Business

ALBANY, N.Y. — Bestpass and Geotab have partnered to give users access to toll data and reporting tools that will be available in their Geotab account. Geotab provides telematics to more than 50,000 customers in about 160 countries. According to a news release, the integration “will allow fleets and owner-operators the ability to gain new insight into toll activity to more effectively manage tools and identify opportunities to reduce toll expenses.” According to David Long, head of products at Bestpass, the integration also has a new toll activity reporting feature that shows a high-level heat map that allows fleets to identify hot spots for toll spend. “This information can help fleets leverage the toll data to optimize routes and avoid costly tolls,” Long said. “Fleets and owner-operators using Bestpass can also monitor all toll transactions and expenses in real-time, easily ensure necessary transponder coverage across your fleet, identify fraudulent activity, and more through their account.”  Bestpass, which was founded in 2001, covers 100% of all of the major toll roads across the U.S., supports more than 30,000 customers and processes over $1.5 billion in toll transactions annually, according to the news release. “It’s truly an industry-first collaboration regarding information that can be shared about tolls,” said Jason Walker, chief revenue officer at Bestpass. “We expect these new data reporting tools will help our customers find new opportunities to reduce toll costs, manage vehicles using our services, and help optimize other business decisions associated with tolls.”  Robin Kinsey, senior manager of marketplace sales at Geotab, said that her company is pleased to welcome Bestpass to its fold. “This collaboration offers our customers enhanced capabilities for managing toll activities and accessing new data insights, further enriching and optimizing their operational experience,” she concluded.  To learn more about the integration, click here.

DENTON, Texas — Peterbilt recognized its top-performing dealers earlier this month at its annual dealer meeting in Palm Springs, California. The dealer groups are recognized for their top performance in specific categories, including: North American Dealer of the Year: Jackson Group Peterbilt Sales Excellence Dealer of the Year: TLG Peterbilt Medium Duty Dealer of the Year: Dimmick Group Peterbilt Service Dealer of the Year: Allstate Peterbilt Group PACCAR MX Engine Dealer of the Year: Ohio Peterbilt Parts Dealer of the Year: The Peterbilt Store eCommerce Dealer of the Year: TLG Peterbilt TRP Dealer of the Year: Allstate Peterbilt Group Zero Emissions Excellence Dealer of the Year: Rush Peterbilt Truck Centers Red Oval Dealer of the Year: Stahl Peterbilt Peterbilt also presented the Best-in-Class Dealer Group of the Year awards, which are based on a combination of Peterbilt’s Standard of Excellence scores, financial performance, parts and service performance and utilization of PACCAR training and programs. The dealer groups receiving Best-in-Class awards included: Allstate Peterbilt Group Stahl Peterbilt The Peterbilt Store Jackson Group Peterbilt Dobbs Peterbilt TLG Peterbilt Peterbilt of Atlanta GTG Peterbilt “Peterbilt’s dealer network is committed to excellence and delivering an exceptional level of service and support for Peterbilt customers. We congratulate these award-winning dealers on their ability to excel and prioritize customer satisfaction with pride and class,” said Danny Landholm, Peterbilt director of dealer network development. For more information about the Peterbilt dealer network visit: https://www.peterbilt.com/why-peterbilt/dealer-network.

