Knight-Swift Reports $1.3M Q1 Loss, Seeks Double-Digit Truckload Rate Hikes
Knight-Swift posted a first-quarter net loss of $1.3 million and adjusted EPS of $0.09, well below the consensus 25 cents estimate, on revenue of $1.85 billion, up 1% year-over-year. The carrier expects high-single- to low-double-digit truckload rate increases and reaffirmed Q2 adjusted EPS guidance of $0.45–$0.49.
1. First-Quarter Financial Performance
Knight-Swift recorded a $1.3 million net loss and $0.09 adjusted EPS in Q1, compared with the consensus $0.25 estimate. Consolidated revenue rose 1% to $1.85 billion, while nonrecurring items such as negative LTL claims development, weather and fuel headwinds, and a Mexico VAT ruling reduced per-share earnings by an estimated 15 cents.
2. Truckload Market Tightness and Pricing
Management highlighted continued tightening in the truckload segment driven by heightened regulation and surging fuel costs, which has sidelined capacity. The company now targets high-single- to low-double-digit rate increases for upcoming bids, up from earlier expectations of mid-single-digit hikes.
3. LTL Unit Performance
The less-than-truckload division saw 3% year-over-year revenue growth to $313 million. A 1% decline in daily shipments was offset by a 4% increase in revenue per shipment, while average weight per shipment reached its highest level since 2021 and rate renewals climbed by a mid-single-digit percentage.
4. Second-Quarter Outlook
Knight-Swift reaffirmed its Q2 adjusted EPS guidance of $0.45 to $0.49, bracketing consensus expectations. The outlook reflects confidence in rate environment improvements despite ongoing fuel and weather-related headwinds.