Knight-Swift Transportation down after FY outlook cut, dour Q2 results

Knight-Swift Transportation Holdings

21/07/2023 11:05

** Shares of freight transportation firm Knight-Swift
Transportation Holdings  KNX.N  fall 5.34% to $52.87 premarket
    ** KNX trims FY23 adj. EPS guidance to range of $2.10 -
$2.30 vs prior guidance of $3.35 - $3.55 
    ** Say new guidance accounts for a 25 cents - 30 cents
projected loss post co's acquisition of ground freight co U.S.
Xpress for an enterprise value of $808 mln in March
    ** Reports Q2 adj. EPS of 49 cents, down 65.2% vs a year
earlier and misses analysts' expectations of 55 cents -
Refinitiv
    ** Q2 total rev falls 20.8% to $1.55 bln, also missing Wall
Street's consensus of $1.6 bln 
    ** Co's logistics segment took the biggest hit, with Q2 rev
falling 54.4% vs a year prior
    ** 16 of 21 brokerages rate the stock "buy" or higher, four
"hold" and one "sell"; their median PT is $62.5
    ** Up to last close, stock had risen 6.6% YTD

 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))