GREEN BAY, Wis. - Schneider National, Inc. (NYSE:SNDR) reported second quarter earnings that topped analyst estimates and provided an optimistic outlook, sending shares up 4% in early trading Thursday.
The transportation and logistics company posted adjusted earnings per share of $0.21, exceeding the consensus forecast of $0.18. Revenue came in at $1.3 billion, slightly below expectations of $1.35 billion but down only 2% year-over-year despite challenging market conditions.
Schneider's truckload segment, its largest business unit, saw revenues rise 1.4% to $540.3 million compared to the prior year quarter. However, income from operations in the segment declined 53% to $30.7 million due to lower network pricing and volumes.
"The second quarter showed continued progress toward market equilibrium as evidenced by moderate seasonality and a tightening spot market," said Mark Rourke, President and CEO of Schneider. "Enterprise results benefited from our continued emphasis on cost containment and asset efficiency, contributing to sequentially improved performance across our multimodal platform."
Looking ahead, Schneider raised its full-year 2024 adjusted EPS guidance to a range of $0.80 to $0.90, above the analyst consensus of $0.81. The company cited expectations for "more typical freight replenishment and seasonality trends" in the second half of the year.
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