According to their latest earnings releases, the Spring earnings results of the Top 5 Publicly Traded Truckload Freight companies by YoY Revenues decreased by -4% on average across the board in the January-March quarter.
Of the publicly traded Truckload Freight companies who released Spring 2024 earnings results, the following top 5 companies by market cap decreased revenues -4% YoY on average: United Parcel Service, FedEx Corp, Deutsche Post AG, J.B. Hunt Transport Services, and Old Dominion Freight Line.
**Only FedEx’s Freight revenue with its Spring quarter ended last May
***Only DHL’s Supply Chain revenue
+ Only JBHT’s revenue include truckload segment
(Revenue 3yr CAGR of UPS, FDX, DHL and JBHT only include revenue segments mentioned above)
The following sections are covered in this report [Click to Skip Ahead]:
- Biggest Publicly Traded Truckload Freight Companies by Market Share
- Top Truckload Freight Companies by Revenue Growth
- Top Truckload Freight Companies by Earnings (EPS) Growth
Company revenues, earnings, and stock forecasts covered:
- United Parcel Services, Inc. (UPS) Stock Forecast
- FedEx (FDX) Stock Forecast
- Deutsche Post AG (DHL) Stock Forecast
- J.B. Hunt Transport Service (JBHT) Stock Forecast
- Old Dominion Freight Line (ODFL) Stock Forecast
The list below only includes the top 6 Truckload Freight companies by market capitalization of >$15B. The next section will include all >$5B market cap publicly traded truckload freight companies.
| Company | March 2023 | March 2024 | YOY |
| United Parcel Service, Inc. (Forwarding revenues) | $1,514 | $1,280 | -15.50% |
| FedEx Corp (Freight revenues) | $2,269 | $2,306 | 1.61% |
| Deutsche Post AG (Supply Chain revenues) | $4,472 | $4,719 | 5.37% |
| J.B. Hunt Transport Service, Inc. (Truckload revenues) | $205.90 | $178.30 | -13.40% |
| Old Dominion Freight Line | $1,442 | $1,460 | 1.20% |
United Parcel Service, Inc. reported a -15.5% decrease YoY Forwarding segment revenues in their latest quarter citing the continued soft demand and market rate pressures the reason for continued revenue decrease. However, management pointed out that the rate of average daily volume decline was slower sequentially compared to the last quarter which shows optimism that the industry is turning.
FedEx Corp saw Freight revenues increase by 1.61% YoY, due to higher yield and effective cost management with the company announced plans to further optimize its operations and match capacity demand through the permanent closure of seven facilities.
Deutsche Post AG recorded a 5.5% YoY increase in Supply chain revenues in Euro currency with all their sectors posted record revenue growth bolstered by new businesses, contract renewals, and expanding e-commerce business.
J.B. Hunt Transport Service, Inc. reported a -13.40% YoY decrease in their latest quarterly truckload revenues which was due to a -9.0% decline in revenue per truckload excluding fuel surcharges and a -5% decline in load volume. Trailer turnover for the quarter were also down –2% compared to prior year as changes to freight mix weaker overall freight demand.
Old Dominion Freight Line saw a modest YoY revenues increase by 1.20%, which was primarily due to a 4.1% increase in Less-than-Truckload (LTL) revenue per hundredweight that more than offset the -3.2% decrease in LTL tons per day. Management pointed out that the decrease in revenue per day has turned around and has been increasing sequentially per month since January.
Key Takeaway
The truckload freight industry’s first quarter 2024 earnings weakness continues, as volumes continue to trend down, with overall soft demand being the culprit. However, some companies are reporting better sequential revenues and seeing a slowing decrease in the downward volume trend, which indicates a better quarter ahead.
Biggest Publicly Traded Truckload Freight Companies by Market Share
The below chart shows the list of publicly traded Truckload Freight Companies with meaningful market caps of >$5B as of July 2024.
