Shares of Knight-Swift Transportation Holdings Inc. were driven up 3.3% into record territory in premarket trading Wednesday, after the trucking company reported first-quarter profit that rose above expectations and raised its full-year outlook, while revenue grew in line with forecasts. Net income nearly doubled to $129.8 million, or 77 cents a share, from $65.4 million, or 38 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to 83 cents from 44 cents, above the FactSet consensus of 70 cents. Revenue rose 8.7% to $1.22 billion, matching the FactSet consensus, while revenue excluding trucking fuel surcharges grew 10.3% to $1.13 billion. Trucking segment revenue rose 6.3% to $872.8 million, with revenue per tractor increasing 7.7%, while logistics revenue jumped 50.8% to $115.7 million and intermodal revenue grew 13.1% to $107.0 million. The company raised its 2021 adjusted EPS guidance range to $3.45 to $3.60 from $3.20 to $3.40. The stock has rallied 17.8% year to date through Tuesday, while the Dow Jones Transportation Average has climbed 19.1% and the Dow Jones Industrial Average has advanced 10.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
