SNDR - Schneider National Cuts 2024 Outlook Notes Some Positive Trends | Benzinga
The most surprising takeaway from the call was the disclosure that truckload contract price renewals were positive for the first time in six quarters. For contracts renewing in the period, pricing increased by a low-single-digit percentage.
The company said it took share within some accounts at higher rates, which was partially offset by lost share at accounts that were still looking to "extract more [rate] from a marketplace that we don't think is sustainable" President and CEO Mark Rourke said on the call.
Schneider reported first-quarter adjusted earnings per share of 11 cents, 1 cent below the consensus estimate and 44 cents lower year over year (y/y). The adjusted result excluded just 1 cent in acquisition-related amortization expense.
Lower gains on equipment sales were a 4-cent headwind y/y, and lower gains on equity investments were an 8-cent drag.
The company reduced its full-year EPS guidance to a range of 85 cents to $1 from the prior guide of $1.15 to $1.30, as the downcycle has "persisted for far longer than originally contemplated."
"We still believe the cycle is closer to its end than its beginning and anticipate improving ...