Cargo Ground Transportation

Diesel prices have hit an all-time high of 644 and gasoline is about 10 cents off its May peak, raising the question of whether energy costs will start shocking company earnings. JB Hunt warned earlier this week that its bottom line is being hit by the swift rise in diesel prices, saying it expects a quarter-to-quarter profit decline of 5 to 10 percent because pricing cannot be adjusted quickly enough. PNC Asset Management Group CIO Amanda Agati said she does not expect energy costs to crack the trajectory of earnings growth, noting positive revisions coming into the end of the third quarter remain positive and largely broad-based. Agati said companies are scrambling to hedge in this environment and that margins have been impressive for years, but warned that if energy prices remain elevated a year from now, the story would be very different. The discussion comes as diesel sits just pennies away from an adjusted inflation record.

Synergetic Auto Performance Public Company Limited, or ASAP, is preparing to establish an electric vehicle assembly plant for the MAXUS brand in Thailand, with operations expected to begin around the middle of next year. Chief Executive Officer Songwit Thitipunya disclosed that the company is currently negotiating the selection of three to four potential sites for the plant and is in discussions with its MAXUS partner from China to finalize the investment structure and shareholding proportions. Assembly of EVs will begin in CKD form, after an initial phase of importing fully built electric vehicles to market in the country. The plan falls under the MAXUS brand, with Evante Company Limited, part of the group, serving as the sole distributor of commercial electric vehicles in Thailand, in order to accommodate growth in the EV market and reduce reliance on imports of completely built-up vehicles. The company assesses that Thailand's electric vehicle market will continue to expand, forecasting a growth rate of approximately 5% compared with the previous year.

SK Hynix is in talks with Intel about a deal that would see the South Korean memory chip maker manufacture memory chips in the US for the first time, according to a Reuters report. SK Hynix responded that it is exploring options to boost its global competitiveness but said no deal has been made with Intel. Intel shares rose about 4% in premarket trading, making it the most actively traded stock, as Commerce Secretary Howard Lutnick has urged SK Hynix and other Asian chipmakers to start making chips in the US to help address the global shortage. Separately, JB Hunt shares slid 11% after the trucking company flagged rising costs and issued a rare earnings warning at a Morgan Stanley conference, saying it expects second quarter to third quarter earnings to drop 5 to 10% and that higher costs from ramped-up hiring, bigger signing bonuses and raises will cost it $25 million more in the third quarter than in the second quarter. Brookfield Capital agreed to buy Australian plumbing products company Reliance Worldwide in a deal valuing the company at $2.8 billion, or $3.38 a share.

SK Hynix and Intel shares each rose more than 2.5% premarket after a Reuters report that SK Hynix was in talks with Intel to manufacture memory chips in the U.S. for the first time, though SK Hynix said no decisions have been made regarding any partnership with Intel. J.B. Hunt Transport Services tumbled more than 11% after warning that its earnings may fall between 5% and 10% in the third quarter compared to the previous three-month period, a decline it attributed to internal adjustments for rising rates of purchase transportation. Expedia fell more than 2.5% after Morgan Stanley downgraded the stock to underweight, citing a weak risk/reward profile and greater exposure to a potentially weaker consumer. Energy stocks moved lower as U.S. oil prices fell 2% following a report that energy inventories rose last week, with Diamondback Energy down almost 4%, Occidental Petroleum off 1%, and ExxonMobil and Devon Energy each down almost 1%. Paychex rose more than 1% on a Wolfe Research upgrade to peer perform, while Union Pacific gained 1.5% after UBS upgraded the stock to buy.

Old Dominion Freight Line's Oct. 16, 2026 $90.00 Put carried some of the highest implied volatility of all equity options, signaling that options traders are pricing in a big move for the stock. The trucking company currently holds a Zacks Rank #2 (Buy) in the Transportation - Truck industry, which ranks in the Top 17% of the Zacks Industry Rank. Over the last 60 days, five analysts raised their earnings estimates for the current quarter while one cut, lifting the Zacks Consensus Estimate to $1.60 per share from $1.54. Given that analyst sentiment, the elevated implied volatility could point to a trade developing, with many seasoned options traders seeking high implied volatility to sell premium and capture decay, hoping the underlying stock moves less than originally expected.

