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Schneider (SNDR) Q1 Earnings Lag Estimates, 2024 EPS View Down
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Schneider National, Inc. (SNDR - Free Report) reported first-quarter 2024 earnings per share (EPS) of 11 cents, which missed the Zacks Consensus Estimate of 13 cents and declined 80% from the year-ago quarter’s levels. Operating revenues of $1,319 million missed the Zacks Consensus Estimate of $1,370 million and fell 8% year over year. Revenues (excluding fuel surcharge) decreased 7% to $1,163.1 million.
Income from operations (adjusted) fell 74% from the prior-year quarter’s level to $30 million. The adjusted operating ratio fell 660 basis points from the prior-year quarter’s level to 97.4%.
Schneider National, Inc. Price, Consensus and EPS Surprise
Truckload revenues (excluding fuel surcharge) of $538.1 million went up 0.2% year over year. The upside was owing to the dedicated organic and acquisitive growth, offset by lower network pricing and volumes year over year. The actual figure was lower than our estimate of $545.3 million.
Truckload revenue per truck per week was $3,853, down 4% year over year. Truckload income from operations fell 76% year over year to $14.9 million. The downside was owing to the pricing and volume pressures in the network, lower gains on the sale of equipment, costs related to dedicated new business start-ups, and ongoing inflationary costs. Truckload operating ratio was 97.2% in the reported quarter compared with 88.3% in the first quarter of 2023.
Intermodal revenues (excluding fuel surcharge) for the first quarter of 2024 were $247.2 million, down 7% year over year owing to decreased revenue per order. The actual figure was lower than our estimate of $265.2 million.
Intermodal income from operations was $7.0 million, down 77% year over year, owing to lower revenue per order and higher empty repositioning costs, partially offset by favorability in dray costs. Intermodal operating ratio was 97.2% in the reported quarter compared with 88.7% in the year-ago quarter.
Logistics revenues (excluding fuel surcharge) for the first quarter of 2024 came in at $324.9 million, down 15% year over year, owing to decreased revenue per order and 8% lower brokerage volume.The actual figure was higher than our estimate of $273.9 million.
Logistics income from operations was $5.4 million, down 71% year over year, owing to lower brokerage volumes and net revenue per order. Logistics operating ratio was 98.3% in the first quarter of 2024 compared with 95.2%in the year-ago quarter.
Liquidity
Schneider exited the first quarter with cash and cash equivalents of $67.3 million compared with $102.4 million at the prior-quarter end. Long-term debt was $96.6 million at the end of the reported quarter compared with $197.6 million at the end of the prior quarter.
2024 Outlook
Schneider now anticipates 2024 adjusted EPS in the range of $0.85-$1.00 (prior view: $1.15-$1.30). The Zacks Consensus Estimate is currently pegged at $1.80.
The company expects net capital expenditures between $350 and $400 (prior view: $400-$450 million). The full-year effective tax rate is expected to be around 25% (prior view: 24.5%).
Currently, Schneider carries a Zacks Rank #4 (Sell).
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year.
United Airlines Holdings, Inc.(UAL - Free Report) reported first-quarter 2024 loss per share (excluding 23 cents from non-recurring items) of 15 cents, which was narrower than the Zacks Consensus Estimate of a loss of 53 cents. In the year-ago reported quarter, UAL reported a loss of 63 cents per share.
Operating revenues of $12,539 million beat the Zacks Consensus Estimate of $12,428.4 million. The top line increased 9.7% year over year due to upbeat air-travel demand. This was driven by a 10.1% rise in passenger revenues (accounting for 90.2% of the top line) to $11,313 million. Almost 39,325 passengers traveled on UAL flights in the first quarter, up 6.8% year over year.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) first-quarter 2024 earnings of $1.22 per share missed the Zacks Consensus Estimate of $1.53 and declined 35.5% year over year.
JBHT’s total operating revenues of $2,944 million missed the Zacks Consensus Estimate of $3,117.1 million and fell 8.8% year over year. Total operating revenues, excluding fuel surcharge revenue, fell 7% year over year. The downfall was owing to a 9% decrease in segment gross revenue per load in both Intermodal (JBI) and Truckload (JBT), 22% fewer loads in Integrated Capacity Solution (ICS), and a modest decline in average trucks and productivity in Dedicated Contract Services (DCS). Revenue declines in JBI, ICS, JBT and DCS were partially offset by Final Mile Services (FMS) revenue growth of 2%, primarily driven by new contracts implemented over the past year.
