Business

AVON, Ohio — Bendix Commercial Vehicle Systems is reporting that its team members exceeded the company’s 2023 goal of 9,000 employee volunteer hours, awarding more than $1 million in grants and donations. Bendix team members volunteered close to 9,500 service hours to company-sponsored volunteer events or through personal endeavors, an increase of close to 10% from 2022, according to a news release.  “Our community support efforts are firmly rooted in our culture,” said Maria Gutierrez, Bendix senior director of environmental, social, and governance, noting that employee participation numbers are once again up 10% from the previous year. “Employees across the organization dedicated more volunteer hours to more projects in more ways. It shows that our community support efforts are not one-off events but are part of who we are as an organization.” In 2023, Bendix employees gave approximately $492,000 in grants, donations, employee fundraisers and Dollars for Doers incentives from the company and its employees to multiple diverse nonprofit organizations and community initiatives in the areas where Bendix operates in North America. The Dollars for Doers incentives reward employees who volunteer with nonprofit organizations of their choosing.  “Bendix’s philosophy of corporate responsibility centers on social cohesion, underserved youth and families in its communities,” the news release states. “This support prioritizes projects linked to four focus areas: education, the environment, health and wellness and social issues. It takes the form of financial support through grants, fundraisers, donations and volunteer efforts from employees across the company’s North American locations.” In addition to its local outreach efforts, Bendix provided ground-level support for the corporate mission of Knorr-Bremse Global Care North America Inc. (KBGCNA), its parent company’s philanthropic organization in North America. KBGCNA disbursed $559,090 in grant funding for projects and initiatives. This funding and other targeted Bendix programs and initiatives resulted in community support funding totaling approximately $1,051,000. “The people of Bendix went above and beyond in 2023, volunteering in person and virtually,” Gutierrez said. “We donated funds and so much more at a corporate level and individually. We built homes, made blankets, and gave blood during blood drives. We gave toiletries, toys, food, school supplies, and clothing. Local Care teams gained new members, and they shared a wealth of ideas. All in all, it was an inspiring year for Bendix’s support to our communities.” According to the news release, through employee engagement, Bendix employees were divided into local care teams and charged with ensuring each location in North America hosts one or more corporate-sponsored volunteer events, sponsors additional events in the community, and connects employees with volunteer opportunities. The teams identified community-specific initiatives large and small, selecting a wide cross-section of projects that fit with the company’s community support goals. Local Care teams awarded around $200,000 in donations and grants to a variety of organizations and initiatives in the communities near Bendix facilities in Acuña, Mexico; Avon, Ohio; Bowling Green, Kentucky; Hanover, Pennsylvania, the home of Bendix subsidiary R.H. Sheppard Co., Inc.; and Huntington, Indiana.

KIRKLAND, Wash. — Kenworth Truck Company recently held its annual dealer meeting, which focused on technician training and connected services as pathways to provide superior customer uptime and continuing to drive the transition to zero emissions. During the meeting, Kenworth named the 2024 members appointed to its Dealer Council and Parts Council to support the World’s Best customer experience throughout the Kenworth dealer network, according to a news release. The Kenworth Service Council will be announced this spring. The Kenworth Dealer Council features executives representing 480 Kenworth dealerships in the United States and Canada from seven different dealers who work in partnership with Kenworth to provide leading-edge customer support and strive to maximize uptime for fleets and truck operators. The 2024 Kenworth Dealer Council members include: Chairman Bill Kozek, CSM Companies (Madison, Wisconsin); Kyle Treadway, Kenworth Sales Company (Salt Lake City, Utah); Jared White, MHC Kenworth (Leawood, Kansas), Andrew Johnston, Inland Kenworth (Burnaby, B.C.); Carl Herzog, CIT Trucks (Normal, Illinois); and Mike Levering, Truckworx Kenworth (Birmingham, Alabama). In addition, Jodie Teuton of Kenworth of Louisiana (Gray, Louisiana) serves as the Kenworth line representative for the American Truck Dealers (ATD). The 2024 Kenworth Parts Council is comprised of leading parts directors and managers from Kenworth dealerships in the United States and Canada focused on further enhancing parts quality and customer support for truck operators and fleets. PACCAR Parts supports Kenworth dealerships in efforts to expedite repairs and increase customer uptime by helping to maintain industry-leading parts availability throughout the Kenworth dealer network, and by providing access to parts in 24 hours or less through its network of distribution centers strategically located throughout North America. Kenworth Parts Council members for 2024 are: National Chair Eric Bontrager, CSM Companies (Windsor, Wisconsin); Ryan Colby, Kenworth Sales Company (Salt Lake City, Utah); Sébastien Letendre, Kenworth Maska (La Présentation, Quebec, Canada); Patrick Lisconish, Kenworth Northeast Group (Syracuse, N.Y.); Jacob Herzog, CIT Trucks (Mokena, Illinois); Scott Lockhart, MHC Kenworth (Denver, Colorado); Jeff Weaver, Truckworx Kenworth (Birmingham, Alabama); Clayton Zuchotzki, GreatWest Kenworth (Calgary, Alberta); and Kenworth Dealer Council representative Mike Levering, Truckworx Kenworth (Birmingham, Alabama).  

