Yellow | Joc Rankings: For-hire Trucking On A Long-term Growth Track

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JOC Rankings: For-hire trucking on a long-term growth track
William B. Cassidy, Senior Editor | Aug 14, 2020 4:02PM EDT

Combined revenue at the top 50 US and Canadian truckload and LTL operators increased 13 percent from 2014 through 2019. Photo credit: Shutterstock.com.

The largest US and Canadian trucking companies saw marginal growth last year as a manufacturing slump, US trade disputes, and slower US economic growth created considerable headwinds for truckload and less-than-truckload (LTL) carriers. Combined revenue at those operators increased only 0.5 percent from 2018, according to the JOC Top 50 Truckload and LTL Carrier Rankings, prepared by SJ Consulting Group. Some sectors of trucking fared better, but not by much in a weakening economy.

Over the long-term, however, these carriers have grown considerably, increasing total combined revenue 13 percent from 2014 through 2019, despite losing ground in 2015 and 2016. That’s in part because 2017 and 2018 provided back-to-back years of high revenue growth, more than making up for the 2015-16 “soft patch” after a strong 2014 for trucking.

Last year was a sharp deceleration for the carriers in these rankings, but not as sharp as in 2015, when their total combined revenue fell 4.5 percent, with LTL revenue dropping 1.6 percent and truckload revenue 7.1 percent. Despite the economic recession caused by the COVID-19 pandemic, 2020 may look more like 2017 for many of these carriers, with a stronger second half making up for a lackluster first six months.

The Top 50 US and Canadian truckload carriers and Top 50 LTL carriers had $84.42 billion in total combined trucking revenue in 2019, according to research firm SJ Consulting Group, which prepared the rankings for the annual JOC.com Guide to Trucking special report. In 2011, the first year of these rankings, their combined revenue was $63.3 billion.

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The largest of these large trucking firms have gotten larger over the past decade, underscoring the division of for-hire trucking into large carriers hauling high volumes for large shippers, and an increasing share of trucking revenue, and hundreds of thousands of small local and regional motor carriers hauling relatively small volumes of freight, mostly for smaller companies.

In 2009, there were only 13 trucking companies in the Top 50 LTL and truckload rankings with more than $1 billion in annual revenue. In 2019, there were 23 carriers with more than $1 billion in revenue in these rankings, a sign of significant growth in trucking and the trucking industry’s growing significance to global and domestic supply chains.

Contact William B. Cassidy at [email protected] and follow him on Twitter: @willbcassidy.

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Top 50 US and Canadian Truckload Carriers
Annual revenue, including fuel surcharges, in millions of US dollars
Rank Carrier 2019 Revenue 2018 Revenue Percent Change Public / Private

