Shares of trucking firm Knight-Swift Transportation are soaring after earnings. The results, however, were good, not great. The reaction says more about the mood of investors than the trucking business or the economy.
It’s a solid quarter. Guidance was actually cut by a nickel. The EPS midpoint for 2023 is now $2.15 from $2.20. Still, the updated full-year guidance implies EPS of about 52 cents a share in the fourth quarter. Wall Street is modeling 47 cents.“Freight demand remains stable at low levels in the truckload market and relatively strong in the less-than-truckload market,” said CEO David Jackson in a news release.
It’s a great move for a good quarter. TD Cown analyst Jason Seidl called the quarter in line and wrote that fourth-quarter guidance was a little better than expectations, but didn’t change his Buy rating or $58 price target.
Philippines Philippines Latest News, Philippines Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: WSJ - 🏆 98. / 63 Read more »