GREEN BAY, Wis. — Two leaders at Schneider National Inc. have been selected for the Women In Trucking Association’s (WIT) 2024 Top Women to Watch in Transportation, according to a March 11 press release. Angela Fish, executive vice president of human resources, and Andrea Sequin, director of regulatory services and driver training, are both noted in this year’s list, which recognizes women working in all levels of the transportation industry. “Angela and Andrea are inspiring leaders at Schneider who infuse passion, creativity and heart into their work,” said Schneider President and CEO Mark Rourke. “Their unwavering commitment extends beyond their day-to-day responsibilities, as they actively mentor and nurture growth among our associates. Their exceptional contributions have garnered recognition both within Schneider and across the industry. I take immense pride in their well-deserved designation as Top Women to Watch this year.” Currently, 13% of Schneider’s drivers are women, with that number increasing each year, and nearly 40% of the company’s leadership roles are held by women, according to a statement from Schneider. Fish, the statement notes, has led initiatives further increasing the representation of women throughout the organization. She is the executive sponsor of Schneider’s Young Professionals Business Resource Group, which engages, empowers and retains younger associates through development focused opportunities. “Under Angela’s leadership, Schneider has reaffirmed its commitment to fostering a best-in-class associate and driver culture and has accelerated programs to nurture an inclusive environment where associates feel safe, supported and empowered to share their creativity, experiences and ideas,” according to Schneider. Sequin, who spearheads Schneider’s driver training program, has been with the company for 19 years. During that time, the statement notes, she has been a constant supporter of women. She is actively involved in the Schneider Women’s Network, the company’s longest-standing business resource group, serving as a mentor to other women at the company, especially junior associates.

BIRMINGHAM, Ala. — Diamond State Trucking and Logistics, a subsidiary of PS Logistics, has acquired Yordy Transport, according to a statement released by PS Logistics March 11. Headquartered in Morton, Illinois, Yordy Transport is a founder-owned carrier established in 2018 by Avery Yordy. The company specializes in flatbed, primarily hauling railroad, steel, lumber and building materials freight across the central and southeastern U.S. According to PS Logistics’ statement, Yordy Transport’s freight mix and geographic coverage are complementary to that of Diamond States and are expected to provide immediate opportunities to realize operational synergies. Yordy Transport will now operate under the Diamond State name. “We are excited to welcome Yordy Transport’s flatbed drivers and employees to the PS Logistics family,” said Scott Smith, CEO and co-founder of PS Logistics. “This acquisition aligns nicely with our desire to partner with founder- or family-owned trucking companies that put their drivers first while also providing quality service to their customers. PS Logistics is looking forward to the growth opportunities that will result from this acquisition.” Yordy Transport founder Avery Yordy said he believes partnering with Diamond State is the right move for the company. “Diamond State will be a great partner for my business,” Yordy said. “Throughout the process of working with them, it became evident that they are committed to the drivers’ success. I’m excited that Yordy Transport will now be a part of a larger organization that will provide greater freight choices to Yordy’s drivers and operational expertise to the business.” Since 2016, PS Logistics has successfully acquired 26 trucking operations and five non-asset logistics operations across the U.S. Financial terms of this latest transaction were not disclosed.

