quarter 2020, was the worst on record. However, Daseke's financial performance improved in the face of weak demand due to the cost initiatives.Chart: Flatbed Outbound Tender Reject Index (SONAR: FOTRI.USA)On the second-quarter earnings call, management said volumes troughed in April, with only modest sequential improvement in May and June. They said July volumes moved "sideways" from June and indicated revenue may be flat sequentially from the second quarter to the third. Verticals like wind energy remain strong, lumber and building materials are holding steady, and the defense sector is now back online. This will help offset weakness in demand for aerospace and metals. FOTRI briefly inflected positively in late June and has been closer to level with last year since. A nudge from the revenue side of the equation would certainly amplify the carrier's cost actions.> "People who spent their entire lives building a business and they've got everything in this business, they don't want to lose it all."Getting back to acquisitions?Improving profitability and the balance sheet will allow Daseke to get back to its roots — growth by acquisition. Daseke holds approximately a 3% share of the roughly 200,000 flatbed tractors in service, suggesting there is ample room for consolidation.
- 08/18/2020
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Daseke Announces Conclusion of Executive Chairman Role and Brian Bonner Named as Chairman of the Board
- With executive leadership transition complete and transformation gaining momentum, Bonner to assume role as Independent Chairman of the BoardADDISON, Texas, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (“Daseke” or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, today announced that Brian Bonner ended his term as Executive Chairman, effective August 14, 2020. Bonner will continue to serve the Company as an Independent Director and Chairman of the Company’s Board of Directors, maintaining the responsibilities commensurate with the Chairman position. Bonner has served as an Independent Director since 2015. Brian Bonner commented, “It has been a privilege to serve our company and our shareholders as Executive Chairman of our Board for the last year. The decision to end the position reflects the thoughtful completion of our managerial leadership transition and the successful re-establishment of Daseke’s strategic direction. When I assumed this role as Executive Chairman a year ago, our Company was going through significant managerial and cultural changes, requiring more hands-on stewardship from the Board. This started with finding the right leader to guide our transformation, and there is no doubt Chris Easter was the right individual to assume that position. Chris rapidly identified and prioritized the right transformation actions, while mobilizing a team of leaders from our existing operating units to execute those actions. His decisive leadership has re-established Daseke’s strategic direction centered on operational execution, while reshaping our culture around one of continuous improvement and best practices. He has executed a dramatic turnaround in our financial performance and reinvigorated our company, while simultaneously navigating the early stages of a pandemic. As importantly, he set the path forward to deliver even stronger operational performance by recently framing our long-term potential to deliver an operating ratio of sub-90%. While there is still much to achieve, the results of the significant changes that have taken place over the last year speaks volumes.”Chief Executive Officer and Director Chris Easter commented, “I’d like to thank Brian for all the hard work and steady advisory he has provided to me personally and our team. Brian has helped oversee the most transformational year in the history of our Company. Over the last year we have experienced fundamental improvement in the areas of leadership and strategic development, and our financial and operational performance results demonstrate that we are on the right path. I want to acknowledge his significant contributions over the last year, and I look forward to continuing to work with him in his role as Chairman.”About Daseke, Inc. Daseke, Inc. is the largest flatbed and specialized transportation and logistics company in North America. Daseke offers comprehensive, best-in-class services to many of the world’s most respected industrial shippers through experienced people, a fleet of approximately 5,000 tractors and 11,500 flatbed and specialized trailers, and a million-plus square feet of industrial warehousing space. For more information, please visit www.daseke.com.Forward‐Looking StatementsThis news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “believe,” “plan,” “should,” “could,” “would,” “forecast,” “seek,” “target,” “predict,” and “potential,” the negative of these terms, or other comparable terminology. Projected financial information, including our guidance outlook, are forward-looking statements. Forward-looking statements may also include statements about the Company’s goals, including its restructuring actions and cost reduction initiatives; the Company’s financial strategy, liquidity and capital required for its business strategy and plans; the Company’s competition and government regulations; general economic conditions; and the Company’s future operating results.These forward-looking statements are based on information available as of the date of this release, and current expectations, forecasts and assumptions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that the Company anticipates. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements.The effect of the COVID-19 pandemic may remain prevalent for a significant period of time and may continue to adversely affect the Company’s business, results of operations and financial condition even after the COVID-19 pandemic has subsided and “stay at home” mandates have been lifted. The extent to which the COVID-19 pandemic impacts the Company will depend on numerous evolving factors and future developments that it cannot predict. There are no comparable recent events that provide guidance as to the effect the COVID-19 global pandemic may have, and, as a result, the ultimate impact of the pandemic is highly uncertain and subject to change. Additionally, the Company will regularly evaluate its capital structure and liquidity position. From time to time and as opportunities arise, the Company may access the debt capital markets and modify its debt arrangements to optimize its capital structure and liquidity position.Forward-looking statements are subject to risks and uncertainties (many of which are beyond our control) that could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, general economic and business risks, such as downturns in customers’ business cycles and disruptions in capital and credit markets, the impact to the Company’s business and operations resulting from the COVID-19 pandemic, the Company’s ability to execute and realize all of the expected benefits of its integration, business improvement and comprehensive restructuring plans, the Company’s ability to complete planned or future divestitures successfully, the Company’s ability to adequately address downward pricing and other competitive pressures, driver shortages and increases in driver compensation or owner-operator contracted rates, loss of senior management or key operating personnel, our ability to realize intended benefits from its recent or future acquisitions, seasonality and the impact of weather and other catastrophic events, fluctuations in the price or availability of diesel fuel, increased prices for, or decreases in the availability of, new revenue equipment and decreases in the value of used revenue equipment, the Company’s ability to generate sufficient cash to service all of the Company’s indebtedness, restrictions in its existing and future debt agreements, increases in interest rates, changes in existing laws or regulations, including environmental and worker health safety laws and regulations and those relating to tax rates or taxes in general, the impact of governmental regulations and other governmental actions related to the Company and its operations, litigation and governmental proceedings, and insurance and claims expenses. You should not place undue reliance on these forward-looking statements. For additional information regarding known material factors that could cause our actual results to differ from those expressed in forward-looking statements, please see Daseke’s filings with the Securities and Exchange Commission, available at www.sec.gov, including Daseke’s most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q, particularly the section titled “Risk Factors”.Investor Relations:Alpha IR Group Joseph Caminiti or Chris Hodges 312-445-2870 DSKE@alpha-ir.com
- 08/18/2020
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Improved Execution To 'Open Doors' For Daseke; Acquisitions On Horizon
- The nation's largest flatbed carrier, Daseke Inc. (NASDAQ: DSKE), could see more "doors open" if it continues to succeed on its turnaround plan. An improving capital structure...
- 08/18/2020
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Daseke (DSKE) Looks Good: Stock Adds 9% in Session
- Daseke (DSKE) saw a big move last session, as its shares jumped more than 9% on the day, amid huge volumes.
- 08/13/2020
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Have Insiders Been Buying Daseke, Inc. (NASDAQ:DSKE) Shares?
- We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. On...
- 08/10/2020
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Do Insiders Own Lots Of Shares In Daseke, Inc. (NASDAQ:DSKE)?
- Every investor in Daseke, Inc. (NASDAQ:DSKE) should be aware of the most powerful shareholder groups. Large companies...