**Only CHRW’s TTM NAST revenue ^Only TFII’s TTM LTL and Truckload revenues before fuel surcharges
***Only FDX’s TTM Freight revenue
+Only KNX’s TTM LTL and Truckload revenues
++Only UPS’s TTM Forwarding revenue Note: All in US Dollars
Leading the group is Deutsche Post AG with 24.1% market share, followed C.H. Robinson Worldwide, Inc. with 15.7%, and just behind is FedEx Corp with 11.7% of Trailing Twelve Months (TTM) revenue share of all publicly traded truckload freight companies.
| Company | Revenues (TTM in thousands) | Mkt Share |
| Deutsche Post AG | $18,730,000 | 24.1% |
| C.H. Robinson Worldwide, Inc. | $12,167,201 | 15.7% |
| FedEx Corp | $9,082,000 | 11.7% |
| XPO, Inc. | $7,855,000 | 10.1% |
| Old Dominion Freight Line | $5,884,000 | 7.6% |
| Knight-Swift Transportation Holdings | $6,031,000 | 7.8% |
| United Parcel Service, Inc. | $5,300,000 | 6.8% |
| Landstar System, Inc. | $4,574,000 | 5.9% |
| TFI International, Inc. | $4,376,000 | 5.6% |
| Saia, Inc. | $2,975,000 | 3.8% |
| J.B. Hunt Transport Services* | $761,889 | 1.0% |
Top Truckload Freight Companies by Revenue Growth
In the previous three fiscal years, Saia, Inc. lead ahead among its peers in the truckload freight industry with 16.96% CAGR.
On the other hand, Saia, Inc. is also leading in boosting its year-over-year annual revenue growth of 6.60% from 2023-2024.
Old Dominion Freight Line takes the number two spot in 3yr CAGR with 12.30%, while trailing behind is Deutsche Post AG and FedEx Corp with 4.34% and -5.76% 3yr CAGR, respectively.
| Company | 3yr CAGR | 1yr Growth YOY |
| Saia, Inc. | 16.96% | 6.60% |
| Old Dominion Freight Line | 12.30% | 1.20% |
| Deutsche Post AG (Supply Chain revenues) | 4.34% | 5.37% |
| FedEx Corp (Freight revenues) | -5.76% | 1.61% |
| J.B. Hunt Transport Services (Truckload revenues) | -8.07% | -13.40% |
| United Parcel Service, Inc. (Forwarding revenues) | -20.90% | -15.50% |
Key Takeaway
As the table above shows, most of the three years of growth in Truckload and LTL revenues are still decelerating, with others showing negative one-year-over-year earnings growth. However, companies are seeing better trends towards optimism as weight per shipment decreasing trends slow down.
Top Truckload Freight Companies by Earnings (EPS) Growth
In the previous three fiscal years, Saia, Inc. saw the highest 3 year compounded annual growth of 35.53% in earnings per share.
Among the companies in the below graph, FedEx Corp had the highest 1-year EPS YOY growth rate of 11.18%.
The highest 3-year EPS CAGR companies in the list are Saia, Inc. at 35.53%, Old Dominion Freight Line at 21.89%, and J.B Hunt Transport Services at 7.09%.
| Company | 3yr EPS CAGR | 1yr EPS YOY |
| Saia, Inc. | 35.53% | 3.91% |
| Old Dominion Freight Line | 21.89% | -6.70% |
| J.B. Hunt Transport Services | 7.09% | -28.49% |
| United Parcel Service, Inc | 5.27% | -44.15% |
| Deutsche Post AG | -1.57% | -27.24% |
| FedEx Corp | -4.00% | 11.18% |
Truckload Freight Companies Revenue, Earnings and Stock Forecast (Quarter ending March 2024)
| Company | YOY EPS Forecast |
| United Parcel Service, Inc. | 13.51% |
| FedEx Corp | 10.25% |
| Deutsche Post AG | -17.11% |
| J.B. Hunt Transport Services, Inc. | -17.83% |
| Old Dominion Freight Line | 11.65% |
United Parcel Service, Inc. (UPS) Revenue, Earnings, and Stock Forecast
United Parcel Service, Inc’s revenue over the latest Trailing Twelve Month period was $89.7 billion. United Parcel Service, Inc’s earnings (Net Income) over the latest Trailing Twelve Month period was $5.9 billion.