ARLINGTON, Va. — The Women In Trucking Association (WIT) on March 11 released its annual list of Top Women to Watch in Transportation. “This year’s list is comprised of 75 impressive women who have excelled in their career in a male-populated industry,” said Brian Everett, group publisher and editorial director of WIT’s Redefining the Road magazine. “We are pleased to take this opportunity to shed light on the incredible achievements of these accomplished professionals.” According to a statement from WIT, the magazine’s editorial staff selects individuals on the list based on their accomplishments in the past 12 to 18 months and their efforts to promote gender diversity throughout the industry. “For eight years, we’ve been pleased to recognize the accomplishments of women in transportation who make a significant impact to the industry and those around them,” said Jennifer Hedrick, WIT president and CEO. “These women exemplify the mission and values of the Women In Trucking Association and truly are top women to watch in our industry.” WIT’s 2024 Top Women to Watch in Transportation are: Jessica Bennett, remarketing sales manager of Premier Truck Group Jennifer Biehn, vice president of human resources at The Evans Network of Companies Hannah Bryan, fleet solutions sales manager at The Goodyear Tire & Rubber Co. Heather Callahan, director of logistics at Daimler Truck North America Frances Craig-Watson, transportation feeder division manager-south Florida at UPS Katrina Cribbs, manager of national accounts customer support at Old Dominion Freight Line Brittany Cutler, business development manager at Crossroads Equipment Lease & Finance Christina Davis, vice president of marketing & business relations at AMX Jenny DeArmond, corporate recruiter at Stoops Freightliner-Western Star Christina Denvit, senior director of dedicated contract solutions (DCS) operations at J.B. Hunt Transport Tracy Derival, marketing assistant at Fleet Advantage Tonyah Dillahunt, public relations and marketing communications manager at Peterbilt Motors Co. Tanika Dunlap, software development manager at Southeastern Freight Lines Sydney Emrich, senior manager of customer experience at J.B. Hunt Transport Abbi Failla, vice president of business operations at EASE Logistics Angela Fish, executive vice president of human resources at Schneider Tena Fisher, service center manager at XPO Melissa Forman, president and executive vice president at TriumphPay Melanie Franklin, group director of sales at Ryder System Inc. Paula Frey, chief human resources officer at Echo Global Logistics Lori Fulmer, vice president of enterprise human resources at Covenant Logistics Rosa Gamboa, business development manager at Crossroads Equipment Lease & Finance Lauren Gassmann, operations manager at Booster Vanessa Gauci, senior transportation efficiency manager at Frito-Lay North America Armida Gonzalez, assistant plant manager of Peterbilt Motors Co. Angel Grable, manager of business operations learning at Werner Enterprises Mandy Graham, COO at Great West Casualty Co. Jodanna Hall, senior director of customer logistics transportation management at Ryder System Inc. Debra Hamlin, director of operations at Bridgestone Commercial Dealer Network-Bridgestone Americas Abby Hamm, vice president of sales at Covenant Logistics Lynne Hansen, national accounts sales executive, PLM Fleet Lauren Harper, senior strategist for business operations at Kodiak Robotics Gwen Hill, senior vice president of transportation and compliance at Clean Harbors Selin Hoboy, vice president of EHS and compliance at GFL Environmental Shannon Jedlicka, recruiting and compliance at ADM Trucking Megan Knight, director of product marketing at PACCAR Parts Hannah Koury, senior customer success manager, TA Dedicated Amy Lester, vice president of quality at Navistar Monica Maez, senior project manager at Standard Logistics Sylvia Mahfouz, director of recruiting at TCI Transportation Sue Maier, vice president of sales systems and analytics at Penske Truck Leasing Christina Mannella, senior director of the west transportation command center at Walmart Kelley Martin, director of pricing strategy at Daimler Truck North America Samantha McCracken, strategic operations manager at Bridgestone Americas Kris McLennan, vice president of yield management at A. Duie Pyle Megan Miller, director of commercial sales channel development at Bridgestone Americas Sarmona Miller, director of revenue management at Saia LTL Freight Leah Miller, director of culture and communication at Trimac Wendy Mitckes, tax manager at Navistar Alyssa Myers, vice president of technology at RXO Jill Nash, vice president of national accounts and brokers at GFL Environmental Nicole Neumann, vice president of human resources at XPO Cari Olive, people operations in human resources at Armstrong Transport Group Kaitlyn Olsen, director of human resources at Christensen Ann Peng, patent agent at Plus Caitlin Powell, director of communications and marketing at TA Dedicated Sarah Quick, associate vice president of safety and compliance-USA at Day & Ross Cassie Quien, director of business development at FreightVana Logistics Jessica Ramirez, vice president of human resources at Velocity Vehicle Group Beverly Ringstaff, vice president of brand & design at Conversion Interactive Agency Michelle Roberts, lead CDL instructor at FleetForce Truck Driver Training Lissette (Lisa) Rodriguez, talent acquisition supervisor at Air Products Martha Ross, account resolution team leader at Volvo Financial Services Suzanne Scalone, director of fleet operations at Performance Food Group Mary Schreiber, benefits and payroll manager at Tri-National Inc. Andrea Sequin, director of regulatory services and driver training at Schneider Heather Shirazi McAfee, engineering and strategic analytics manager at Saia LTL Freight Cindi Smith, operations specialist at Candor Expedite Pamela Stine, district manager at Waste Connections Abby Szafranski, head of product management-fleet at Irdeto Alexandria Uribe, senior director of total talent management at WM Raquel Urtasun, founder and CEO at Waabi Khristine Vanzuiden, surface network planning manager at UPS Natalie Williams, vice president of client operations at Ancora Training Jaimie Wilson, learning and development manager at Atlantic Logistics This year’s recognition program is sponsored by PACCAR.