- 08/10/2020
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Daseke Shares Up 20%; Restructuring Progress Seen In Q2 Report
- On its second-quarter earnings call with analysts on Thursday, August 6, management from the nation's largest flatbed carrier Daseke Inc. (NASDAQ: DSKE) said the business is holding up well even as revenue has been challenged by the pandemic.Volumes troughed in April, modestly improving sequentially in May and again in June. Management said July has provided more of a "a sideways movement" as demand began to plateau at the end of June. More specifically, management said flatbed capacity demand for wind energy and lumber has been strong. Demand for building materials has held steady and the defense sector is coming back on line. Softness in the aerospace and metals verticals have provided a partial offset.While revenue is likely to be flat sequentially from the second quarter to the third quarter, the carrier has several cost catalysts that will allow it to improve its operating ratio (OR) sequentially over the same period.Daseke's $45 million restructuring plan remains on track. The carrier achieved the first $30 million in operating income improvement on an annual run rate basis exiting the first quarter. The incremental $15 million annual run rate is expected to be achieved by the end of the year. Management said the longer-term OR potential for the company is sub-90%.The Addison, Texas-based carrier reported second-quarter adjusted net income of $0.10 per share in a Thursday morning press release ahead of the market open. The result was well ahead of the consensus estimate of a $0.09 per share loss and better than $0.03 per share recorded in the year-ago period. The result was adjusted to exclude the costs associated with restructuring and transforming the business.Second-quarter results Daseke reported a consolidated revenue decline of 22% year-over-year to $352 million, which included a 10% year-over-year reduction in the total tractor fleet. The reduction is part of the carrier's efforts to improve its capital structure and equipment utilization.Revenue was down 13% excluding results from its oil rig transportation unit Aveda Transportation and Energy Services, which is in the process of being divested. The revenue decline was offset by strategic long-term cost reductions – tractor, trailer and headcount reductions, and the roll up of previously acquired but separately operated flatbed carriers. These actions led generated a record OR of 96.5%, or 93.4% after adjustments and excluding the results from Aveda.Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) excluding Aveda increased 13% year-over-year to $46 million.Daseke recorded $48 million in net proceeds associated with the disposal of property and equipment, and working capital reductions at Aveda. The company expects to use $7 million to $10 million of cash in the third quarter to complete the divestiture. When completed, revenue from the oil and gas markets will account for less than 2%, compared to 13% in 2019.View more earnings on DSKEDaseke's key performance indicatorsSpecialized freight revenue fell 22% year-over-year with revenue per tractor declining 13%. Total miles declined 12% and rate per mile moved 11% lower. Excluding Aveda, specialized revenue was only off 6% with rate per mile up 5% and revenue per tractor up 1%. The division reported a 91.2% adjusted OR, 200 basis points better year-over-year. The division's adjusted OR was 89.5% excluding Aveda.Flatbed freight revenue declined 15% year-over-year with total miles down 9% and rate per mile down 7%. The division reported a 400-basis point improvement in OR at 91.5%.Daseke ended the quarter with cash of $157 million and $83 million available on its revolver. Total debt was $689 million, $532 million net of cash, with a net debt-to-adjusted EBITDA leverage ratio of 3x, below the company's 4x leverage covenant and lower than 3.2x at the close of the first quarter. Net debt has been reduced $118 million and liquidity has improved $91 million since the second quarter of 2019.Daseke lowered the average age of its tractors to 3.4 years in the quarter from 3.8 years at the beginning of the year. Average age includes some specialized and locally used assets that are kept in service much longer than traditional over-the-road tractors. The company's goal is an average tractor age in the low-three-year range.Shares of DSKE are up 20% in midday trading compared to the S&P 500, which is flat on the session.Click for more FreightWaves articles by Todd Maiden. * YRC ready to use ‘once-in-a-lifetime' loan to replenish fleet * Forward Air to expand pursuit of traditional less-than-truckload market * Schneider eyes deployment of growing cash balanceSee more from Benzinga * Daseke Restructuring Shows In Q2 Result * Daseke's Second Quarter Update Welcomed By Investors(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- 08/06/2020
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Daseke, Inc. (DSKE) Surpasses Q2 Earnings Estimates
- Daseke, Inc. (DSKE) delivered earnings and revenue surprises of 211.11% and -5.75%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?
- 08/06/2020
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Daseke Restructuring Shows In Q2 Result
- Daseke Inc. (NASDAQ: DSKE), the nation's largest flatbed carrier, reported second-quarter adjusted net income of $0.10 per share, significantly better than the consensus estimate calling for a $0.09 loss. The result excludes costs associated with the restructuring and transformation of the business, which is expected to improve operating income by $45 million annually.In its August 6 earnings release, the carrier noted conditions improved throughout the quarter. "On a consolidated basis, our freight volumes incrementally improved week-to-week through both May and June, albeit off a low base, after troughing in April," stated CEO Chris Easter.Daseke reported second-quarter consolidated revenue declined 22% year-over-year to $352 million. However, the aforementioned cost management program drove a record operating ratio (OR) of 96.5%, or 94.3% on an adjusted basis."While softer market conditions impeded our top-line results, the impacts of our improved operational and cost improvement plans helped Daseke more than double its quarterly operating income performance year-over-year. As a result, we delivered an OR of 96.5%, the best quarterly performance in our history as a public company," stated Easter.Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 13% year-over-year to $46 million, excluding results from its oil rig transportation unit Aveda Transportation and Energy Services, which the company is actively divesting. Daseke reported $48 million in net proceeds from winding down the unit during the quarter. The proceeds were generated from the sale of property and equipment as well as a reduction in working capital at Aveda.Daseke reduced tractors by approximately 10% year-over-year in the asset-based division, which includes specialized and flatbed. The asset reductions are part of the carrier's efforts to improve its capital structure and equipment utilization.View more earnings on DSKESpecialized freight revenue fell 22% year-over-year with revenue per tractor declining 13%. Total miles declined 12% and freight revenue per mile moved 11% lower. Excluding Aveda, specialized revenue was only off 6% with rate per mile up 5% and revenue per tractor up 1%. The division reported a 91.2% adjusted OR, 200 basis points better year-over-year.Flatbed freight revenue declined 15% year-over-year with total miles down 9% and rate per mile down 7%.Daseke's key performance indicatorsOn the outlook for the company, "Daseke serves a diverse customer base and various end markets within the industrial economy, and we anticipate that each end market will continue to display recovery curves specific to each individual market," said Easter. "We anticipate that we will see consolidated freight volumes incrementally improve over the coming months, in line with the overall economy's pace of recovery."The company will host a conference call today at 11 a.m. to discuss second-quarter results with analysts. Click for more FreightWaves articles by Todd Maiden. * YRC ready to use ‘once-in-a-lifetime' loan to replenish fleet * Forward Air to expand pursuit of traditional less-than-truckload market * Schneider eyes deployment of growing cash balanceSee more from Benzinga * Daseke's Second Quarter Update Welcomed By Investors(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- 08/06/2020
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Daseke Reports Results for Second Quarter of 2020
