Shares of Schneider National Inc. (NYSE: SNDR) surged 6.85% in pre-market trading on November 7, 2024, as the transportation and logistics company's third-quarter results indicated progress in pricing and strategic initiatives despite ongoing freight market challenges.
For the quarter ended September 30, 2024, Schneider reported flat revenue of $1.2 billion compared to the prior year. However, the company highlighted gains in pricing discipline, with mid-single-digit percentage rate improvements in truckload network contract renewals - the highest since Q1 2022. Adjusted income from operations stood at $44 million, down from $48 million a year ago, primarily due to higher insurance costs and lower gains on asset sales.
While the truckload network business remained under pressure with over 100% of earnings coming from the dedicated sector, the company's intermodal and logistics segments showed resilience. Intermodal operating income grew 40% year-over-year to $16 million, driven by execution and cost improvements. The logistics unit maintained profitability through the competitive brokerage environment, leveraging its FreightPower platform.
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