Recent lay-offs in logistics could well be 'a harbinger of headwinds'
Last month saw a spate of layoffs in the logistics arena: in the space of ...
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Busy week on the earnings front.
Among the most prominent companies that reported their interims are:
– Amazon
With all eye on generative AI and AWS, Amazon delivered a solid set of numbers, while its leaders highlighted the “very positive early response from sellers to Supply Chain by Amazon” in a call with analysts.
– Old Dominion
The full statement is here. Its financials were strong, as Old Dominion benefited from the Yellow Corp demise although, more broadly, it was punished in a weak market but it remains the LTL benchmark in the US. Management highlighted “continued softness in the domestic economy but also a number of encouraging trends”.
– Ryder
The interims were broadly in line with expectations. The stock struggled though on broader market volatility. Management said that a solid performance and “increased 2023 guidance demonstrate the ongoing effectiveness of our balanced growth strategy despite a challenging freight environment”.
– Saia
The company reported today stronger earnings and revenues against expectations, confirming what Old Dominion said previously, as the company was “pleased with how third quarter results came together, especially in light of the significant step-up in volume in late July resulting from the shutdown of a large LTL competitor”, Yellow Corp indeed.
– Landstar
It probably was the less enticing performer, with its quarterly financials barely meeting estimates from the analysts. Management acknowledged that “soft freight market fundamentals experienced during the 2023 second quarter continued throughout the 2023 third quarter and made for challenging comparisons against our record 2022 third quarter performance.”
– ArcBest
Solid numbers out, particularly as far as earnings were concerned. Stock up +15%-ish today over $100 in early trade.
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