- Operational execution and self-help actions offset market weakness to drive Operating Income growth Company delivers strongest quarterly Operating Ratio performance as a public companyADDISON, Texas, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Daseke, Inc. (NASDAQ: DSKE) (“Daseke” or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, today reported financial results for the second quarter ended June 30, 2020.Second Quarter Highlights: * Revenue of $351.7 million * Net Income of $0.5 million, or ($0.01) per share attributable to common stockholders * Adjusted Net Income was $8.0 million, or $0.10 per share attributable to common stockholders * Adjusted EBITDA was $43.7 million, or $45.9 million, after excluding the results from Aveda Transportation and Energy Services (“Aveda”) which is in the process of being divested * Cash flows from operating activities of $53.2 million and Free Cash Flow of $73.4 million * Substantial progress made during the quarter regarding the strategic divestiture of the Aveda assets held for sale, including collection of approximately $48 million in proceeds from the sale of property and equipment, and reduction in net working capital * Delivered Operating Ratio (“OR”) of 96.5%, which improved by 250 basis points year-over-year and was the best performance in the Company’s history as a public company * Cash and cash equivalents increased by $93.6 million year-over-year to $157.3 million and Company maintains $82.6 million available under the revolving credit facility, for total available liquidity of $239.9 millionManagement Commentary“While the last few months have been challenging for our industry and our people, I am very proud of how our entire team has stepped up in the face of significant change to safely deliver both value for our customers and strong results for our stakeholders,” said Chris Easter, Chief Executive Officer of Daseke. “The earnings power of our organization is starting to show through despite the challenging environment brought on by the pandemic, driven by the significant transformational work we have done over the last year to improve our operations and financial returns. While softer market conditions impeded our top-line results, the impacts of our improved operational and cost improvement plans helped Daseke more than double its quarterly operating income performance year-over-year. As a result, we delivered an OR of 96.5%, the best quarterly performance in our history as a public company.”Easter continued, “We took swift action at the onset of the pandemic to drive out cost and best optimize our assets for the changing environment. These actions, on top of the extensive operational improvements and integrations we’ve executed, have created further resilience in our business model. The year-over-year improvement in both operating income and net earnings is translating into stronger cash flow performance, as evidenced by the $73.4 million of Free Cash Flow generated during the second quarter. This growth in cash flows is further serving our strategic priorities, enabling Daseke to consistently improve our balance sheet and financial flexibility through leverage reduction and enhanced liquidity provisions. Moving forward, we remain committed to driving positive Free Cash Flow generation and strengthening our balance sheet. We will also continue to invest prudently in our business to optimize our assets, lower the average age of our fleet, and prepare to fully leverage our niche leadership position as we exit the pandemic.”Second Quarter 2020 Financial ResultsTotal revenue in the second quarter of 2020 decreased 22% to $351.7 million, compared to $450.6 million in the year-ago quarter. Excluding the impact of the Aveda business to both 2020 and 2019, second quarter revenue decreased by 13.5%. This year-over-year decrease in revenue was driven primarily by the economic impact of COVID-19, which led to lower freight volumes and lower freight rates in both the flatbed and specialized segments.Operating income in the second quarter of 2020 was $12.4 million, compared to operating income of $4.7 million in the year-ago quarter. The increase in operating income year-over-year was driven by decreases in salaries, wages and employee benefits, fuel expense, maintenance expense, purchased freight and depreciation and amortization.Net income for the second quarter of 2020 was $0.5 million, or ($0.01) per share attributable to common stockholders, compared to net loss of ($6.4) million, or ($0.12) per share attributable to common stockholders, in the year-ago quarter. Adjusted Net Income was $8.0 million, which excludes, among other things, business transformation and restructuring costs of $5.7 million, compared to Adjusted Net Income of $3.4 million in the second quarter of 2019. Adjusted EBITDA in the second quarter of 2020 was $43.7 million compared to $46.0 million in the year-ago quarter. Excluding the impact of the Aveda business, second quarter Adjusted EBITDA increased 13.3% to $45.9 compared to $40.5 in the comparable period last year. The year-over-year decline in Adjusted EBITDA was driven primarily by the divestiture of the Aveda business and lower freight volumes due to COVID-19, partially offset by contributions from the Company’s operational improvement plans.Segment ResultsSpecialized Solutions \- Specialized Solutions revenue in the second quarter of 2020 decreased 21% to $221.5 million compared to $280.7 million in the year-ago quarter. Operating income in the second quarter of 2020 was $14.5 million compared to operating income of $11.1 million in the year-ago quarter. Operating ratio improved by 250 basis points to 93.5%, compared to 96.0% in the year-ago quarter. Net income in the second quarter was $8.7 million compared to net income of $6.1 million in the year ago quarter. Adjusted EBITDA in the second quarter of 2020 decreased 13% to $33.0 million compared to $37.8 million in the year-ago quarter, driven primarily by the divestiture of the Aveda business and lower freight volumes, which were partially offset by continued strength in wind energy markets. Rate per mile in the second quarter of 2020 of $3.16 was down 11% from the prior-year quarter, and revenue per tractor decreased 13% to $56,400. Excluding Aveda, Specialized rate per mile and revenue per tractor increased 5% and 1%, respectively, versus the prior year, despite the 6% decline in Specialized revenues excluding Aveda.Flatbed Solutions - Flatbed Solutions revenue in the second quarter of 2020 decreased 22% to $137.2 million compared to $174.9 million in the year-ago quarter. Operating income in the second quarter of 2020 was $10.7 million compared to $6.1 million in the year-ago quarter. Operating ratio improved by 430 basis points to 92.2%, compared to 96.5% in the year-ago quarter. Net income in the second quarter of 2020 was $6.0 million, compared to net income of $2.3 million in the year ago quarter. Adjusted EBITDA in the second quarter of 2020 increased 3% to $20.4 million, compared to $19.9 million in the year-ago quarter, driven by operator integrations and business improvement plans executed over the trailing year, partially offset by lower freight volumes and weaker freight rates. Rate per mile in the second quarter of 2020 of $1.80 was down 7% from the prior-year quarter, and revenue per tractor decreased 5% to $40,100.Balance Sheet and Free Cash FlowAt June 30, 2020, Daseke had cash and cash equivalents of $157.3 million and $82.6 million available under its revolving credit facility, for total available liquidity of $239.9 million. Total debt was $689.4 million and net debt was $532.1 million. This compares to cash and cash equivalents of $63.7 million and $85.2 million available on the revolving credit facility, total available liquidity of $148.9 million, total debt of $713.8 million, and net debt of $650.1 million at June 30, 2019. Our leverage ratio as defined by our credit agreement as of June 30, 2020 was 3.0x.For the quarter, net cash provided by operating activities was $53.2 million, cash capital expenditures were $10.4 million, and cash proceeds from the sale of excess property and equipment were $30.6 million, resulting in Free Cash Flow of $73.4 million. Additionally, capital expenditures financed with debt, capital leases net of notes receivables was $20.1 million. This compares to net cash provided by operating activities of $18.5 million, cash capital expenditures of $8.2 million, and cash proceeds from the sale of excess property and equipment of $11.9 million, resulting in Free Cash Flow of $22.2 million in the second quarter of 2019. Capital expenditures financed with debt and capital leases net of notes receivable were $22.9 million in the second quarter of 2019.Aveda Transportation and Energy Services UpdateDuring the second quarter of 2020, management made material progress on its plan to strategically divest Aveda’s assets and operations. Total net proceeds through the end of the second quarter associated with the strategic divestiture totaled approximately $48 million from the sale of property and equipment, and a reduction in net working capital. Management believes that the divestiture process will be finalized before the completion of the third quarter of 2020. OutlookEaster concluded, “On a consolidated basis, our freight volumes incrementally improved week-to-week through both May and June, albeit off a low base, after troughing in April. Daseke serves a diverse customer base and various end markets within the industrial economy, and we anticipate that each end market will continue to display recovery curves specific to each individual market.
