Trucking giant Knight-Swift beat earnings but cuts guidance due to a 'less robust' market. The company's shares were up over 1% on the news.
The company, however, dropped guidance for the second quarter citing a"less robust" operating environment driven by weaker demand.The trucking and logistics company Knight-Swift beat first quarter earnings expectations, sending the stock 1% higher early Wednesday.
The company reported adjusted earnings of $0.55 a share, beating the $0.52that analysts surveyed by Bloomberg were expecting. Revenue fell 5% to $1.2 billion, missing the $1.3 billion that analysts were hoping for. Knight-Swift also guided lower for its second-quarter adjusted earnings per share, saying it seea range of $0.62 to $0.64, down from $0.62 to $0.66.
"Overall, we are pleased that our ability to deploy assets effectively in a less robust market, together with enterprise wide efforts to improve our drivers' experience and safety, and a relentless focus on cost control, delivered strong first quarter results for our stockholders," noted the
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