Big carriers’ revenues and profits shrunk in 2016

user-gravatar Headshot
Updated Feb 19, 2017
Landstar, like several other large publicly traded fleets, reported less revenue and income in 2016 compared to the year prior.Landstar, like several other large publicly traded fleets, reported less revenue and income in 2016 compared to the year prior.

Owner-operators weren’t the only segment of the industry that struggled with tough freight conditions and poor rates in 2016. Some of the country’s largest fleets saw their revenue and income take a hit too, according to earnings reports issued in recent weeks by large publicly traded trucking companies.

Landstar, one of the largest owner-operator fleets in the country, reported its gross revenue in 2016 fell $150 million from 2015 — $3.32 billion in 2015 to $3.17 billion in 2016. The company’s net income dropped about $10 million, from $147.7 million in 2015 to $137.3 in 2016.

Likewise, major truckload players Swift, Covenant, Heartland Express, Werner, Knight and USA Truck also posted lower revenue and income in the year.

Swift revenue dropped $200 million to $4.03 billion in 2016. Its income fell nearly $50 million, to $149.3 million.

Werner Enterprises’ revenue fell $80 million to $2.01 billion. Its income fell $45 million, from $123.7 million in 2015 to $79.1 million last year.

Knight Transportation reported a $60 million dip in revenue, from $1.18 billion in 2015 to $1.12 billion in 2016. The carrier’s income fell $23 million, to $93.9 million.

Covenant Transport revenue fell from $724.2 million to $670.7 million, while its income tumbled from $42.1 million to $16.8 million.

Heartland Express reported $612.9 million in revenue in 2016, down more than $150 million from 2015’s $763.3 million. Its income fell $17 million, to $56.4 million.

USA Truck, meanwhile, reported an overall loss on the year of $3.9 million — down $15 million from 2015’s income of $11.1 million.

Major carriers J.B. Hunt and Marten reported better revenues and income in 2016 compared to 2015. Celadon and P.A.M Transportation reported higher revenue, but lower income.

Celadon revenue topped a billion dollars in 2016, $1.07 billion. That’s a nearly $100 million increase from 2015 revenues.  Its income, however, fell $13 million to $24.8 million.

Overdrive sister site CCJ has a full roundup of revenue, income and other financials from the country’s largest publicly traded fleets at this link.

The Business Manual for Owner-Operators
Overdrive editors and ATBS present the industry’s best manual for prospective and committed owner-operators. You’ll find exceptional depth on many issues in the 2022 edition of Partners in Business.
Download
Partners in Business Issue Cover