- 08/06/2020
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Will Daseke, Inc. (DSKE) Report Negative Earnings Next Week? What You Should Know
- Daseke, Inc. (DSKE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 07/30/2020
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Daseke, Inc. to Release Second Quarter 2020 Results on August 6, 2020
- ADDISON, Texas, July 13, 2020 -- Daseke, Inc. (NASDAQ: DSKE) (or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North.
- 07/13/2020
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Daseke Inc (NASDAQ:DSKE) Position Increased by Alliancebernstein L.P.
- Alliancebernstein L.P. raised its holdings in shares of Daseke Inc (NASDAQ:DSKE) by 112.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 44,700 shares of the company’s stock after buying an additional 23,700 shares during the period. Alliancebernstein L.P. owned about 0.07% of Daseke worth […]
- 07/12/2020
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COVID-19 Impact and Recovery Analysis- Radioactive Materials Logistics Market 2020-2024 | Anticipated Growth In The Number Of Nuclear Power Plants to Boost Growth | Technavio
- The Global radioactive materials logistics market will grow by $ 1.17 bn during 2020-2024
- 07/06/2020
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B Capital Group Closes Second Fund, at $820M | FinSMEs
- Global venture capital firm B Capital Group closed its second fund, at $820m to invest in growth-stage startups transforming large industries and scaling rapidly
- 07/01/2020
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Zacks: Brokerages Expect Daseke Inc (NASDAQ:DSKE) Will Post Earnings of -$0.09 Per Share
- Analysts expect that Daseke Inc (NASDAQ:DSKE) will announce earnings of ($0.09) per share for the current quarter, according to Zacks. Two analysts have provided estimates for Daseke’s earnings. The highest EPS estimate is ($0.05) and the lowest is ($0.12). Daseke posted earnings per share of ($0.12) during the same quarter last year, which would indicate […]
- 06/25/2020
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Northland Securities Sticks to Its Buy Rating for Daseke (DSKE) - Markets
- In a report released today, Greg Gibas from Northland Securities maintained a Buy rating on Daseke (DSKE – Research Report),
- 06/19/2020
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Daseke's Second Quarter Update Welcomed By Investors
- Daseke Inc. (NASDAQ: DSKE) announced progress on a few key financial metrics. The company reported that it expects to be operating and free cash flow-positive and to "further strengthen" its liquidity position during the second quarter.In a June 18 press release, the nation's largest flatbed carrier reported volumes have improved in five of the last six weeks, rebounding from April lows. The information provided in the release was an update as of June 1."As the leader in the North American flatbed and specialized transportation market, Daseke continues to move the industrial economy as many of the companies in the end markets we serve are essential service providers and critical components to the economy," said Daseke CEO Chris Easter.The release credited the company's ongoing restructuring, which is designed to improve operating income by $45 million annually, as a key catalyst for the improvement. The plan includes reducing tractors, trailers and headcount, as well as the consolidation of separately operated flatbed companies that Daseke had acquired in recent years.On its first quarter earnings call, management said that the first phase of the restructuring was complete and should account for $30 million of the turnaround.Through the first two months of the second quarter, Daseke reported more than $220 million of available liquidity – $140 million in cash and equivalents and approximately $80 million of capacity available on its revolver. At the close of the first quarter, Daseke reported total liquidity of a little more than $190 million and a cash position of less than $110 million.Easter continued, "the proactive efforts we've taken over the last year to streamline our operations and improve our business flexibility have helped Daseke generate positive free cash flow and drive further operational and cost efficiencies, despite the headwinds to volumes related to the pandemic during the quarter."Daseke also reported that it has made "substantial progress on the strategic divestiture of its Aveda assets and expects to conclude the process by the end of the third quarter 2020."Aveda Transportation and Energy Services is primarily an oil rig transportation company. After the divestiture, Daseke will have less than 2% exposure to the oil and gas end markets, which remain under pressure as depressed prices have negatively impacted the need for exploration, development and production. View more earnings on DSKEOil and gas end markets accounted for 13% of Daseke's 2019 revenue.Today's update is the kind of news Daseke was hoping to deliver to the market and credit rating agencies, one of which recently confirmed the company's previously lowered credit ratings.The improved financial trends at Daseke likely have more to do with internal initiatives than broadly firming fundamentals in the flatbed market as a whole. The Flatbed Outbound Tender Reject Index (SONAR: FOTRI.USA), a measure of the willingness on the part of carriers to accept loads tendered under contract and a proxy for supply and demand, remains subdued compared to 2019 levels. Green shoots in the automotive and housing sectors are spurring a rebound, but off of very low levels, as the already struggling industrial patch pre-COVID tries to shake the pandemic hangover.Chart: (SONAR: FOTRI.USA)No update was provided on the company's key earnings metric, earnings before interest, taxes, depreciation and amortization (EBITDA).Shares of DSKE up more than 2% in early trading.Click for more FreightWaves articles by Todd Maiden.Photo: Daseke, Inc.See more from Benzinga * USA Truck Sees Green Shoots Amid Uncertainty; Shares Surge * 'Lots Of Unknowns' Facing Flatbed Market, Says Daseke * Daseke Reports Small Adjusted Loss, Declining Flatbed Markets Plateau In Late April(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- 06/18/2020
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Daseke Provides Business Update
- Company expects to generate positive cash flows from operating activities, positive Free Cash Flow, and further strengthen liquidity position during fiscal second quarter.
- 06/18/2020
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Daseke's Second Quarter Update Welcomed By Investors
- Daseke Inc. (NASDAQ: DSKE) announced progress on a few key financial metrics. The company reported that it expects to be operating and free cash flow-positive and to "further...
- 06/18/2020
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COVID-19 Impact and Recovery Analysis- Radioactive Materials Logistics Market 2020-2024 | Anticipated Growth In The Number Of Nuclear Power Plants to Boost Growth | Technavio
- The Global radioactive materials logistics market will grow by $ 1.17 bn during 2020-2024
- 06/16/2020
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Internet of Things (IoT) Market to Hit $1,102.6 Billion by 2026; Advancements in Artificial Intelligence-based Technologies to Feed Market Growth: Fortune Business Insights™
- The global IoT market size is projected to reach USD 1,102.6 billion by 2026, exhibiting a CAGR of 24.7% during the forecast period. The outbreak of the
- 06/15/2020
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Daseke (NASDAQ:DSKE) Rating Increased to Hold at Zacks Investment Research
- Daseke (NASDAQ:DSKE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports. According to Zacks, “Daseke, Inc. operates as a transportation company. It provides fleet management, logistics, trucking and open deck transportation services. Daseke, Inc., formerly known as Hennessy Capital Acquisition Corp. […]
- 06/14/2020
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Is Daseke, Inc. (DSKE) Going to Burn These Hedge Funds?
- We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think […]
- 06/12/2020
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Daseke Companies, Inc. -- Moody's confirms B3 corporate family and senior secured rating of Daseke, outlook stable
- Moody's Investors Service ("Moody's") confirmed the ratings of flatbed transportation and logistics provider Daseke Companies, Inc. ("Daseke"), including the B3 corporate family rating, the B3-PD probability of default rating and the B3 rating of the $500 million senior secured term loan due 2024. Proceeds from the planned disposition of oil rig moving company Aveda would help to sustain Daseke's cash balance, although current economic conditions could make it more challenging to complete the sale of Aveda assets.
