GREEN BAY, Wisc. — Schneider National has reported sagging operating revenue in its first quarter results for the three months ended March 31.
“The enterprise continued to feel the pressures of the ongoing freight recession in the first quarter,” said Mark Rourke, President and Chief Executive Officer of Schneider. “However, we did recognize some signs of progress in market dynamics and in our commercial efforts, and performance of all segments improved through the quarter.”
Rourke said the company is “taking actions to improve asset productivity, maintain price discipline and execute on our cost initiatives.”
Schneider reported operating revenues of $1.3 billion, down from $1.4 billion for the same period in 2023. Income from operations, reported at $28.7 million, was down from $114.6 million in 2023.
Truckload revenues (excluding fuel surcharge) for the first quarter of 2024 were $538.1 million, an increase of $1.1 million, compared to the same quarter in 2023.
Results were driven by dedicated organic and acquisitive growth, offset by lower network pricing and volumes year over year. Truckload revenue per truck per week was $3,853, a decrease of 4% compared to the same quarter in 2023.
In the Truckload segment, income from operations was $14.9 million in the first quarter of 2024, a decrease of $47.7 million, or 76%, compared to the same quarter in 2023.
This decrease was accredited to pricing and volume pressures in the Enterprise network, as well as lower gains on the sale of equipment, costs related to dedicated new business start-ups, and ongoing inflationary costs. Truckload operating ratio was 97.2% in the first quarter of 2024 compared to 88.3% in the first quarter of 2023.
“The value of our scale, diversity, partnerships and technology continues to be recognized across our broad shipper base, and our commercial approach is focused on delivering returns commensurate with the value provided. We believe our actions, combined with ongoing operational efforts and strategic investments in our multi-modal portfolio, position us well to be advantaged in the recovery,” Rourke said.
Schneider National has reported that its Q1 2024 operating revenues are down slightly from 2023 numbers. (Courtesy: Schneider National)
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.