NEW ORLEANS — Fleet Advantage recently announced a new collaboration with FleetNet America. According to a news release, the partnership “will offer services to organizations with transportation fleets, selling all of the benefits of flexibility, unbundled lease structure with access to a world-class maintenance provider with a proven nationwide network.” “FleetNet America is grateful to work with Fleet Advantage to serve their fleet clients with our full offering,” said Alex Fraser, AVP of FleetNet America. “This relationship advances FleetNet America’s mission of every vehicle, every service, connected.” According to Brian Holland, president and CEO of Fleet Advantage, the partnership marks a significant expansion for Fleet Advantage’s overall services. “This partnership allows Fleet Advantage to offer maintenance solutions and alternatives and incorporate the expertise and national network that Cox has assembled,” he said. “Having an established and proven maintenance and service program option enhances our existing suite of award-winning offerings, providing fleets with a truly holistic best-in-class asset management solution that helps position them as industry leaders.”

OKLAHOMA CITY — The American Trucking Associations (ATA) has two new title sponsors for its LEAD ATA program: Drivers Legal Plan and Tenstreet, both of Oklahoma. The program, now in its 11th year, was created to engage the trucking industry’s best and brightest to become future leaders, according to a news release. “Our support of LEAD ATA aligns with our commitment to fostering a robust leadership pipeline within the trucking industry,” said Drivers Legal Plan President Brad Klepper. “Through our investment in the further development of these talented individuals, we are not only contributing to their success but also actively shaping a strong future for the entire trucking community.” Throughout the year-long initiative, select participants engage in exclusive sessions with ATA executives and trucking policy experts. They are educated about the regulatory and legislative processes and ATA’s efforts to shape those processes, including advocacy, image and outreach, research and leadership training, the news release notes. The group’s most recent meeting took place in January at ATA headquarters in Washington, D.C., and continues with two additional core meetings before graduation, to be held in October at the ATA Annual Management Conference & Exhibition in Nashville. “LEAD ATA program’s exceptional executives are paving the way for success for our industry,” said Marilyn Surber, head of industry relations at Tenstreet. “We are thrilled to be a sponsor which allows us to further contribute to the advancement and success of our industry as a whole. The graduates of this program will be well-prepared to tackle the challenges and opportunities that lie ahead and we’re eager to watch them make their mark.”

NEW YORK — Cover Whale Insurance Solutions and fleet management company Geotab have entered into a partnership. According to Cover Whale, the new deal offers “cost-effective insurance coverage, including auto liability, auto physical damage, motor truck cargo and other trucking insurance products to Geotab fleet and owner-operator customers directly through its integration with the Geotab Marketplace.” “We take pride in building partnerships with leading-edge companies like Geotab. By joining forces, we have the opportunity to lower costs and improve safety for Geotab drivers and fleets,” said Dan Abrahamsen, CEO of Cover Whale. “Our use of advanced telematics in our Driver Safety Program has been proven to reduce the incidents and severity of claims, while offering our safest drivers up to a 30% discount at renewal. We are confident that this partnership will make roads safer for everyone.” Cover Whale’s solutions are currently live on Geotab’s marketplace. “By combining Geotab’s industry-leading telematics data with Cover Whale’s AI-powered risk assessment and coaching program, we are empowering fleets and owner-operators to improve safety and reduce costs for their businesses,” said Jim Davis, vice president of insurance at Geotab. “It’s a perfect example of how telematics can be used to create a win-win situation for everyone involved – from insurers to drivers to the entire trucking industry.”

