By Ben Glickman
Schneider National cut its full-year guidance for adjusted profit after results from its network business dragged down revenue in the third quarter.
The Green Bay, Wis.-based trucking and intermodal freight provider reported a profit of $30.6 million, or 17 cents a share, in the quarter, compared with a profit of $35.6 million, or 20 cents a share, a year earlier. Analysts polled by FactSet expected 23 cents.
Intermodal transportation refers to the movement of cargo using more than one mode of transportation
Stripping out certain one-time items, the company posted an adjusted profit of 18 cents a share, below the 23 cents expected by analysts.
Revenue fell to $1.32 billion from $1.35 billion a year earlier, just missing the $1.33 billion expected by analysts.
Chief Executive Mark Rourke said the company's long-term contract and intermodal businesses both performed well in the quarter. Pricing in the company's network truck business, which covers one-way shipments that are not for long-term contracts, continued its positive momentum, but Rourke said results are under pressure, as seasonal momentum was not sustained during the quarter.
Schneider now expects adjusted per-share earnings of 66 cents to 72 cents for 2024, down from its prior guidance for 80 cents to 90 cents. Analysts polled by FactSet are expecting 82 cents.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 06, 2024 09:21 ET (14:21 GMT)
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