Schneider National cuts FY23 adjusted EPS view to $2.00-$2.20 from $2.15-$2.35

Consensus $2.14. Sees FY23 capital expenditures $525M-$575M. "Our first quarter 2023 results were largely in line with our initial expectations. However, we now anticipate that the currently challenged freight environment will persist longer than original forecasts. Concurrently, there are increasing signals that we are now in the trough of this freight cycle as customer inventories and industry capacity levels continue to rationalize," said Stephen Bruffett, Executive Vice President and Chief Financial Officer of Schneider. "Based on these and other market expectations, our updated guidance for full year 2023 adjusted diluted EPS is $2.00 – $2.20. Our net capital expenditures guidance for full year 2023 is unchanged at a range of $525 – $575 million, and our full year effective tax rate is estimated to be approximately 24.5%."