ALEXANDRIA, Va. — The National Motor Freight Traffic Association (NMFTA) has welcomed Nate Ripke as director of commodity and standards development. In this newly created role, Ripke, a former employee of NMFTA, “will lead the strategy on simplifying the National Motor Freight Classification (NMFC) and enhance the user experience of ClassIT,” according to a news release. “His return to NMFTA is a testament to the positive environment we’ve cultivated here at the association,” said Debbie Sparks, executive director for NMFTA. “We’re eager to leverage his insights to drive our success forward and anticipate the valuable contributions he’ll make. Ripke will make a positive impact on NMFTA’s continued growth with his unique skill set and expertise. He is a leader who we can rely on for the most up-to-date industry knowledge, and due to his familiarity with our products, services, and goals, Ripke is the best fit for the position.” In his first stint at the association, from 2011-2017, Ripke was heavily involved in the day-to-day operations of classification development and interpretation. He was also responsible for internal and external training on classification products. “With more than 17 years of experience with industry-leading businesses, such as Holland, and his own company, Handy Movin’ & Haulin’, Ripke has acquired an extensive skill set to help propel NMFTA forward,” according to the news release. “While at Holland, he served as the manager for weighing and inspection, and during his previous NMFTA role, he served as a member of the Commodity Classification Standards Board. His in-depth expertise in classification, which includes weighing and research, will serve the organization well as NMFTA continues its mission to modernize further and improve the existing NMFC system.” In Ripke’s recent role at Old Dominion, he served as regional manager of weights and inspections and focused on the industry’s less-than-truckload (LTL) sector. He served as a regional expert in business process analysis, operational improvement, and freight classification. “There is nothing quite like the LTL freight environment,” Ripke said. “I have been mentored by some of the best classification minds in this industry, and I have also experienced the pain points as a classification user myself. Part of reimagining the classification is taking a step back and looking at the entire process. The goal is not just to make it easier to find your NMFC and freight class; it’s to streamline the classification products with the existing digital initiatives driven by the NMFTA.”

FORT WAYNE, Ind. — Freight management Princeton TMX has appointed Kevvon Burdette as its new chief commercial officer (CCO). In this new position, Burdette will report to the CEO, Mark McEntire, and will be responsible for the corporate sales and marketing strategies, according to a news release. “Princeton TMX continues to invest in its leadership team to foster a culture of innovation, technological advancement and forward-thinking strategies that delivers unparalleled value for its customers,” McEntire said. “Kevvon has a successful track record of supporting company growth, creating customer-centric solutions and developing longstanding, value-driven customer relationships. As Princeton TMX continues to scale, we will benefit from his sales experience as well as his industry knowledge and proven ability to lead high-performing sales organizations.” With over two decades’ worth of supply chain outsourcing solutions and organizational management experience, Burdette has established relationships with customers by helping them implement long-term complex solutions, the news release notes. “Businesses across all industries continue to focus on improving supply chain processes to increase operational efficiency and reduce transportation costs,” Burdette said. “It’s exciting to team up with Mark McEntire again, as well as the entire Princeton TMX team, to provide those shippers with intuitive, multi-modal technology to automate and simplify transportation processes. I am enthusiastic about Princeton TMX’s transportation management platform and the product roadmap that will broaden capabilities across all modes as well as continue to drive value for our current customer base.”

ATLANTA — Premier Transportation has announced Cameron Holzer as its new president. As president, Holzer’s focus is on growing the overall company through both organic expansion and acquisitions, which is supported by continued excellence in customer satisfaction, according to a news release. “Cameron’s leadership and vision will be key in the growth of our company, as we look to build upon our 31-year history of providing top-quality integrated transportation and logistics solutions to the retail and consumer product industries,” said Mike Medici, chairman and CEO at Premier. “He is an experienced leader and creative thinker, whose operational background and industry expertise will be a true asset to our team.” Holzer brings more than 25 years of experience to Premier Transportation. Prior to joining the logistics provider, Holzer most recently served as president at Bulk Transport Company East, Inc., where he oversaw their specialized business in the U.S. and led the acquisition efforts of five companies in three years. Before his tenure at Bulk Transport, Holzer held leadership roles at CRST, including the role of president, during his 12 years with the company. He began his transportation career at CR England, where he led the over-the-road vision of the refrigerated carrier.  “I’m fortunate to join the Premier Transportation team and am bullish about the future of this company,” Holzer said. “This company has excelled under the leadership of Mike and we’re looking forward to working together to foster growth while continuing to deliver exceptional service and innovative solutions to our customers. Premier Transportation has a reputation as a leader in the retail trucking space and as we look to expand our services into additional industries, we’ll continue to hold to Premier’s key values and services.” Holzer first joined Premier Transportation in November 2023.