GREEN BAY, Wis. — According to a Feb. 1 financial statement released by Schneider National Inc., the company saw reductions in revenue and income across the board  during the fourth quarter and year ended Dec. 31, 2023. “Our fourth quarter results reflect the persistent challenges of the current freight environment, as well as costs primarily related to the adverse development of two recent accident claims,” said Mark Rourke, president and CEO of Schneider. “We recognized stabilization in network operating conditions through the end of the year along with continued momentum in dedicated, while logistics faced ongoing pricing challenges.” Even so, the company made several significant advances in 2023, according to Rourke. “Despite the well-known constraints of the macro environment, we made several key strides this year in advancing our long-term positioning, including adding 750 trucks to our dedicated fleet through organic and acquisitive growth, welcoming our new CPKC rail partnership, and completing our first year partnering with the Union Pacific, all of which were enabled by the strength of our portfolio and balance sheet,” he said. Unaudited results of operations for 2023 showed Schneider’s revenue and income down significantly across the board. Enterprise income from operations for the fourth quarter of 2023 was $31.3 million, a decrease of $112.0 million (78%) compared to the same quarter in 2022. Fourth quarter 2023’s diluted earnings per share was $0.15 compared to $0.62 in the prior year. Enterprise adjusted diluted earnings per share was $0.16 in the fourth quarter of 2023. Costs associated with the adverse development of claims were partially offset by a lower full year effective tax rate due to changes in tax credits and valuation allowances and resulted in an unfavorable $0.04 net impact to earnings per share. Truckload revenues (excluding fuel surcharge) for the fourth quarter of 2023 were $550.7 million, an increase of $5.3 million (1%) compared to the same quarter in 2022 due to the impact of dedicated organic and acquisitive growth, largely offset by lower pricing in network. Truckload network volumes improved, and prices stabilized through the quarter. Truckload revenue per truck per week was $4,057, a decrease of 3% compared to the same quarter in 2022. Truckload income from operations was $18.8 million in the fourth quarter of 2023, a decrease of $50.1 million (73%) compared to the same quarter in 2022 due to lower network pricing, as well as increased claims cost, a net loss on the sale of equipment compared to net gains in the prior year, and inflationary costs. Truckload operating ratio was 96.6% in the fourth quarter of 2023 compared to 87.4% in the fourth quarter of 2022. “While the continuing impacts of the freight downcycle were felt across our portfolio in 2023, we believe the signs of stabilization seen in the fourth quarter of 2023 may be indicative of a broader freight market rebalancing ahead of us in 2024,” said Darrell Campbell, executive vice president and CFO of Schneider. “However, the shape of the recovery remains uncertain and is likely to be disproportionately weighted towards the second half of the year.” Campbell says the company has plans to bounce back this year. “As we enter 2024, we are intently focused on our targeted actions to restore margins, deliver on our commercial and operational objectives, and further execute on our cost containment strategies,” he said. “Based on these strategic priorities and market expectations, our guidance for full year 2024 adjusted diluted earnings per share is $1.15 – $1.30, with a full year effective tax rate of approximately 24.5%. Our net capital expenditures guidance for full year 2024 is a range of $400 to $450 million.” Rourke also expressed gratitude for the entire Schneider team, particularly the drivers. “I want to acknowledge and thank our professional drivers and associates for their ongoing, diligent efforts to drive Schneider forward this year,” Rourke said. “As we look ahead to 2024 and what we believe will be a transition year of improving market dynamics, our focus remains on positioning the business for the impending freight recovery, executing on our strategic growth objectives in dedicated, intermodal, and logistics, and continuing to deliver shareholder value.”

ATLANTA — OTR Solutions has acquired Epay Manager, a carrier payments platform. Epay Manager offers its broker customers increased control of financial transactions through its proprietary “Audit Proof Invoicing” system, which automates carrier document collection to ensure a seamless and accurate customer billing experience, according to a news release. OTR Solutions executives say the acquisition of Epay Manger will add to their ongoing mission of enhancing solutions to the logistics industry. “The acquisition of Epay Manager reflects our commitment to our ongoing mission of bringing value enhancing solutions to the logistics industry,” said OTR Solutions CEO Fritz Owens. “We are extremely excited about both the talented team and best in class carrier management technology that will now be part of OTR’s suite of offerings to brokers.” The news release states that OTR Solutions will leverage Epay Manager’s portfolio of integrations with transportation management systems (TMS), which will allow brokers to implement back-office automation with unrivaled transparency for their carrier partners. “This in turn significantly reduces the cost associated with processing carrier invoices — eliminating carrier payment discrepancies, minimizing the freight bill audit process and improving the overall productivity of broker back-office teams,” according to the news release. OTR executives say that acquisition combines Epay Manager’s approach to carrier relationship, invoice and payments management with OTR Solutions’ working capital and suite of solutions. “With this new offering, freight brokers will not only boost operational efficiency but will also foster more positive, collaborative relationships with carriers” said OTR Solutions Chief Operating Officer Grace Maher. “At OTR, we recognize the pivotal role of robust carrier relationships in accessing capacity, and the acquisition of Epay Manager gives brokers opportunities to cultivate these connections.” According to the news release, Epay Manager reduces broker operating costs by processing invoices with more efficiency and accuracy than traditional manual methods. “What is truly unique about the Epay platform is that it has been hardened by decades of customer feedback and iteration, the result of which is a robust, scalable and highly efficient product that provides tangible cost savings and new revenue opportunities for freight brokers,” said OTR Solutions Executive Vice President and Chief Strategy Officer Clayton Griffin. “Epay was founded and built by front-line industry participants, forged from the pain of real-world experience, and it shows. Trucking and logistics is in Epay’s blood, and we can certainly relate to that.” Brokers can schedule a demo and begin processing invoices in as little as two weeks. TMS providers interested in building an integration with Epay Manager can do so in as little as 30 days with the platform’s advanced open API’s. Carriers and factoring providers seeking a broker on the Epay Manager platform can create an account to take advantage of the available offerings. “Combined with our existing cash flow and AI-driven freight audit products, the solution is now the most complete and compelling carrier management and payments platform in the industry,” Owens said.  