1 Knight-Swift Transportation $3,953 $4,290 -7.9% Public
2 J.B. Hunt Transport Services $3,084 $2,581 19.5% Public
3 Schneider National $2,397 $2,675 -10.4% Public
4 Prime $2,107 $1,937 8.8% Private
5 Landstar System $2,057 $2,243 -8.3% Public
6 Werner Enterprises $1,887 $1,853 1.8% Public
7 U.S. Xpress Enterprises $1,521 $1,562 -2.6% Public
8 CRST International $1,469 $1,583 -7.2% Private
9 Daseke $1,421 $1,345 5.6% Public
10 Ryder Systems $1,163 $1,094 6.3% Public
11 Crete Carrier Corp. $1,151 $1,151 0.1% Private
12 Penske Logistics $1,110 $919 20.8% Private
13 CR England $995 $1,003 -0.8% Private
14 Ruan Transportation Management Services $885 $813 8.9% Private
15 TFI International $759 $811 -6.4% Public
16 PS Logistics $744 $654 13.8% Private
17 Western Express $684 $695 -1.7% Private
18 Covenant Transportation Group $677 $706 -4.1% Public
19 Stevens Transport $646 $667 -3.1% Private
20 Marten Transport $644 $599 7.5% Public
21 Anderson Trucking Service $636 $674 -5.6% Private
22 Cardinal Logistics $622 $645 -3.6% Private
23 NFI Industries $604 $572 5.6% Private
24 Heartland Express $597 $611 -2.3% Public
25 First Fleet $551 $509 8.2% Private
26 KLLM $546 $535 2.1% Private
27 Mercer Transportation $541 $607 -10.9% Private
28 Hirschbach Motor Lines $492 $454 8.3% Private
29 Black Horse Carriers $485 $404 20.2% Private
30 Universal Truckload Services $469 $551 -14.8% Private
31 TMC / Annett Holdings $450 $464 -3.1% Private
32 Averitt Express $445 $408 9.1% Private
33 Roehl Transport $439 $421 4.1% Private
34 PAM Transportation $438 $444 -1.3% Public
35 USA Truck $377 $351 7.4% Public
36 Dart Transit $365 $419 -12.9% Private
37 Cowan Systems $363 $334 8.5% Private
38 Mesilla Valley / MVT $352 $343 2.5% Private
39 John Christner Trucking $339 $295 14.8% Private
40 Hub Group $299 $293 2.0% Public
41 Melton Truck Lines $298 $293 1.7% Private
42 TransAm Trucking $297 $307 -3.1% Private
43 Maverick Transportation $291 $302 -3.9% Private
44 Trans-System $290 $300 -3.3% Private
45 FedEx Custom Critical $286 $296 -3.4% Public
46 Martin Transportation Systems $277 $282 -1.9% Private
47 PGT Holdings $274 $280 -2.2% Private
48 Panther Premium Logistics $267 $319 -16.2% Public
49 United Vision Logistics $261 $275 -5.1% Private
50 Paschall Truck Lines $256 $259 -1.3% Private
TOTAL TOP 50 TRUCKLOAD CARRIERS $41,558 $41,427 0.3%

Revenues primarily for truckload operations and may include less than ten percent for non-truckload services
Source: Company reports and SJ Consulting Group estimates
Prepared by SJ Consulting Group, Inc.

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Top 50 US and Canadian LTL Carriers
Annual revenue, including fuel surcharges, in millions of US dollars
Rank Carrier 2019 Revenue 2018 Revenue Percent Change Public / Private

1 FedEx Freight $7,454 $7,352 1.4% Public
2 Old Dominion Freight Line $4,055 $3,983 1.8% Public
3 XPO Logistics $3,841 $3,830 0.3% Public
4 YRC Freight $3,049 $3,153 -3.3% Public
5 Estes Express Lines $2,818 $2,761 2.1% Private
6 UPS Freight $2,679 $2,706 -1.0% Public
7 ABF Freight System $2,094 $2,124 -1.4% Public
8 R+L Carriers $1,848 $1,780 3.8% Private
9 Saia Motor Freight Line $1,787 $1,654 8.0% Public
10 Southeastern Freight Lines $1,242 $1,237 0.4% Private
11 Holland $1,084 $1,178 -7.9% Public
12 Averitt Express $873 $891 -2.0% Private
13 Central Transport International $856 $825 3.9% Private
14 Forward Air $808 $748 8.0% Public
15 TFI International* $727 $816 -10.9% Public
16 Dayton Freight Lines $679 $659 3.0% Private
17 Pitt Ohio Transportation Group $670 $633 5.9% Private
18 AAA Cooper Transportation $612 $606 0.9% Private
19 Manitoulin Transport* $512 $524 -2.1% Private
20 Roadrunner Transportation $433 $452 -4.3% Public
21 Day & Ross Freight* $427 $312 36.5% Private
22 Reddaway $421 $424 -0.8% Public
23 A. Duie Pyle $386 $351 9.9% Private
24 New Penn Motor Express $278 $293 -5.3% Public
25 Daylight Transport $262 $264 -0.8% Private
26 Mullen Group* $233 $224 3.9% Public
27 Central Freight Lines $232 $248 -6.5% Private
28 Oak Harbor Freight Lines $230 $226 1.6% Private
29 Lynden Transport $214 $220 -2.9% Private
30 Ward Trucking Corporation $190 $189 0.3% Private
31 Midland Transport* $179 $192 -6.7% Private
32 FastFrate* $170 $151 12.0% Private
33 M-O Freight Lines* $160 $160 0.3% Private
34 Armour Transportation $133 $132 0.3% Private
35 Midwest Motor Express $119 $118 1.0% Private
36 Standard Forwarding $115 $119 -2.9% Public
37 Hercules Freight $97 $101 -3.5% Private
38 Span Alaska $90 $97 -7.7% Public
39 American Fast Freight $87 $90 -3.1% Private
40 Cross Country Freight Solutions $85 $87 -2.6% Private
41 Dependable Highway Express $85 $85 0.0% Private
42 TransX* $75 $75 0.3% Public
43 Peninsula Truck Lines $75 $72 3.3% Private
44 Sunbelt Furniture Xpress $69 $70 -1.4% Private
45 North Park Transportation $62 $64 -3.5% Private
46 N&M Transfer $59 $60 -2.6% Private
47 Canada Cartage $54 $53 1.1% Private
48 Mountain Valley Express $53 $55 -4.3% Private
49 JP Express Service $52 $50 4.6% Private
50 LandAir $50 $48 4.2% Private
TOTAL TOP 50 TRUCKLOAD CARRIERS $42,859 $42,540 0.3%