- 06/10/2020
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Team Collaboration Software Market to Grow Promisingly and Exhibit CAGR of 10.3% by 2026: A Fortune Business Insights(TM) Report
- Pune, June 09, Jun 09, 2020 (GLOBE NEWSWIRE via COMTEX) -- The global team collaboration software market size is prognosticated to grow remarkably on account...
- 06/09/2020
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Cylindrical Roller Bearings Market Overall Study Report with Top Key Players | Impact of COVID-19 Pandemic
- May 29, 2020 (AmericaNewsHour) --
Kenneth Research has published a detailed report on Cylindrical Roller Bearings Market which has been categorized by market...
- 05/29/2020
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Global Indoor Location Market Outlook 2020-2025 - Impact of COVID-19, Case Studies, Opportunities & Challenges, Key Players - ResearchAndMarkets.com
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Geographic Information System (GIS) Software Market Size, Analysis is Projected to Showcase Significant Growth Over 2026
- May 25, 2020 (Market Insight Reports) --
Selbyville, Delaware According to Market Study Report, Geographic Information System (GIS) Software Market provides...
- 05/25/2020
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Edited Transcript of DSKE earnings conference call or presentation 7-May-20 3:00pm GMT
- Q1 2020 Daseke Inc Earnings Call
- 05/20/2020
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Neural Network Software Market Share, Size 2020 Global Growth, New Updates, Trends, Incremental Revenue, Opportunities, Industry Expansion, Challenges and Forecasts till 2025
- May 14, 2020 (Heraldkeepers) --
New York, May 14, 2020: The report covers detailed competitive outlook including the market share and company profiles of the...
- 05/14/2020
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Daseke Appoints Rick Williams as Executive Vice President & Chief Operating Officer
- In this new executive role, Mr. Williams will be responsible for managing Daseke’s industry-leading scale in the flatbed and specialized trucking market, and further leveraging the Company’s scale into profitable earnings growth. Additionally, Mr. Williams will be responsible for overseeing ongoing business integrations and further business optimization efforts across the portfolio.
- 05/12/2020
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Daseke Looks Within To Complete Leadership Changes
- A couple of quarters into a multi-phased restructuring designed to streamline operations and increase profitability, Daseke Inc (NASDAQ: DSKE), the nation's largest flatbed...
- 05/12/2020
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Rey Mysterio and Aleister Black thrown off roof of WWE HQ
- The full results from Money in the Bank on a night of surprises that saw two surprise ladder match winners, a host of cameos from WWE's past and a brawl in Vince McMahon's office
- 05/11/2020
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WWE Money in the Bank: Preview, predictions and full card
- Braun Strowman and Bray Wyatt collide over the Universal title, Seth Rollins challenges WWE Champion Drew McIntyre and two Money in the Bank ladder matches take place
- 05/10/2020
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Daseke, Inc. (DSKE) Q1 2020 Earnings Call Transcript
- Delivering today's prepared remarks are Chris Easter, CEO; Jason Bates, CFO; and John Michell, VP of Operation Strategy. Before we go further, I would like to turn the call over to Brooks Hamilton with the Alpha IR Group, who will read the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Today's presentation contains forward-looking statements as within the meaning of the Private Securities Litigation Reform Act of 1995.
- 05/09/2020
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Daseke (DSKE) Reports Q1 Loss, Lags Revenue Estimates (Revised)
- Daseke (DSKE) delivered earnings and revenue surprises of 85.71% and -0.48%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
- 05/08/2020
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COVID-19 Impact and Recovery Analysis | Steel Building Market in MEA 2020-2024 | Evolving Opportunities with Al Shahin Co. for Metal Industries and Astra Industrial Group | Technavio
- The steel building market size in MEA has the potential to grow by USD 1.39 bn during 2020-2024.
- 05/08/2020
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10-Q: EXLSERVICE HOLDINGS, INC.
- (EDGAR Online via COMTEX) --
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following...
- 05/07/2020
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'Lots Of Unknowns' Facing Flatbed Market, Says Daseke
- On its earnings call with analysts and investors, management from Daseke Inc. (NASDAQ: DSKE), the nation's largest flatbed carrier, said that they see "lots of unknowns" when it comes to a rebound in demand. They said that their wind energy and infrastructure customers are doing well and noted that their clients in the automotive industry are expected to come back online soon."Volumes held up well" during the first 11 weeks of the first quarter, yielding to pandemic-related demand erosion in late March. Management said the end markets that saw more notable declines – aerospace and automotive – began to level in the back-half of April. Overall, volumes declined approximately 15% during the downturn, excluding a segment that the company has marked for divestiture, remaining at those levels since.Many end markets that rely on flatbed trucking – oil and gas, aerospace, manufacturing and construction – have been under pressure. FreightWaves' Flatbed Outbound Tender Reject Index (SONAR: FOTRI.USA), a measure of carriers' willingness to accept the loads that are tendered to them by shippers under contract terms and a proxy for flatbed capacity availability, is significantly lower than prior year levels. Flatbed Outbound Tender Reject Index (SONAR: FOTRI.USA)The company reported a $0.01 per share adjusted loss during the first quarter of 2020, better than analysts' forecasts for a $0.07 loss.As part of its restructuring, Daseke announced that it was seeking to exit its 2018 acquisition of Aveda Transportation and Energy Services, an oil rig transportation company."Our management and board of directors have concluded that the Aveda business is not a long-term fit with the rest of our portfolio, and as a result, we have elected to begin the process to strategically divest this business," stated CEO Chris Easter in the company's first quarter 2020 earnings press release.After the company divests Aveda it will have less than 2% exposure to oil and gas end markets, which remain under duress as depressed prices have largely ended the need for exploration, development and production in the near-term. On the call, management also pointed to the fact that its top 10 customers only represent 27% of total revenue and the average age of those relationships is more than 20 years.Management said that the company is on track with both phases of the operational restructuring. The first phase concluded during the first quarter, achieving a $30 million annual run rate improvement in operating income. The second phase will conclude at year-end and is expected to provide another $15 million in operating income. In its entirety, the plan includes reductions in tractors, trailers, headcount and the consolidation of separately operated flatbed companies that Daseke had acquired over the last decade.View more earnings on DSKECiting uncertainty into a freight recovery, the company withdrew its full-year 2020 guidance calling for $1.61 to $1.69 billion in revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $170 to $180 million compared to $170.9 million in 2019.On the call, Easter formally introduced the company's new CFO Jason Bates, who joined Daseke in late April from USA Truck Inc. (NASDAQ: USAK), where he held the same position.First Quarter 2020 Daseke reported a 9.7% year-over-year decline in revenue to $391 million. Lower per mile rates and weakness in several end markets were the primary reasons. As part of its restructuring, Daseke reduced its total average tractor count by 336 units compared to the first quarter of 2019. Freight revenue per tractor declined 7.5% in the company's specialized segment with the flatbed unit seeing a 1.8% increase. Rate per mile was 12% lower in specialized at $3.24 and 4.6% lower at $1.86 in the flatbed segment. Key Performance Indicators – DasekeThe company's consolidated adjusted operating ratio (OR) was basically flat year-over-year at 97.2%. Before adjustments, the company reported a net loss of $17.3 million, or $0.29 per share. Excluding the $13.4 million non-cash impairment charge associated with the divestiture of Aveda and other expenses associated with the