Third-party insurance business sinks Knight-Swift’s Q4
Knight-Swift Transportation reported a big fourth-quarter miss on Thursday, but management has hopes normal seasonality will return by spring.
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The LTL segment recorded a 14% y/y increase in revenue (excluding fuel) to $232 million. Shipments were up 12% y/y and revenue per shipment increased 2% (up 7% excluding fuel). Revenue per hundredweight was up 10% excluding fuel.
Knight-Swift added 14 LTL terminals to its network in 2023. The company said it will add a total of 25 terminals in 2024, some of which were formerly occupied by Yellow Corp. It said it takes 60 to 90 days from open until the new service centers begin to record breakeven results.
The LTL unit recorded an 85.5% adjusted OR in the period, which was flat y/y.