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Schneider (SNDR) Q3 Earnings Top Estimates, 2022 View Tweaked
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Schneider National, Inc. (SNDR - Free Report) reported mixed third-quarter 2022 results wherein earnings outpaced the Zacks Consensus Estimate but revenues missed the same.
Quarterly earnings of 70 cents per share beat the Zacks Consensus Estimate of 67 cents. The bottom line rose 13% from the year-ago quarter’s levels. Operating revenues of $1,675.3 million lagged the Zacks Consensus Estimate of $1,725.4 million but improved 16% year over year. Revenues (excluding fuel surcharge) increased 8% to $1,441.8 million.
Schneider National, Inc. Price, Consensus and EPS Surprise
Income from operations (adjusted) fell 5% from the prior-year quarter’s level to $145.5 million. Adjusted operating ratio fell 150 basis points to 89.9%.
Segmental Highlights
Truckload revenues (excluding fuel surcharge) increased 18% year over year to $571.2 million, owing to Midwest Logistics Systems’ revenues, effective yield management, and dedicated new business growth, partially offset by lower network miles. Average trucks (company trucks and owner-operated trucks) in the segment rose 14.9% year over year to 10,546. Revenue per truck per week in the segment increased 3% to $4,178 million.
Truckload income from operations fell 2% to $83.2 million, owing to lower gains on the sale of equipment and higher driver-related costs, partially offset by dedicated growth and improved yield. Truckload segment operating ratio came in at 85.4% in third-quarter 2022, from 82.4% in the third quarter of 2021.
Intermodal revenues (excluding fuel surcharge) were $334.7 million, up 13% year over year, owing to revenue per order and volume growth. Segmental income from operations fell 32% to $31.1 million, owing to increased rail and dray related costs and temporary expenses related to the pending Union Pacific transition on Jan 1, 2023. The intermodal operating ratio improved to 90.7% in third-quarter 2022, from 84.5% in the third quarter of 2021.
Logistics revenues (excluding fuel surcharge) declined 2% to $464.2 million. The downfall was due to decreased revenue per order, backed by lower spot price, which was partially offset by 5% brokerage volume growth. Logistics income from operations grew 26% year over year to $27.9 million, due to volume growth in brokerage, including Power Only, and increased net revenue per order. The operating ratio in the segment came in at 94% from 95.3% in the third quarter of 2021.
Liquidity
Schneider exited the third quarter with cash and cash equivalents of $349.7 million compared with $331 million at the end of June 2022. Long-term debt was $140.1 million at the end of the third quarter compared with $209.8 million at the end of June 2022
2022 Outlook
Schneider now anticipates 2022 adjusted earnings per share in the range of $2.60-$2.65 (previous view: $2.60-$2.70). The Zacks Consensus Estimate of $2.66 exceeded the updated guidance by a penny.
The company now expects net capital expenditures to be $475 million (prior view: $500 million).
Currently, Schneider carries a Zacks Rank #4 (Sell).
Delta AirLines’ (DAL - Free Report) third-quarter 2022 earnings (excluding 42 cents from non-recurring items) of $1.51 per share fell short of the Zacks Consensus Estimate of $1.56. Escalated operating expenses induced the earnings miss. Multiple flight cancelations and booking weaknesses due to Hurricane Ian also hurt results. DAL reported earnings of 30 cents per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $13,975 million, which lagged the Zacks Consensus Estimate of $14,157.2 million. Driven by the high air-travel demand, total revenues increased more than 52% on a year-over-year basis.
United Airlines’ (UAL - Free Report) third-quarter 2022 earnings (excluding 5 cents from non-recurring items) of $2.81 per share beat the Zacks Consensus Estimate of $2.21 and our estimate of $2.17. An upbeat in air-travel demand aided results. In the year-ago quarter, UAL incurred a loss of $1.02 per share when air-travel demand was not as buoyant as in the current scenario. The third quarter of 2022 was the second consecutive profitable quarter at UAL since the onset of the pandemic.
UAL's revenues of $12,877 million beat the Zacks Consensus Estimate of $12,709.5 million and our estimate of $12, 631.6 million. UAL’s revenues increased more than 66% year over year owing to an upbeat in air-travel demand. The optimistic air-travel demand scenario is also evident from the fact that total operating revenues increased 13.2% from third-quarter 2019 (pre-coronavirus) levels.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported better-than-expected third-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.JBHT’s quarterly earnings of $2.57 per share surpassed the Zacks Consensus Estimate of $2.45 and improved 36.7% year over year.
JBHT’s operating revenues of $3,838.3 million also outperformed the Zacks Consensus Estimate of $3803.4 million. The top line jumped 22.1% year over year on the back of strength across — Dedicated Contract Services, Intermodal, Truckload and Final Mile Services segments. Total operating revenues, excluding fuel surcharges, rose 12.4% year over year.