restructuring, Daseke reported an $800,000 net loss.Consolidated adjusted EBITDA was $35 million, $37.3 million excluding Aveda and slightly higher than the year-ago period. Excluding the results from Aveda, net income increased by $8.9 million year-over-year in the quarter.In 2019, Daseke recorded $312.8 million in impairment charges as valuations of prior acquisitions declined, mostly due to the declines in used truck prices.Balance Sheet and Liquidity Daseke ended the first quarter with liquidity of $107.5 million in cash and equivalents and $84.4 million available on its revolving credit facility. Total debt of $693.6 million, $586.1 million net of cash and equivalents, improved from the $608.4 million in net debt reported at the end of 2019. Net debt-to-adjusted EBITDA was 3.2x, below the company's 4x leverage covenant.The carrier generated net cash from operations of $29.7 million, recording $4.5 million in cash capital expenditures (capex) with cash proceeds from equipment sales of $5.8 million. Daseke reported an additional $9.8 million in capex that was financed with debt and capital leases. Free cash flow was $31 million in the period, down $6.1 million from the prior year quarter.Even with the COVID-19 headwinds that are somewhat constraining balance sheet improvement initiatives, management plans to lower the average tractor age from 3.25 years (excluding Aveda's fleet) to 3 years by year-end.Shares of DSKE are up 15% in midday trading after surging more than 20% shortly after the market opened.See more from Benzinga * Daseke Reports Small Adjusted Loss, Declining Flatbed Markets Plateau In Late April * Daseke Appoints New CFO * Daseke Sees Flatbed Softness Continuing Through First Half Of 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- 05/07/2020
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Daseke Reports Small Adjusted Loss, Declining Flatbed Markets Plateau In Late April
- Flatbed carrier Daseke Inc. (NASDAQ: DSKE) announced further progress in its restructuring efforts with the planned divestiture of its oil rig transportation company, Aveda Transportation and Energy Services."Our management and board of directors have concluded that the Aveda business is not a long-term fit with the rest of our portfolio, and as a result, we have elected to begin the process to strategically divest this business. Following its conclusion, our Oil and Gas-related business should represent less than 2% of our go-forward revenues," stated CEO Chris Easter in the company's first quarter 2020 earnings release.Daseke acquired Aveda in April 2018.The carrier reported a $0.01 per share first-quarter loss excluding a $13.4 million non-cash impairment charge associated with the removal of the Aveda unit from its portfolio. The adjusted loss also excluded other expenses associated with the transformation of the company. Analysts were forecasting the company to lose $0.07 per share in the quarter.Inclusive of all items, the carrier reported a net loss of $17.3 million, or $0.29 per share.The release stated that the company has completed the first phase of its restructuring plan – estimated to deliver $30 million in annual operating income – and is on track with the second phase, which should deliver an additional $15 million in operating income annually.View more earnings on DSKEDaseke reported a 9.7% year-over-year revenue decline at $391 million. Lower rates per mile and weakness in the end markets the company serves – oil and gas, aerospace, manufacturing and construction – were cited as the reasons."Since the close of the first quarter, we've seen volume level declines in certain end markets due to COVID-19-related impacts, while others remain stable. Most of the end markets that showed decline appear to have plateaued during the back-half of April," Easter continued.Shares of DSKE are up 18% in early trading.The company will hold a conference call to discuss these results with analysts and investors at 11:00 a.m. Eastern time.Key Performance Indicators – DasekeSee more from Benzinga * Daseke Appoints New CFO * Daseke Sees Flatbed Softness Continuing Through First Half Of 2020(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- 05/07/2020
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Global Internet of Everything (IoE) Market 2020 Industry Size, Segments, Share, Key Players and Growth Factor Analysis by 2026
- May 07, 2020 (CDN Newswire via Comtex) --
MarketsandResearch.biz has recently published a research report titled, Global Internet of Everything (IoE) Market...
- 05/07/2020
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Hennessy Capital Acquisition Corp II (DSKE) Reports Q1 Loss, Lags Revenue Estimates
- Hennessy Capital Acquisition Corp II (DSKE) delivered earnings and revenue surprises of 85.71% and -0.48%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
- 05/07/2020
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Recap: Daseke Q1 Earnings
- Shares of Daseke (NASDAQ:DSKE) remained unaffected at $1.41 after the company reported Q1 results.Quarterly Results Earnings per share were down 133.33% over the past year to ($0.01), which beat the estimate of ($0.07).Revenue of $391,000,000 lower by 9.70% from the same period last year, which beat the estimate of $387,500,000.Looking Ahead Earnings guidance hasn't been issued by the company for now.Daseke hasn't issued any revenue guidance for the time being.How To Listen To The Conference Call Date: May 07, 2020View more earnings on DSKETime: 11:03 AM ETWebcast URL: https://investor.daseke.com/events-and-presentations/default.aspxPrice Action 52-week high: $5.65Company's 52-week low was at $0.86Price action over last quarter: down 29.50%Company Overview Daseke Inc provides transportation and logistics solutions focused exclusively on a flatbed and specialized freight in North America. It has two reportable segments: Flatbed Solutions and Specialized Solutions. The Flatbed Solutions segment focuses on delivering transportation and logistics solutions that principally require the use of flatbed and retractable-sided transportation equipment, and the Specialized Solutions segment focuses on delivering transportation and logistics solutions that principally include super heavy haul, high-value customized, over-dimensional, commercial glass, and high-security cargo solutions. Daseke derives most of its revenues from its Specialized Solutions segment.See more from Benzinga * Recap: Nine Energy Service Q1 Earnings * Armstrong Flooring: Q1 Earnings Insights * NexPoint Residential: Q1 Earnings Insights(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- 05/07/2020
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Daseke Reports Results for First Quarter of 2020
- Continued execution against operational improvement goals helps to offset softer rate environment and puts Company in position to exit pandemic period from a position of.
- 05/07/2020
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'Lots Of Unknowns' Facing Flatbed Market, Says Daseke
- On its earnings call with analysts and investors, management from Daseke Inc. (NASDAQ: DSKE), the nation's largest flatbed carrier, said that they see "lots of unknowns" when it...
- 05/07/2020
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Heavy Machinery (Large Trucks) Market Production to Register 181520 Million Doors by 2025
- May 03, 2020 Xherald --
Market Study Report, LLC, has added a research study on ' Heavy Machinery (Large Trucks) market' which extends an in-depth analysis...
- 05/03/2020
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Global Location Intelligence & Business Lntelligence Market 2020 Segmentation Analysis, Key Players, Industry Share and Forecast by 2025
- May 03, 2020 (CDN Newswire via Comtex) --
Global Location Intelligence & Business Lntelligence Market 2020 by Company, Regions, Type and Application,...
- 05/03/2020
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Key worker statue is a tribute to all pandemic heroes
- A fantastic tribute to the monumental effort of all key workers
- 05/01/2020
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Earnings Preview: Hennessy Capital Acquisition Corp. II (DSKE) Q1 Earnings Expected to Decline
- Hennessy Capital Acquisition Corp. II (DSKE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 04/30/2020
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Daseke, Inc. to Release First Quarter 2020 Results on May 7, 2020
- Daseke, Inc. (DSKE) (or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, today announced that it plans to report results for its fiscal first quarter ended March 31, 2020 on May 7, 2020. A conference call to discuss the financial and operational results is scheduled for May 7, 2020 at 11:00 AM ET. Daseke, Inc. is the largest flatbed and specialized transportation and logistics company in North America.