ARLINGTON, Va. — The Women In Trucking Association (WIT) released the names of the organization’s 2024-25 Board of Directors following their annual meeting in February in Dallas. “It’s a privilege to announce and welcome the 2024-2025 WIT board of directors,” said Jennifer Hedrick, president and CEO of WIT. The newly-elected WIT officers are: Chair — Kary Schaefer, the chief engineer of Cab Entire Vehicle & DT Mexico Engineering at Daimler Trucks North America Vice chair — Sarah Smith, the senior vice president of Human Resources at Penske Transportation Solutions Treasurer — Jim Taber, the national accounts manager at Arrow Truck Sales Secretary — Lori Taylor, the director of carrier administration at C.H. Robinson Ingrid Brown, an owner-operator with Rollin B LLC, is a newly-elected board member. Directors continuing their terms on the WIT board are: Pierluigi Cumo, vice president of marketing at North America with Michelin Domenica Farmer, area vice president at WM LaTres Jarrett, executive director of commercial sales at Bridgestone Canada Lesley Kerr, vice president of human resources at Ryder System Jennifer Macalaguin, vice president of engineering at Navistar Ryan McDaniel, senior vice president of supply chain at Walmart Trina Norman, SoCal division manager at UPS Jennifer Plumlee, vice president of transportation at J.B. Hunt Transport Services Laura Roan Hays, regional sales manager at Great Dane Michele Rodgers, engineering section manager at Peterbilt Motors Co. Bonnie Voldeng, vice president of freight marketing at FedEx Freight Direct. “The board’s role is to provide strategic guidance in the association’s mission to encourage women’s employment in the industry, minimize obstacles they face and promote their accomplishments,” according to a news release. “This talented group of leaders is committed to advancing WIT’s mission and driving the industry forward.”

RICHMOND, Va. — Estes Express has partnered with climate software company Watershed to assess and set benchmarks against its sustainability program. According to a news release, “The initial phase of Estes’ work with Watershed will be to complete its first-ever carbon footprint. Estes will use its 2023 footprint as a baseline to begin analyzing its emissions data and identify emissions hot spots.” This foundation will inform new reduction targets to guide Estes’ sustainability efforts, Estes officials said. “The core of our mission is to always be improving Estes for today and the future — and this venture does just that,” said Sara Graf, Estes’ vice president of sustainability, culture and communications at Estes. “We’re eager to see how Watershed quantifies the work we’ve already done in this space and helps us identify additional ways to manage our carbon output more effectively.” Some of Estes’ recent sustainability initiatives include expanding its electric-vehicle fleet of 12 electric trailers and nearly 300 zero-emission forklifts, along with retrofitting select terminals with solar panels, which are expected to generate approximately 1,667,000 kilowatt hours annually, offsetting approximately 1,180 metric tons of carbon dioxide, the news release notes. “Watershed will give us an enterprise-wide look at our energy expenses — from our fleet to our facilities,” Graf added. “Better understanding these figures will help Estes be more sustainable in the future, both from an environmental and financial perspective.” Watershed customers leverage the platform’s intelligent analytics and industry-leading carbon data to measure, report and reduce their greenhouse gas emissions.

