Knight-Swift Transportation Holdings Inc. reported its financial results for the third quarter and year-to-date period ending September 30, 2024, revealing a mixed performance compared to the previous fiscal period. Total revenue for Q3 2024 was $1,876.7 million, a decrease from $2,019.9 million in Q3 2023. However, year-to-date revenue increased to $5,545.8 million from $5,209.8 million in the prior year. The decline in quarterly revenue was primarily attributed to a drop in the Truckload segment, which saw revenue fall to $1,258.2 million from $1,380.8 million, while the LTL segment experienced growth, rising to $325.4 million from $284.2 million.
Net income for Q3 2024 was $30.5 million, down from $60.2 million in Q3 2023, reflecting a significant year-over-year decrease. Year-to-date net income also fell sharply to $48.1 million from $227.8 million in the same period last year. The decline in profitability was influenced by increased operating expenses, particularly in the Truckload and LTL segments, as well as higher interest expenses due to rising debt levels from recent acquisitions.
Knight-Swift's operating income for Q3 2024 was slightly up at $81.4 million compared to $81.1 million in Q3 2023, but year-to-date operating income dropped to $165.4 million from $319.9 million. The Truckload segment's operating income decreased significantly to $46.0 million from $48.4 million, while the LTL segment's operating income fell to $24.6 million from $32.3 million.
Strategically, Knight-Swift completed the acquisition of Dependable Highway Express (DHE) on July 30, 2024, for $185 million, which is expected to enhance its LTL operations. The company also integrated U.S. Xpress's operating results starting July 1, 2023, contributing to revenue growth in the Truckload segment. However, U.S. Xpress reported a net loss of $10.1 million for Q3 2024, indicating challenges in the integration process.
Knight-Swift's total current assets decreased to $1,437.6 million from $1,709.0 million as of December 31, 2023, while total current liabilities also fell to $1,429.5 million from $1,825.3 million. The company reported total stockholders' equity of $7,066.2 million, slightly down from $7,104.1 million at the end of 2023.
The company continues to face inflationary pressures impacting operating costs, particularly in driver compensation and equipment acquisition. Despite these challenges, Knight-Swift remains focused on expanding its service capabilities and improving operational efficiencies across its segments.
About Knight-Swift Transportation Holdings Inc.
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