- 04/24/2020
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Daseke Appoints New CFO
- Daseke Inc. (NASDAQ: DSKE), the nation's largest flatbed carrier announced that Jason Bates will fill its vacant chief financial officer position effective April 27.On Wednesday, truckload (TL) carrier USA Truck Inc. (NASDAQ: USAK) said that Bates is departing to "pursue other opportunities." Zachary King, the company's corporate controller, will succeed Bates as CFO."We are excited to welcome Jason to Daseke. Jason brings both transformational transportation experience, as well as a strong track record with one of the largest and most sophisticated companies in our industry," said Daseke CEO Chris Easter. "I am excited to be joining the team at Daseke, which is not only a highly respected niche market leader, but a company that is repositioning itself to be a best-in class organization through operational excellence," said Bates. Daseke has been looking for a CFO since September 2019, when Bharat Mahajan stepped down. At the time, the company said that it was going to fill the role on an interim basis with an advisory consultant while it focused on finding a new CEO.In February, interim CEO Chris Easter, became the permanent replacement for Don Daseke, who stepped down last summer.Earlier this month, Daseke announced that Chief Accounting Officer Angie Moss will leave at the end of May.Bates joins Daseke amid a multi-phase restructuring.After a decade of acquisitions, the company is now focused on streamlining operations and reducing its cost structure. In its fourth quarter 2019 earnings report, the carrier said the restructuring is on track. The company has trimmed tractors, trailers and non-driver headcount by 8% each. Additionally, the number of separately operated flatbed companies was reduced from 16 to 13 with the expectation that operating income would improve by $30 million on an annual run rate by the end of March.The second phase of the improvement plan is expected to generate an additional $15 million in operating income by the end of 2020. It will see further operational streamlining and roll another three operating units into existing Daseke companies."His [Bates] extensive corporate finance experience will be an invaluable asset to both our finance team and to the Daseke executive leadership team" Easter said.Bates was granted options to purchase nearly 410,00 shares at an exercise price of $1.38 per share as well as 388,500 performance stock units, which are subject to vesting requirements and the company's share price reaching certain thresholds."I intend to bring a data-oriented, process improvement mindset which should complement the great work the Daseke team has already implemented over the last nine months," Bates said. "Further, I will prioritize continued deleveraging and balance sheet improvement efforts," Bates concluded.Bates joined USA Truck in April of 2017. Prior to that he served as the vice president of finance and investor relations at Swift Transportation Company.Photo Credit: WTI Transport/DasekeSee more from Benzinga * Tight Capacity Will Drive Year-End Snapback In Trucking Markets: TIA Economist * CSX Seeks To Manage Expenses And Costs * Food Supply Chain In Peril As Plants Close Amid COVID-19 Pandemic(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- 04/23/2020
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Daseke Appoints Jason Bates as Executive Vice President & Chief Financial Officer
- Mr. Bates will be fully transitioned into his new role by April 27th, and will be responsible for managing all treasury, accounting, tax, investor relations, financial planning and analysis, and capital market activities, and be charged with managing the Company’s balance sheet and improving its corporate
- 04/23/2020
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Daseke Appoints New CFO
- Daseke Inc. (NASDAQ: DSKE), the nation's largest flatbed carrier announced that Jason Bates will fill its vacant chief financial officer position effective April 27.
On Wednesday...
- 04/23/2020
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IPO Edge, Stifel, and ICR to Host SPAC Webinar 4pm EDT Tuesday
- IPO Edge, in coordination with Stifel (NYSE: SF), a preeminent middle-market investment bank and leading SPAC Advisor, and ICR, a leading strategic communications and advisory firm, announced they will host a Webinar Tuesday, April 14th, at 4pm EDT: SPACs – Can They Capitalize on the Current Environment
- 04/13/2020
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Drew McIntyre becomes first British WWE champion at Wrestlemania
- The Scot triumphed against The Beast in a hard-hitting main event at The Show of Shows – which had no fans in attendance due to the coronavirus pandemic
- 04/06/2020
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Daseke Announces Plan to Provide for Annual Elections of Board of Directors
- The amendment is subject to stockholder approval, which the Company intends to seek at the upcoming 2020 Annual Meeting of Stockholders. “The Board believes the Company is making significant progress on its transformation plan and the Board welcomes shareholder input and feedback, through the annual meeting process as well as direct shareholder engagement.”
- 04/01/2020
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Daseke Companies, Inc. -- Moody's downgrades Daseke ratings, Corporate Family Rating to B3; all ratings on review for further downgrade
- Moody's Investors Service ("Moody's") downgraded the ratings of open deck truck carrier Daseke Companies, Inc. ("Daseke"), including the Corporate Family Rating to B3 from B2, the Probability of Default Rating to B3-PD from B2-PD and the senior secured rating to B3 from B2. The Speculative Grade Liquidity Rating was maintained at SGL-3.
- 03/30/2020
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Edited Transcript of DSKE earnings conference call or presentation 10-Mar-20 3:00pm GMT
- Q4 2019 Daseke Inc Earnings Call
- 03/27/2020
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Transportation sector pushes higher
- Transportation stocks are having a strong day after the $2T coronavirus rescue package raises the profile on the sector and investor hopes economic activity can return. Notable gainers include U.S. X
- 03/25/2020
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U.S. stocks lower at close of trade; Dow Jones Industrial Average down 3.04%
- U.S. stocks lower at close of trade; Dow Jones Industrial Average down 3.04%
- 03/23/2020
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Transports reeling after U.S. shutdowns
- The Dow Jones Transportation Index is down 11% as a flood of store, restaurant and event closings send shockwaves. Investors are worried that the U.S. could on the same trajectory as Europe with the
- 03/16/2020
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Planes, trains and automobiles in bounceback rally
- Transportation stocks are recovering a bit on hopes a coronavirus aid package is worked out between the White House and Congress. There could also be some investors looking at the sell-off as overdon
- 03/13/2020
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DFW company begins 'Phase II' of $45M improvement plan
- Daseke, an Addison-based trucking firm going through a time of significant change, is now entering the second phase of its improvement plan. Daseke, Inc. (Nasdaq: DSKE) announced "Phase II" of efforts to boost financial performance of the company earlier this week as it released full 2019 financial results. Phase II will result in $15 million in annual operating income improvement, the company projects, on a run-rate basis by the end of 2020 fourth quarter.
- 03/13/2020
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Daseke, Inc. Just Reported, And Analysts Assigned A US$4.13 Price Target
- Shareholders in Daseke, Inc. (NASDAQ:DSKE) had a terrible week, as shares crashed 29% to US$1.99 in the week since its...
- 03/12/2020
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Transports slammed on coronavirus anxiety
- Trucking, freight, rail and logistics stocks are getting clobbered on concerns that business activity in the U.S. will tail off until the coronavirus outbreak is contained. Notable decliners include
- 03/11/2020
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Daseke (DSKE) Gets a Buy Rating from Cowen & Co.
