Schneider National, Inc. reported a decline in operating revenues for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, operating revenues were $1,315.7 million, down from $1,352.0 million in 2023. For the nine months ended September 30, 2024, revenues decreased to $3,951.4 million from $4,127.2 million in the prior year. The decrease in revenue was attributed to lower transportation revenues, which fell to $1,196.7 million in Q3 2024 from $1,253.4 million in Q3 2023, and to a lesser extent, a decline in logistics management revenues.
Total operating expenses also decreased, amounting to $1,272.6 million for the three months ended September 30, 2024, compared to $1,305.3 million in 2023. For the nine-month period, expenses were $3,828.6 million, down from $3,862.1 million. Despite the reduction in expenses, income from operations for the third quarter fell to $43.1 million from $46.7 million year-over-year, and for the nine months, it dropped significantly to $122.8 million from $265.1 million.
Net income for the third quarter of 2024 was $30.6 million, down from $35.6 million in 2023, while net income for the nine months decreased to $84.4 million from $211.1 million. Basic earnings per share for Q3 2024 were $0.17, compared to $0.20 in Q3 2023, and for the nine months, earnings per share fell to $0.48 from $1.19.
Strategically, Schneider National completed the acquisition of M&M Transport Services, LLC on August 1, 2023, for $243.8 million, which contributed $103.5 million in goodwill to the Truckload segment. This acquisition is expected to enhance the company's service offerings and operational capacity.
As of September 30, 2024, total assets increased slightly to $4,574.7 million from $4,557.2 million at the end of 2023. Cash and cash equivalents rose significantly to $179.0 million from $102.4 million. Total debt decreased to $263.7 million from $302.1 million, reflecting a reduction in long-term debt and finance lease obligations.
The company has also been active in share repurchases, having repurchased $95.5 million of the $150.0 million authorized under its share repurchase program initiated in January 2023. In October 2024, Schneider's Board declared a quarterly cash dividend of $0.095 per share, payable in January 2025.
About Schneider National, Inc.
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