Revenues primarily for LTL operations and may include less than ten percent for truckload and other services
Impact of acquisitions on revenues is based on actual revenue recorded after acquisition by the acquiring company and is not a pro forma result
*Canadian-based company
Source: Company reports and SJ Consulting estimates
Prepared by SJ Consulting Group Inc.
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Top 10 Flatbed Carriers
Annual revenue, including fuel surcharges, in millions of US dollars
Rank Carrier 2019 Revenue 2018 Revenue Percent Change

1 Daseke $1,304 $1,395 7.0%
2 Landstar System $1,386 $1,296 -6.5%
3 PS Logistics $617 $702 13.8%
4 Mercer Transportation $603 $541 -10.3%
5 TMC / Annett Holdings $464 $450 -3.1%
6 Universal Truckload Services $492 $439 -10.7%
7 Anderson Trucking Service $406 $358 -11.7%
8 Melton Truck Lines, Inc. $293 $298 1.7%
9 Maverick Transportation $302 $291 -3.9%
10 PGT Holdings $276 $273 -1.0%
Total Top 10 Flatbed Carriers $6,142 $6,042 -1.6%

Source: Company Reports and SJ Consulting Group estimates
Prepared by SJ Consulting Group, Inc.
Top 10 Bulk/Tank Carriers
Annual revenue, including fuel surcharges, in millions of US dollars
Rank Carrier 2019 Revenue 2018 Revenue Percent Change

1 Kenan Advantage Group $1,730 $1,759 1.7%
2 Quality Distribution $822 $789 -4.0%
3 Trimac $529 $610 15.4%
4 Foodliner / Quest Liner $317 $334 5.4%
5 A&R Transport $285 $276 -3.1%
6 Superior Bulk Logistics $277 $269 -3.1%
7 Groendyke Transport $245 $273 11.3%
8 Dupre Logistics $242 $225 -7.3%
9 Schneider National Bulk $200 $194 -3.3%
10 Ruan Corporation $165 $169 0.0%
Total Top 10 Bulk / Tank Carriers $4,812 $4,865 1.1%

Source: Company Reports and SJ Consulting Group estimates
Prepared by SJ Consulting Group, Inc.
Top 10 Temperature-controlled Carriers
Annual revenue, including fuel surcharges, in millions of US dollars
Rank Carrier 2019 Revenue 2018 Revenue Percent Change

1 Prime $2,008 $2,082 3.7%
2 C.R. England $809 $790 -2.3%
3 Swift Transportation $819 $754 -8.0%
4 KLLM $637 $651 2.1%
5 Stevens Transport $667 $646 -3.1%
6 Hirschbach Motor Lines $454 $492 8.3%
7 Marten Transport $457 $481 5.2%
8 Cardinal Logistics $458 $442 -3.7%
9 Schneider National $409 $386 -5.6%
10 John Christner Trucking $295 $339 14.8%
Total Top 10 Temperature-Controlled Carriers $7,014 $7,062 0.7%

Source: Company Reports and SJ Consulting Group estimates
Prepared by SJ Consulting Group, Inc.

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