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Schneider (SNDR) Q1 Earnings Lag Estimates, 2024 EPS View Down
Schneider National, Inc. (SNDR - Free Report) reported first-quarter 2024 earnings per share (EPS) of 11 cents, which missed the Zacks Consensus Estimate of 13 cents and declined 80% from the year-ago quarter’s levels. Operating revenues of $1,319 million missed the Zacks Consensus Estimate of $1,370 million and fell 8% year over year. Revenues (excluding fuel surcharge) decreased 7% to $1,163.1 million.
Income from operations (adjusted) fell 74% from the prior-year quarter’s level to $30 million. The adjusted operating ratio fell 660 basis points from the prior-year quarter’s level to 97.4%.
Schneider National, Inc. Price, Consensus and EPS Surprise
Schneider National, Inc. price-consensus-eps-surprise-chart | Schneider National, Inc. Quote
Segmental Highlights
Truckload revenues (excluding fuel surcharge) of $538.1 million went up 0.2% year over year. The upside was owing to the dedicated organic and acquisitive growth, offset by lower network pricing and volumes year over year. The actual figure was lower than our estimate of $545.3 million.
Truckload revenue per truck per week was $3,853, down 4% year over year. Truckload income from operations fell 76% year over year to $14.9 million. The downside was owing to the pricing and volume pressures in the network, lower gains on the sale of equipment, costs related to dedicated new business start-ups, and ongoing inflationary costs. Truckload operating ratio was 97.2% in the reported quarter compared with 88.3% in the first quarter of 2023.
Intermodal revenues (excluding fuel surcharge) for the first quarter of 2024 were $247.2 million, down 7% year over year owing to decreased revenue per order. The actual figure was lower than our estimate of $265.2 million.
Intermodal income from operations was $7.0 million, down 77% year over year, owing to lower revenue per order and higher empty repositioning costs, partially offset by favorability in dray costs. Intermodal operating ratio was 97.2% in the reported quarter compared with 88.7% in the year-ago quarter.
Logistics revenues (excluding fuel surcharge) for the first quarter of 2024 came in at $324.9 million, down 15% year over year, owing to decreased revenue per order and 8% lower brokerage volume.The actual figure was higher than our estimate of $273.9 million.
Logistics income from operations was $5.4 million, down 71% year over year, owing to lower brokerage volumes and net revenue per order. Logistics operating ratio was 98.3% in the first quarter of 2024 compared with 95.2%in the year-ago quarter.
Liquidity
Schneider exited the first quarter with cash and cash equivalents of $67.3 million compared with $102.4 million at the prior-quarter end. Long-term debt was $96.6 million at the end of the reported quarter compared with $197.6 million at the end of the prior quarter.
2024 Outlook
Schneider now anticipates 2024 adjusted EPS in the range of $0.85-$1.00 (prior view: $1.15-$1.30). The Zacks Consensus Estimate is currently pegged at $1.80.
The company expects net capital expenditures between $350 and $400 (prior view: $400-$450 million). The full-year effective tax rate is expected to be around 25% (prior view: 24.5%).
Currently, Schneider carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year.
United Airlines Holdings, Inc.(UAL - Free Report) reported first-quarter 2024 loss per share (excluding 23 cents from non-recurring items) of 15 cents, which was narrower than the Zacks Consensus Estimate of a loss of 53 cents. In the year-ago reported quarter, UAL reported a loss of 63 cents per share.
Operating revenues of $12,539 million beat the Zacks Consensus Estimate of $12,428.4 million. The top line increased 9.7% year over year due to upbeat air-travel demand. This was driven by a 10.1% rise in passenger revenues (accounting for 90.2% of the top line) to $11,313 million. Almost 39,325 passengers traveled on UAL flights in the first quarter, up 6.8% year over year.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) first-quarter 2024 earnings of $1.22 per share missed the Zacks Consensus Estimate of $1.53 and declined 35.5% year over year.
JBHT’s total operating revenues of $2,944 million missed the Zacks Consensus Estimate of $3,117.1 million and fell 8.8% year over year. Total operating revenues, excluding fuel surcharge revenue, fell 7% year over year. The downfall was owing to a 9% decrease in segment gross revenue per load in both Intermodal (JBI) and Truckload (JBT), 22% fewer loads in Integrated Capacity Solution (ICS), and a modest decline in average trucks and productivity in Dedicated Contract Services (DCS). Revenue declines in JBI, ICS, JBT and DCS were partially offset by Final Mile Services (FMS) revenue growth of 2%, primarily driven by new contracts implemented over the past year.