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Schneider (SNDR) Q3 Earnings Top Estimates, 2022 View Tweaked
Schneider National, Inc. (SNDR - Free Report) reported mixed third-quarter 2022 results wherein earnings outpaced the Zacks Consensus Estimate but revenues missed the same.
Quarterly earnings of 70 cents per share beat the Zacks Consensus Estimate of 67 cents. The bottom line rose 13% from the year-ago quarter’s levels. Operating revenues of $1,675.3 million lagged the Zacks Consensus Estimate of $1,725.4 million but improved 16% year over year. Revenues (excluding fuel surcharge) increased 8% to $1,441.8 million.
Schneider National, Inc. Price, Consensus and EPS Surprise
Schneider National, Inc. price-consensus-eps-surprise-chart | Schneider National, Inc. Quote
Income from operations (adjusted) fell 5% from the prior-year quarter’s level to $145.5 million. Adjusted operating ratio fell 150 basis points to 89.9%.
Segmental Highlights
Truckload revenues (excluding fuel surcharge) increased 18% year over year to $571.2 million, owing to Midwest Logistics Systems’ revenues, effective yield management, and dedicated new business growth, partially offset by lower network miles. Average trucks (company trucks and owner-operated trucks) in the segment rose 14.9% year over year to 10,546. Revenue per truck per week in the segment increased 3% to $4,178 million.
Truckload income from operations fell 2% to $83.2 million, owing to lower gains on the sale of equipment and higher driver-related costs, partially offset by dedicated growth and improved yield. Truckload segment operating ratio came in at 85.4% in third-quarter 2022, from 82.4% in the third quarter of 2021.
Intermodal revenues (excluding fuel surcharge) were $334.7 million, up 13% year over year, owing to revenue per order and volume growth. Segmental income from operations fell 32% to $31.1 million, owing to increased rail and dray related costs and temporary expenses related to the pending Union Pacific transition on Jan 1, 2023. The intermodal operating ratio improved to 90.7% in third-quarter 2022, from 84.5% in the third quarter of 2021.
Logistics revenues (excluding fuel surcharge) declined 2% to $464.2 million. The downfall was due to decreased revenue per order, backed by lower spot price, which was partially offset by 5% brokerage volume growth. Logistics income from operations grew 26% year over year to $27.9 million, due to volume growth in brokerage, including Power Only, and increased net revenue per order. The operating ratio in the segment came in at 94% from 95.3% in the third quarter of 2021.
Liquidity
Schneider exited the third quarter with cash and cash equivalents of $349.7 million compared with $331 million at the end of June 2022. Long-term debt was $140.1 million at the end of the third quarter compared with $209.8 million at the end of June 2022
2022 Outlook
Schneider now anticipates 2022 adjusted earnings per share in the range of $2.60-$2.65 (previous view: $2.60-$2.70). The Zacks Consensus Estimate of $2.66 exceeded the updated guidance by a penny.
The company now expects net capital expenditures to be $475 million (prior view: $500 million).
Currently, Schneider carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Transportation Companies
Delta AirLines’ (DAL - Free Report) third-quarter 2022 earnings (excluding 42 cents from non-recurring items) of $1.51 per share fell short of the Zacks Consensus Estimate of $1.56. Escalated operating expenses induced the earnings miss. Multiple flight cancelations and booking weaknesses due to Hurricane Ian also hurt results. DAL reported earnings of 30 cents per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $13,975 million, which lagged the Zacks Consensus Estimate of $14,157.2 million. Driven by the high air-travel demand, total revenues increased more than 52% on a year-over-year basis.
United Airlines’ (UAL - Free Report) third-quarter 2022 earnings (excluding 5 cents from non-recurring items) of $2.81 per share beat the Zacks Consensus Estimate of $2.21 and our estimate of $2.17. An upbeat in air-travel demand aided results. In the year-ago quarter, UAL incurred a loss of $1.02 per share when air-travel demand was not as buoyant as in the current scenario. The third quarter of 2022 was the second consecutive profitable quarter at UAL since the onset of the pandemic.
UAL's revenues of $12,877 million beat the Zacks Consensus Estimate of $12,709.5 million and our estimate of $12, 631.6 million. UAL’s revenues increased more than 66% year over year owing to an upbeat in air-travel demand. The optimistic air-travel demand scenario is also evident from the fact that total operating revenues increased 13.2% from third-quarter 2019 (pre-coronavirus) levels.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported better-than-expected third-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.JBHT’s quarterly earnings of $2.57 per share surpassed the Zacks Consensus Estimate of $2.45 and improved 36.7% year over year.
JBHT’s operating revenues of $3,838.3 million also outperformed the Zacks Consensus Estimate of $3803.4 million. The top line jumped 22.1% year over year on the back of strength across — Dedicated Contract Services, Intermodal, Truckload and Final Mile Services segments. Total operating revenues, excluding fuel surcharges, rose 12.4% year over year.