Knight-Swift beats by $0.07, reports revs in-line; guides Q4 EPS in-line; guides Q1 (Mar) EPS in-line (30.20)
- Reports Q3 (Sep) earnings of $0.65 per share, excluding non-recurring items, $0.07 better than the S&P Capital IQ Consensus of $0.58; revenues rose 158.2% year/year to $1.35 bln vs the $1.35 bln S&P Capital IQ Consensus.
- The year-over-year increase was largely driven by the inclusion of Swift's results for the full third quarter in 2018, compared to the 22 days after the September 8, 2017 merger date, in accordance with the accounting treatment applicable to the transaction. Additionally, our acquisition of Abilene Motor Express, Inc. ("Abilene") and our organic growth within the Knight Trucking, Knight Logistics, and Swift Intermodal segments contributed to the increase in revenue.
- Co's trucking segments operated on a combined basis at an 84.9% Adjusted Operating Ratio, and co's efforts in the first half of 2018 and into the third quarter of 2018 resulted in stabilization of the Swift tractor fleet, which ended the third quarter at 14,779 operational tractors.
- Co issues in-line guidance for Q4, sees EPS of $0.71-0.75, excluding non-recurring items, vs. $0.71 S&P Capital IQ Consensus.
- Co issues in-line guidance for Q1 (Mar), sees EPS of $0.50-0.54, excluding non-recurring items, vs. $0.51 S&P Capital IQ Consensus.