Knight-Swift says Q2 results will be lower than previously expected

Knight-Swift Transportation announced the closing of its acquisition of U.S. Xpress Enterprises and provided an update on current market conditions. The company anticipates its consolidated Q2 results will be lower than previously expected. “This decline in operating performance is largely driven by the full truckload market, where persistently soft demand has caused volumes and pricing to be under greater pressure than originally anticipated, while costs remain stable on a sequential basis. This dynamic is expected to drive an estimated 1,100-1,200 basis point degradation in consolidated operating margins year-over-year for the quarter. The Company expects to update its annual earnings guidance to reflect the current operating conditions and outlook as well as the inclusion of U.S. Xpress for the back half of the year in conjunction with its scheduled earnings release and presentation on July 20, 2023,” Knight-Swift said in a statement.