MIAMI — Ryder System Inc., has announced a new multi-year, multimillion-dollar sponsorship and advertising campaign with professional golfer Sam Ryder, now in his seventh season on the PGA TOUR. The newly expanded sponsorship and brand awareness campaign shifts the Ryder corporate logo from Ryder’s golf shirt to a more prominent position on the front and back of his hat as he plays on tour over the next three seasons, a news release states. It also includes two new humorous TV ads featuring Ryder as he renews his efforts to prove he’s more than a namesake. “It’s working for us. People love Sam Ryder,” said Karen Jones, head of new product development for Ryder. “There are a lot of synergies between golf and business, and the sport is closely followed by our target B2B audience. Our goal is to connect with that audience in a much more personal way, and Sam’s humor, humility, and charisma has helped us do that. When our ads are on-air, we see increased interaction with our website and digital advertising and a reduced lead-cycle time. I think that’s a testament to the natural alignment of our brands.” The new ad campaign builds on last year’s success, which introduced an affable, enthusiastic Ryder along with his encouraging, supportive agent who tries to convince the golfer that Ryder didn’t just sponsor him because of his name, the news release states. So, Ryder comes up with some marketing ideas for Ryder, writing amusing jingles, sharing taglines and brainstorming company event ideas. Building on that premise, the first new ad to air in 2024 is entitled “Driver Caddie.” It features Ryder pitching the idea of providing caddies for Ryder Last Mile deliveries to help navigate obstacles from curb to door, much like caddies help golfers strategize their shots. There’s only one problem: Ryder would need to hire about 10,000 caddies to accompany delivery drivers. The second commercial, entitled “Fashion,” leans into Ryder’s distinction as one of the best dressed in golf. In this spot, he transforms a golf cart barn into a fashion runway to showcase his new designs for Ryder’s professional drivers, warehouse workers, fleet maintenance technicians, and corporate employees. But as it turns out, they’re a bit over the top. “Okay, maybe the puffy vest in high-gloss red with orange stripes isn’t for everyone, but you have to admit, the Ryder name is quite captivating,” joked Ryder. “I do think what makes this campaign so successful, aside from the sense of humor, is that it plays on the human desire to be part of something bigger and to achieve greatness. That’s something both Ryder and I share, a commitment to excellence and to continuing to improve every day. It’s authentic, and I think people can see that.” Ryder’s new multi-year corporate sponsorship officially launched on Jan. 1 and runs through December 2026. The new ad campaign debuts during the week of Jan. 29 on the Golf Channel leading up to the AT&T Pebble Beach ProAm. The commercials will also air during the weeks of 13 key tournaments on the Golf Channel, such as The Masters, PGA Championship and WM Phoenix Open (where Ryder made that stunning hole-in-one on the infamous 16th hole in 2022). In addition, the spots will air in-tournament for the U.S. Open, Charles Schwab Championship, LPGA Tour and KitchenAid Senior PGA Championship.

