(Thomas Black – Bloomberg)
Knight-Swift Transportation Holdings Inc. lost almost a fifth of its market value July 26, marking the biggest drop in four years, after sales fell because of a lack of drivers.
The company, formed in a 2017 merger, said second-quarter revenue plummeted 17% at its Swift long-haul business while profit margins shrank at the refrigerated business. The company’s overall earnings missed analysts’ estimates by a penny, and its forecast for fourth-quarter profit was below estimates.
Knight-Swift Transportation Holdings ranks No. 5 on the Transport Topics Top 100 list of the largest North American for-hire carriers. It reported 18,381 company owned tractors and 4,688 owner operator tractors. Click here to read more.
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