By Sabela Ojea
Shares of Knight-Swift Transportation jumped 14% to $52.45 in after-hours trading after the company said its less-than-truckload business helped offset another drop in third-quarter revenue.
The North American truckload carrier on Thursday said revenue rose 6.5% to $2.02 billion in the period, despite seeing a 22% drop in revenue in its core truckload segment. Analysts polled by FactSet had forecast lower revenue of $1.89 billion.
Knight-Swift Transportation said revenue coming from its less-than-truckload business unit climbed 7%, when excluding fuel surcharge and intersegment transactions, boosted by improvements in volumes and pricing.
The company remains “excited” about the future of its less-than-truckload business, Chief Executive David Jackson said.
In the prior quarter, Knight-Swift Transportation saw revenue plunge 21% to $1.55 billion.
Write to Sabela Ojea at sabela.ojea@wsj.com
Read the full article here