By Elias Schisgall

Knight-Swift Transportation swung to a loss in the first quarter, citing a tightening truckload market and higher fuel costs from the war in Iran, but said trends in transportation markets are improving.

"The first quarter had its challenges, but these were largely transitory and even bring some upside as the weather disruption exposed market tightness that has served to accelerate the pricing environment, and the spike in fuel prices adds one more headwind to truckload capacity," Chief Executive Adam Miller said.

Miller said signs are pointing toward improving demand in the truckload market, including favorable trends in load tenders, tenders rejections, and spot pricing. He added that though the company's less-than-truckload segment also saw a headwind from winter weather, there are encouraging trends in that market as well.

"We expect to build momentum in the coming months as more bids run their course and new pricing and volume awards are realized in the operating results, as we continue our cost and operational initiatives, and as we anticipate more spot and project opportunities than we have seen in recent years," Miller said.

The transportation company on Wednesday reported a loss of $1.3 million, or 1 cent a share, compared with profit of $30.6 million, or 19 cents a share, a year earlier.

Stripping out certain one-time items, the company logged adjusted earnings of 9 cents a share, in line with the expectations of analysts polled by FactSet.

Revenue rose to $1.85 billion, up from $1.82 billion a year prior, and in line with analyst expectations.

Excluding fuel surcharges in the truckload and LTL segments, revenue rose to $1.64 billion, up from $1.63 billion.

Shares fell 2.3% to $62.50 in after-hours trading Wednesday, after closing down 1.4% at $63.98. At close, the stock was up 22% for the year.

The company cut its first-quarter guidance earlier this month, citing disruptions from weather and elevated fuel costs.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

April 22, 2026 18:06 ET (22:06 GMT)

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