For the third time this year, the economy seems to be doing better than trucking markets. Let’s dig into third-quarter earnings reports from publicly traded fleets for more.
Recent closures have prompted headlines touting trucking’s “bloodbath” and “apocalypse.” But anyone who has been in this business for very long at all knows trucking is extremely cyclical.
The 3.2% first-quarter GDP figure released by the Commerce Department seems to portray a stronger volume environment than was experienced by the trucking industry, judging by first quarter fleet earnings.
Element Fleet Management Corp. recorded a profitable first quarter, as it strengthened its balance sheet with $150 million in planned benefits from its company transformation plan that was announced in October.
Wex Inc. reported revenue growth for the first quarter that beat projections from analysts and increased 8% to $381.9 million compared to a year earlier, the Portland, Maine-based fuel card and data provider announced.
Verizon Connect contributed $242 million in revenue toward its parent's fourth-quarter earnings, which grew to $1.12 per share compared to 86 cents in the fourth quarter of 2017, Verizon Communications announced on Jan. 29.
Several analysts have boosted earnings estimates for Element Fleet Management for the first quarter of 2019, following the company's Aug. 14 quarterly earnings report.
Growth across all business segments let to higher earnings for trucking and parcel delivery giant UPS in the second quarter.
Quarterly profit for parcel delivery and trucking company FedEx Corp., topped $1 billion once again.
Toronto-based Element Fleet Management increased gross revenue from its fleet business by 10.5% to $1.47 billion Canadian ($1.14 billion in U.S. dollars) in the first quarter and grew revenue 2.8% to $1.43 billion ($1.11 billion) from the fourth quarter of 2017, the fleet management company has reported.
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