{"id":38782,"date":"2023-07-21T15:53:48","date_gmt":"2023-07-21T19:53:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/what-earnings-from-trucker-knight-swift-and-railroad-csx-mean-for-the-economy\/"},"modified":"2023-07-21T15:53:50","modified_gmt":"2023-07-21T19:53:50","slug":"what-earnings-from-trucker-knight-swift-and-railroad-csx-mean-for-the-economy","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38782","title":{"rendered":"What Earnings From Trucker Knight-Swift and Railroad CSX Mean for the Economy"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000699388\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Logistics is the lifeblood of the economy. Earnings from logistics providers show things are pretty bad right now, but there is still some hope. <\/p>\n<p>Railroad operator<br \/>\n        CSX<br \/>\n       (ticker: CSX) and trucker<br \/>\n        Knight-Swift Transportation<br \/>\n       (KNX) reported second-quarter numbers on Thursday. The stocks were going in opposite directions early Friday, but the message both delivered about the economy was the same. <\/p>\n<div class=\"paywall\">\n<p>Knight-Swift reported earnings of 49 cents a share. Wall Street was looking for 53 cents and lowered its earnings outlook. <\/p>\n<p>\u201cQ2 results were very challenging,\u201d wrote Baird analyst Garrett Holland. \u201cThe acute demand\/rate pressure without expense relief revealed trough [earnings] that are much lower than anticipated.\u201d Knight-Swift said it now expects to earn about $2.20 a share in 2023. Prior guidance was $3.45 a share. Unit price is falling faster than expected. <\/p>\n<p>Knight-Swift\u2019s results looked lousy, but the shares were up 2.6% on Friday while the<br \/>\n        S&amp;P 500<br \/>\n       and<br \/>\n        Dow Jones Industrial Averag<br \/>\n      e were both slightly in the green. <\/p>\n<p>Things are bad now, but on a Thursday evening conference call Knight-Swift management said the inventory destocking process, which has lowered the need for truckers to ship new product to stores, was in its \u201cfinal stage.\u201d <\/p>\n<p>Baird\u2019s Holland wrote he was a buyer on any weakness, noting that spot market freight rates are bottoming and profitability will improve when demand returns. He rates shares Buy and has a $65 price target for the stock. <\/p>\n<p>On the surface, CSX delivered the stronger quarter. It reported adjusted earnings of 49 cents a share, in line with what Wall Street was looking for. Shares were down anyway, falling 4.2%.<\/p>\n<p>\u201cCSX expectations were for a 2Q beat,\u201d wrote Citi analyst Christian Wetherbee in a report. He lowered his second-half earnings estimates by about 6% after the company\u2019s earnings report. Still, he\u2019s optimistic about the future. \u201cWe continue to view the U.S. rails as well-positioned for a 2024 inflection in earnings power based on better balance of volume and [costs] and solid pricing.\u201d <\/p>\n<p>He rates CSX shares a Buy and has a $38 price target on the stock. <\/p>\n<p>The stocks were going in opposite directions Friday, but both companies and analysts see better times ahead and a bottom for freight in 2023. That\u2019s good news. <\/p>\n<p>Stock reactions don\u2019t always correspond with the broader message for the economy. <\/p>\n<p>Write to Al Root at\u00a0allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/knight-swift-csx-stock-price-earnings-economy-587dc6ff?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Logistics is the lifeblood of the economy. Earnings from logistics providers show things are pretty bad right now, but there is still some hope. Railroad operator CSX (ticker: CSX) and trucker Knight-Swift Transportation (KNX) reported second-quarter numbers on Thursday. The stocks were going in opposite directions early Friday, but the message both delivered about the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":38783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-38782","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Earnings From Trucker Knight-Swift and Railroad CSX Mean for the Economy | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Logistics is the lifeblood of the economy. Earnings from logistics providers show things are pretty bad right now, but there is still some hope. 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