By Connor Hart
Knight-Swift Transportation swung to a profit in the fourth quarter as pricing trends held strong despite hurricane and port strike disruptions.
Knight-Swift, the country's biggest operator in the truckload sector, reported a profit of $69.5 million, or 43 cents a share, compared with a loss of $10.7 million, or 7 cents a share, a year earlier.
The Phoenix-based trucking company said adjusted earnings came in at 36 cents a share, ahead of the 33 cents a share that analysts surveyed by FactSet were expecting.
Revenue fell 3.5% to $1.86 billion. Wall Street expected $1.88 billion, according to FactSet.
"While current freight market conditions have been choppy, we are encouraged by customer sentiment, seasonal spot rate progression, the continued erosion of capacity, and early bid season activity - all of which point to a more balanced market than we have seen in roughly three years," Chief Executive Adam Miller said.
Knight-Swift said it expects a gradual recovery in market conditions for 2025 and anticipates first-quarter adjusted earnings per share between 29 cents and 33 cents.
Shares rose 5% in after-hours trading to $58.01.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 22, 2025 16:43 ET (21:43 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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