EDEN PRAIRIE, Minn. — In a Jan. 31 statement released by C.H. Robinson Worldwide Inc., the company’s fourth-quarter and year-end financial results for 2023, company officials described the results as “disappointing.” Performance across all metrics was down for both the quarter and the year as a whole. “Our fourth quarter results did not meet our expectations as we continue to battle through a poor demand and pricing environment. Weak freight demand in an elongated market trough, combined with excess carrier capacity, continued to result in a very competitive market,” said Dave Bozeman, president and CEO of C.H. Robinson. “With this environment in play, we targeted more truckload volume in the spot market, where we could capture more profit due to seasonal market tension,” he continued. “This led to a sequential improvement in our overall truckload profit per load in October and November. However, in December, our profit per load declined as the cost of purchased transportation moved seasonally higher. Despite the challenges of the past year, Bozeman says he is excited about the company’s prospects for 2024. “We share the sentiment of some of our peers, in that we’re happy to say goodbye to 2023. And although 2024 still presents some of the same challenges and headwinds, I’m excited about the work that we’re doing to reinvigorate Robinson’s winning culture and unlock the power of our portfolio,” he said. “I continue to see an opportunity for the company to reach its full potential and create more shareholder value by improving our value proposition, increasing our market share, accelerating growth, further reducing our structural costs, and improving our efficiency, operating margins and profitability.” Revenues for the company’s truckload segment totaled $3 billion, a decrease of 15.8% from 2022. According to the Jan. 31 statement, that decrease was primarily driven by lower truckload pricing, reflecting an oversupply of truckload capacity compared to soft freight demand. Truckload adjusted gross profits decreased 24.3% in the quarter to $380.2 million. Adjusted gross profits in truckload decreased 30.8% due to a 29.5% decrease in adjusted gross profit per shipment and a 1.5% decline in truckload shipments. The average truckload linehaul rate per mile charged to customers, which excludes fuel surcharges, decreased approximately 13.5% in the quarter compared to the prior year, while truckload linehaul cost per mile, excluding fuel surcharges, decreased approximately 10.5%, resulting in a 28% decrease in truckload adjusted gross profit per mile. Less-than-truckload (LTL) adjusted gross profits decreased 9% compared to 2022, as adjusted gross profit per order decreased 8.5% and LTL shipments decreased 0.5%. NAST (North American surface transportation) overall volume growth was down 1% for the quarter. Operating expenses decreased 16.3%, primarily due to cost optimization efforts, including lower average employee headcount, lower variable compensation, and lower technology expenses. NAST average employee headcount was down 15.8% in the quarter. Income from operations decreased 41.0% to $96.0 million, and adjusted operating margin declined 720 basis points to 25.2%. Despite the disappointing numbers for 2023, Bozeman is optimistic about the company’s prospects. “I’m confident that together we will win for our customers, carriers, employees and shareholders, and I’m incredibly excited about our future,” Bozeman stated.

