Schneider National, a trucking company based in Green Bay, Wisconsin, has announced a decline in earnings for the fourth quarter. The company attributed this decline to lower freight demand and two recent accident claims.
In Q4, Schneider National reported a profit of $27.4 million, or 15 cents per share, compared to $110.1 million, or 62 cents per share, in the same quarter of the previous year.
Adjusted earnings, excluding one-time items, came in at 16 cents per share, falling short of analysts' expectations of 20 cents per share according to FactSet.
Although revenue slipped 12% to $1.37 billion for the period ending December 31, it still surpassed analyst expectations of $1.36 billion.
Due to the decline in revenue, Schneider National reduced its full-year outlook in the second quarter of the fiscal year. The company now aims for adjusted earnings of $1.15 to $1.30 per share for 2024.
Looking ahead to 2024, President and CEO Mark Rourke emphasized the importance of positioning the business for the anticipated freight recovery and achieving strategic growth objectives in dedicated, intermodal, and logistics sectors. Rourke also expressed commitment to delivering shareholder value.
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