The Wall Street consensus for United Parcel Service, Inc’s EPS (earnings per share) projection for the next quarter is $1.78. The company’s TTM (trailing twelve months) Earnings Per Share was $6.90 as of the quarter ending March 30, 2024.
United Parcel Service, Inc is expected to see an expansion in earnings per share of 13.51% YOY in the next quarter based on the consensus of stock market analyst forecasts.
FedEx Corp (FDX) Revenue, Earnings, and Stock Forecast
FedEx Corp’s revenue over the latest Trailing Twelve Month period was $87.7 billion. FedEx Corp’s earnings (Net Income) over the latest Trailing Twelve Month period was $4.3 billion.
The Wall Street consensus for FedEx Corp’s EPS (earnings per share) projection for the next quarter is $5.02. The company’s TTM (trailing twelve months) Earnings Per Share was $17.30 as of the quarter ending May 30, 2024.
FedEx Corp is expected to see an expansion in earnings per share of 10.25% YOY in the next quarter based on the consensus of stock market analyst forecasts.
Deutsche Post AG (DHL) Revenue, Earnings, and Stock Forecast
Deutsche Post AG’s revenue over the latest Trailing Twelve Month period was $87.9 billion. Deutsche Post AG’s earnings (Net Income) over the latest Trailing Twelve Month period was $4.0 billion.
The Wall Street consensus for Deutsche Post AG’s EPS (earnings per share) projection for the next quarter is $0.73. The company’s TTM (trailing twelve months) Earnings Per Share was $3.20 as of the quarter ending March 30, 2024.
Deutsche Post AG is expected to see a contraction in earnings per share of -17.11% YOY in the next quarter based on the consensus of stock market analyst forecasts.
J.B. Hunt Transport Services (JBHT) Revenue, Earnings, and Stock Forecast
J.B. Hunt Transport Services’ revenue over the latest Trailing Twelve Month period was $12.5 billion. J.B. Hunt Transport Services’ earnings (Net Income) over the latest Trailing Twelve Month period was $0.6 billion.
The Wall Street consensus for J.B. Hunt Transport Services’ EPS (earnings per share) projection for the next quarter is $1.48. The company’s TTM (trailing twelve months) Earnings Per Share was $6.40 as of the quarter ending March 30, 2024.
J.B. Hunt Transport Services’ is expected to see a contraction in earnings per share of -17.83% YOY in the next quarter based on the consensus of stock market analyst forecasts.
Old Dominion Freight Line (ODFL) Revenue, Earnings, and Stock Forecast
Old Dominion Freight Line’s revenue over the latest Trailing Twelve Month period was $5.88 billion. Old Dominion Freight Line’s earnings (Net Income) over the latest Trailing Twelve Month period was $1.24 billion.
The Wall Street consensus for Old Dominion Freight Line’s EPS (earnings per share) projection for the next quarter is $1.45. The company’s TTM (trailing twelve months) Earnings Per Share was $5.70 as of the quarter ending March 30, 2024.
Old Dominion Freight Line is expected to see an expansion in earnings per share of 11.65% YOY in the next quarter based on the consensus of stock market analyst forecasts.
Methodology
All data mentioned here in this article was sourced from publicly available filings and releases, and processed by investment newsletter provider, Sather Research, LLC.
Stock forecasts and analyst consensus EPS growth estimates were sourced from data provided by Seeking Alpha.
Contact Seoshin Chil at [email protected] for any further commentary, concerns, questions, or feedback. Alternatively, you can get in touch with the company during business hours through our contact page, or call 888-978-1348 from Monday – Friday; 9AM EST – 5:00 PM EST.
Seoshin Chil
Seoshin is an active sailor in offshore windfarm vessels but has a passion for studying great businesses and investing in them. Being always at sea does not stop him from doing so!