NORTH LIBERTY, Iowa — According to a statement released Jan. 31, Heartland Express Inc. saw record-setting revenues for the year ended Dec. 31, 2023. The report also included the company’s financial results for the fourth quarter of the year. CEO Mike Gerdin commented on the quarterly operating results and ongoing initiatives of the company. “Our consolidated operating results for the three and twelve months ended Dec. 31, 2023, reflect the continued weak freight environment combined with excess industry capacity throughout the year,” he said. “This challenging freight environment combined with two acquisitions in the prior year, have pressured our financial results to a level below our historical results and management expectations.” Gerdin was referring to the acquisitions of Smith Transport and Contract Freighters Inc. (CFI). The additional brands led Heartland Express to post record operating revenues of $1.2 billion. “We believe this enhanced scale provides a better strategic position given the cyclical nature of the industry we operate in,” Gerdin said, adding that the scale of the company now allows Heartland Express to increase capacity, enhance customer offerings, and further diversify the company’s customer base. Noting the acquisitions, both completed in 2022, Gerdin said Heartland Express was able to upgrade its real estate portfolio of terminal locations. During the fourth quarter of 2023, the company divested certain real estate assets that no longer fit the freight pattern or were concentrated in markets where multiple properties existed. Heartland Express ended the fourth quarter of 2023 with operating revenues of $275.3 million ($235.6 million excluding fuel surcharge revenue), compared to $354.9 million ($293.6 million excluding fuel surcharge revenue) in the fourth quarter of 2022. Operating revenues for the quarter included fuel surcharge revenues of $39.7 million compared to $61.4 million in the same period of 2022. Lower freight volumes, freight rate mix, and an increase in empty miles compared to the same quarter a year ago reflected the continued freight environment weakness. For the 12-month period ended Dec. 31, 2023, operating revenues were $1.2 billion, compared to $968 million in the same period of 2022, an increase of 24.7% and the best annual period of operating revenues in the company’s 45-year history. Operating revenues included fuel surcharge revenues of $173.8 million compared to $169.2 million in the same period of 2022, a $4.6 million increase. Net income was $14.8 million, compared to $133.6 million in 2022. Basic earnings per share were $0.19 compared to $1.69 basic earnings per share in 2022. The 2022 results included Smith Transport starting June 1, 2022, and CFI starting September 1, 2022, as well as a sale of a terminal property for an unusually large gain during the second quarter.

AKRON, Ohio — On Feb. 1, the Goodyear Tire & Rubber Company announced that Greg Shank was appointed to senior director of Investor Relations. In this new position, he will report to Christina Zamarro, executive vice president and chief financial officer, according to a news release. “Greg brings deep knowledge of our business from his leadership experience at Goodyear,” Zamarro said. “His Goodyear finance experience includes a prior role in investor relations which, along with his strong communication skills, will make him a valuable resource for the investment community. I also want to thank Christian Gadzinski for his contributions to investor relations over the past two years and congratulate him as he takes on a new role supporting Goodyear’s Commercial Tire business in North America.” Prior to being appointed to this new role, Shank was the director of financial planning and analysis for the Americas business unit. He joined the Goodyear family in 2008 and has held numerous roles in finance in the Americas.  

MIAMI — Ryder System executives say their purchase of Cardinal Logistics will allow for future growth and further strengthen the company’s position as a leading customized dedicated contract carrier in North America. Based in Concord, North Carolina, Cardinal predominantly provides dedicated fleets and professional drivers to service complex route structures across distribution centers, suppliers and stores, as well as complementary freight brokerage services, according to a news release, which notes that Cardinal primarily serves the consumer packaged goods, omnichannel, grocery, building products, automotive and industrial verticals. Ryder expects the transaction “to create synergies and to benefit both Ryder and Cardinal customers,” the news release notes. Ryder will fully integrate Cardinal operations, facilities and equipment into its dedicated transportation, fleet management and supply chain businesses. The transaction is expected to be accretive in 2025 after achieving synergies and completing integration efforts. “With complementary contractual services in many of the same industries, we gain greater economies of scale, and we can provide even more flexibility for transportation networks when seasonality and fluctuating demand inhibit the continuous use of resources,” said Steve W. Martin, senior vice president of dedicated transportation for Ryder. “Combined with our end-to-end visibility and collaboration technology RyderShare, we can deliver tremendous value for customers looking for more dynamic and resilient transportation solutions.” To help ensure a seamless transition, Tom Hostetler and Vin McLoughlin, who founded Cardinal in 1997 — and both of whom spent the first eight years of their careers at Ryder in the 1980s and early 1990s — will also join Ryder. “We’ve come full circle, back to where we started, and that was purposeful,” said Tom Hostetler, CEO at Cardinal. “We chose Ryder to continue our legacy because of the company culture. We experienced firsthand Ryder’s people-first, customer-centric culture, and that had an impact on us as we built our own company.” Vin McLoughlin, chairman of the board for Cardinal, said his company cares “deeply about our people and our customers, many of whom have been with us for decades. We also know Ryder. So, we know our people will have expanded opportunities in a larger, well-diversified company, and our customers will have access to an even greater breadth of products and services and the technology to support their continued growth. We’re excited for the future, knowing that our customers and employees are in the best possible hands with Ryder.”