- Cowen & Co. analyst Jason Seidl maintained a Buy rating on Daseke (DSKE – Research Report) today and set a
- 03/10/2020
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Daseke Sees Flatbed Softness Continuing Through First Half Of 2020
- The nation's largest flatbed carrier, Daseke Inc. (NASDAQ: DSKE), expects "general industrial softness" and a "sustained weakness" in the oil and gas markets to continue through the first half of 2020. On the company's earnings conference call, Daseke's management team said that the market has been softer in the first quarter when compared to the fourth quarter of 2019.When asked for specifics, management said that oil rig counts are "down hard," but its wind-energy business has provided a substantial offset. Management said that the company's exposure to the oil and gas markets was 13% during 2019.When pressed on the impacts of the coronavirus, management said that the bulk of the company's business is domestic, but that they have seen a drop in container volumes. Further, they said that one customer project that is tied to Chinese components has been delayed.The Dallas area-based carrier reported an adjusted net loss of $0.12 per share for the fourth quarter of 2019, better than analysts' forecasts for a $0.20 per share loss, but worse than management's recently updated guidance.At the end of January, Daseke issued a press release increasing its financial expectations to the "high-end" of its prior guidance range for fourth-quarter and full-year 2019. The new expectation called for a fourth-quarter adjusted net loss of only $6 million to $2 million, or roughly $0.09 to $0.03 per share. While total fourth-quarter revenue of $403 million, down 10% year-over-year, was within management's new guidance, the $7.8 million adjusted net loss was not.Further, Daseke's full-year 2019 adjusted net income of $2.1 million missed management's updated full-year 2019 guidance of $3 million to $7 million."Adjusted" figures exclude items expected to be non-recurring, like transformation, restructuring and impairment charges. In 2019, Daseke recorded $312.8 million in impairment charges as valuations of prior acquisitions declined mostly due to the declines in used truck prices.Next Phase Of RestructuringThe carrier continues to restructure operations after a decade of acquisitions. Daseke remains on track with "Phase I" of its restructuring plan, which lowered the company's tractor count, trailer count and non-driver headcount each by 8% and is expected to achieve an annual run rate of $30 million in incremental operating income by the end of first quarter 2020."2019 proved to be a year of significant transformation for Daseke, as we took aggressive action to streamline the business, reset our leadership team, and reposition the company to drive profitable growth in the future," said Daseke CEO Chris Easter. Easter was named Daseke's permanent CEO last month after serving in the role on an interim basis for six months after the company's founder and CEO Don Daseke stepped down.Additionally, the company announced "Phase II" of the improvement plan. This phase is expected to deliver a run rate of an additional $15 million in operating income by the end of 2020. Like Phase I, this phase will integrate three more previously acquired operations, taking its total number of separately operated business units from 13 to 10. (Phase I provided a reduction in standalone carriers from 16 to 13.) Other "business improvement actions" are expected to be taken as well. Easter continued, "In total, we expect that Phase I and II of our Operational Improvement Plan, which began in August 2019, will deliver $45 million in annual operating income improvements as we enter fiscal 2021, and will position the company for more profitable growth as the industrial market improves."Fourth-Quarter ResultsDaseke reported revenue declines in both of its specialized and flatbed divisions due primarily to "lower freight rates and lower miles driven."Daseke's Key Performance IndicatorsThe company's specialized segment saw a 7% year-over-year decline in total revenue to $257 million due to "softer oil & gas related end markets." The division's average tractor count was 114 units lower and rate per mile declined 5% to $3.43 in the period.The division reported a 94.5% operating ratio (OR), 150 basis points (bps) worse year-over-year. In addition to demand weakness, management noted strength in wind-energy markets and the sale of underutilized equipment as offsets to further margin degradation.The flatbed division reported a 13% decline in total revenue at $150 million compared to the fourth quarter in 2018. The average tractor count declined by 44 units year-over-year with a 4% decline in rate per mile at $1.87. The division reported a 200-bp improvement in OR at 93.8% given improved brokerage margins, which were partially offset by "softness in manufacturing- and construction-related end markets."Daseke ended 2019 with net debt of $608.4 million, $48 million lower year-over-year. The company generated $130 million in free cash flow during the year, allowing it to pay down debt and fund its capital expenditures (capex). Daseke's leverage ratio, net debt-to-adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) excluding one-time items, was 3.18x at the end of the year. Management said that the leverage ratio may move higher in the first half of 2020 as 80% of its planned $75 to $80 million in capex will occur then.Guidance Daseke's full-year 2020 guidance calls for revenue to be in the range of $1.61 to $1.69 billion and adjusted EBITDA of $170 to $180 million compared to $170.9 million in 2019. Management said that they expect volumes to be "relatively flat" year-over-year in 2020 with rate pressure in the first half, subsiding in the back half as flatbed truck capacity tightens.Management highlighted $32 million in EBITDA headwinds stemming from pricing and volume declines given lower U.S. oil rig activity as well as higher insurance expenses. However, they expect these headwinds to be offset by $36 million in restructuring initiatives.Management said that their guidance doesn't include any potential impact from the coronavirus.Shares of DSKE are 15% lower on the day.Image by skeeze from PixabaySee more from Benzinga * FCCC Debuts Electric Chassis At Work Truck Show; Utilimaster Shows New Class 3 Van * Wet Weather Hitting Nation's Two Largest Freight Markets * National Volumes Hit New Highs – FreightWaves NOW(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- 03/10/2020
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Transportation stocks slammed by coronavirus fears
- FedEx (FDX -5.6%) and UPS (UPS -4.7%) are down more than broad market averages on concerns that global trade will slow down as the coronavirus outbreak hits new parts of the world.The IMF lowered its
- 02/24/2020
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After Years Of High Growth, Daseke Finds Itself In Need Of A Tune-Up
- Appearing at a pair of investor conferences this week, Daseke's (NASDAQ: DSKE) management team provided an update on its operational restructuring. Daseke's new CEO, Chris Easter, was enthusiastic about the progress the company has made on the first phase of cost-savings initiatives, which have
- 02/14/2020
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Today's Pickup: Daseke Names Chris Easter CEO
- After six months of searching, Daseke (NASDAQ: DSKE) didn't need to go far to find its new CEO, naming Chris Easter, the acting CEO, to the position permanently. Easter took over on an interim basis following the abrupt retirement of founder Don Daseke in August. The board of directors made the
- 02/10/2020
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Eyes On Coronavirus, Alibaba, Samsung And Overstock.com
- Welcome to Seeking Alpha's Stocks to Watch - a preview of key events scheduled for the next week. Follow this account and turn the e-mail alert on to receive th
- 02/08/2020
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XPO Logistics kickstarts broader transportation rally
- The strategic review fired off by XPO Logistics (XPO +12.9%) seems to have investors looking at other trucking/delivery/freight stocks with a new viewpoint. There's also a positive note out from Stif
- 01/16/2020
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Truckers temporarily exempt from Cali 'gig worker' law
- Many are looking to carve out exemptions from California's new "gig worker" rule - which obligates companies to pay overtime, healthcare and workers' compensation - and one industry just score
- 01/10/2020
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Ignore the Noise: Better Ways to Check Acorda Therapeutics, Inc. (ACOR) and Daseke, Inc. (DSKE) | Post Analyst
- recent rally took place on significantly less volume which dipped to nearly 909804 contracts on 27-Jun-19 versus its daily average of 1105840. The first sale was made at $7.1 but later the stock became weaker, and closed with a gain of 6.78%. It was last traded at $7.4 apiece. Acorda Therapeutics, Inc. is maintained at …
- 06/28/2019
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Pennar Group Bags Orders Worth Rs 309 Cr - Accommodation Times
- By Accommodation Times Bureau HYDERABAD: Pennar Group, a leading engineering products and solutions company, has bagged orders worth Rs 309 crores across its various business verticals and the subsidiary, PEBS Pennar. The Group’s flagship company Pennar Industries Limited (PIL) received multiple orders aggregating Rs 124 crore across its business verticals such as railways from Integrated...
- 01/02/2019
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