JACKSONVILLE, Fla. – Landstar System has reported its fourth-quarter revenue basic and diluted earnings per share (EPS) of $1.62 in the 2023 13-week fourth quarter on revenue of $1.204 billion. Landstar reported an EPS of $2.60 on revenue of $1.675 billion in the 2022 14-week fourth quarter. Overall for 2023, the company reported $5.31 billion in revenue, down 29% from 2022. The company’s fiscal year ends each year on the last Saturday in December. As such, the company’s 2022 fourth quarter ended on Dec. 31 and included 14 weeks of operations, whereas the 2023 fourth quarter ended on Dec. 30 and included 13 weeks of operations. Company officials estimate the extra week in 2022 contributed revenue of approximately $65 million. Gross profit in the 2023 fourth quarter was $124.6 million and variable contribution (defined as revenue less the cost of purchased transportation and commissions to agents) in the 2023 fourth quarter was $178.1 million. Gross profit in the 2022 fourth quarter was $180.0 million and variable contribution in the 2022 fourth quarter was $234.0 million. Reconciliations of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2023 and 2022 fourth quarters and full fiscal years are provided in the company’s accompanying financial disclosures. The 12-month return on average shareholders’ equity was 27%, and the return on invested capital, representing net income divided by the sum of average equity plus average debt, was 25%. The company is currently authorized to purchase up to 3 million shares of common stock under its previously announced share purchase programs. Landstar announced that its Board of Directors has declared a quarterly dividend of $0.33 per share payable on March 8,to stockholders of record as of the close of business on Feb. 12. It is currently the intention of the Board to pay dividends on a quarterly basis going forward. Truck transportation revenue hauled by independent business capacity owners (“BCOs”) and truck brokerage carriers in the 2023 fourth quarter was $1,085.1 million, or 90% of revenue, compared to $1,533.6 million, or 92% of revenue, in the 2022 fourth quarter. Truckload transportation revenue hauled via van equipment in the 2023 fourth quarter was $618.6 million, compared to $869.8 million in the 2022 fourth quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2023 fourth quarter was $339.9 million, compared to $423.4 million in the 2022 fourth quarter. Revenue from other truck transportation, which is largely related to power-only services, in the 2023 fourth quarter was $99.7 million, compared to $204.0 million in the 2022 fourth quarter. Revenue hauled by rail, air and ocean cargo carriers was $88.6 million, or 7% of revenue, in the 2023 fourth quarter, compared to $115.1 million, or 7% of revenue, in the 2022 fourth quarter. “As expected, the soft macro-freight environment experienced throughout 2023 continued through the 2023 fourth quarter. The soft macro-freight environment, along with the additional operating week in the 2022 fourth quarter, made for challenging 2023 fourth quarter to 2022 fourth quarter comparisons,” said Landstar President and Chief Executive Officer Jim Gattoni. The continuation of soft demand, driven by continued weakness in the U.S. manufacturing sector and a weaker than typical peak season, plus the continuation of a loose truck capacity market drove Landstar’s truck revenue per load and volumes in the 2023 fourth quarter below prior-year levels, Gattoni noted. “The number of loads hauled via truck declined 22% as compared to the 2022 fourth quarter, at the low end of the company’s guidance included as part of the company’s 2023 third-quarter earnings release on Oct. 25, 2023, while truck revenue per load declined 10% as compared to the 2022 fourth quarter, below the low end of the company’s previously issued guidance,” he said. “Landstar’s financial performance in 2023, coming off a back-to-back record-setting year in 2022 and 2021, was admirable, considering the very difficult freight transportation backdrop.” The company’s performance during the downcycle in freight markets experienced in 2023 speaks to the strength and resiliency of the Landstar network and the power of our unique agent and capacity network, according to Gattoni. “The company’s balance sheet continues to be very strong, with cash and short-term investments of approximately $541 million as of Dec. 30, 2023, he said. “Cash flow from operations was $394 million during fiscal year 2023,” Gattoni said. “The company is well positioned to capitalize when freight market fundamentals improve. Typically, revenue in the first quarter is expected to be lower than the revenue of the immediately preceding fourth quarter. Through the first several weeks of January, the number of loads hauled via truck and truck revenue per load have each trended reasonably in-line with historical, pre-pandemic end of fourth quarter to the beginning of first quarter sequential patterns.” Gattoni said he expects revenue per load on loads hauled via truck to be in a range of 8% to 10% below the 2023 first quarter and the number of loads hauled via truck to be in a range of 14% to 16% below the 2023 first quarter. “As such, I anticipate revenue for the 2024 first quarter to be in a range of $1.10 billion to $1.15 billion,” he said. “Based on the range of revenue estimated for the 2024 first quarter, I would anticipate EPS to be in a range of $1.25 to $1.35. The anticipated range of EPS for the 2024 first quarter includes estimated insurance and claims costs of approximately 5.5% of BCO revenue. These costs were 5.7% of BCO revenue during fiscal year 2023. The anticipated range of EPS for the 2024 first quarter also reflects an estimated effective income tax rate of 24.5%.”