Saia reported that August less-than-truckload tonnage per workday rose 8.7% year over year, while shipments per workday increased just 1.1% and weight per shipment climbed 7.5%. For July and August combined, shipments per workday rose 1.0%, tonnage per workday grew 8.3%, and weight per shipment increased 7.2%, showing the tonnage gain came mainly from heavier freight rather than more shipments. The carrier's second-quarter results showed tonnage per workday up 8.4%, revenue up 17.1% and operating income up 26%, with the operating ratio improving to 86.9% from 87.8%, though revenue per hundredweight excluding fuel surcharge fell 2.2%. Saia operates a 218-terminal network and did not disclose network utilization in the August update, which also omitted yield, operating-ratio and service data. Insider Monkey's database showed 49 hedge funds holding Saia at the end of 2Q2026, up from 45 three months earlier.

Schneider National raised its full-year 2026 adjusted earnings per share guidance to a range of 90 cents to $1.10 from a prior view of 70 cents to $1.00, with the Zacks Consensus Estimate currently pegged at $1.02. The company aims to achieve another $40 million in targeted cost savings in 2026 after meeting its 2025 cost savings target, and the updated guidance sits above 2025 adjusted EPS of 63 cents. Schneider ended the second quarter of 2026 with cash and cash equivalents of $292.7 million against current debt of $10.5 million, while long-term debt fell to $385.6 million from $513 million a year earlier. In January 2026 the board approved a new stock repurchase program for up to $150 million of Class A and/or Class B common stock over three years, replacing a prior $150 million authorization, and during the first half of 2026 the company repurchased 0.2 million Class B shares for $5.2 million. Schneider shares have gained 34.3% over the past six months, outperforming the transportation-services industry's 0.7% loss, and the stock trades at a forward 12-month price-to-sales ratio of 0.92X versus 1.62X for the industry.

ArcBest raised its third-quarter guidance for its asset-light segment and reiterated its asset-based margin outlook after reporting accelerating August tonnage growth. The asset-based unit, which includes ABF Freight, saw revenue per day rise 9% year over year in August, up from 7.7% in July, driven by a 9% increase in tonnage with no change in yield. Excluding fuel, yield declined by a low-single-digit percentage, as heavier shipment weights, up 14% year over year, pressured yields but typically aid margins. The asset-light segment, including truck brokerage, now expects adjusted operating income of $10 million to $12 million for the third quarter, up from its initial $6 million to $8 million guidance, citing yield discipline and productivity gains. ArcBest's mid-quarter update offers insight into the less-than-truckload market, where public data is scarce.

RXO reported that its truckload gross profit per load increased by more than 10% in August compared with July, exceeding the outlook provided during its second-quarter earnings call. The truck brokerage and transportation services company said spot freight accounted for approximately 50% of its full-truckload volume during the first two months of the third quarter. RXO continued to phase in higher contract rates while using its scale to manage transportation purchasing costs. The company maintained its expectation for third-quarter truckload volume to increase by a low-to-mid single-digit percentage year over year, despite continuing softness in freight demand. CEO Drew Wilkerson said RXO is on pace for a strong third quarter, citing the power of its brokerage platform and customer relationships. The update was issued ahead of an investor conference, and RXO noted that third-quarter results are not yet finalised.

Old Dominion Freight Line shares rose 1.3% to $188.34 in premarket trading on Tuesday after the less-than-truckload carrier reported an increase in revenue per day for August. In an operating update filed with the SEC, the company said revenue per day increased 12.4% compared with August 2025, primarily reflecting an increase in LTL revenue per hundredweight. For the quarter to date, LTL revenue per hundredweight increased 11.3% year over year, and excluding fuel surcharges, it rose 4.8%. Chief Executive Marty Freeman described demand trends through July and August as relatively consistent, and noted the service centre network has capacity for additional volumes. The company recently declared a quarterly cash dividend of $0.29 per share, with an ex-dividend date of September 2. The premarket advance came as major U.S. indices traded lower, and shares remained below their 52-week high of $252.03.

Old Dominion Freight Line reported that its less-than-truckload revenue per day rose 12.4% year over year in August, driven by higher revenue per hundredweight despite a slight decline in tonnage. The company's LTL revenue per hundredweight increased 11.3% for the quarter to date, with fuel surcharges excluded, the gain was 4.8%. CEO Marty Freeman cited consistent demand and strong service as key factors. Old Dominion's stock has gained 19.6% year to date, and the company holds a Zacks Rank #2 (Buy).

Old Dominion Freight Line reported that its August daily revenue rose 12.4% year over year, an improvement from July's 8.2% growth, though tonnage declined 0.9% year over year, similar to July's 1% drop. Yield, or revenue per hundredweight, likely increased 13% year over year including fuel surcharges and about 5.5% excluding fuel, up from July's 9.3% and 4.2% respectively. The company's quarter-to-date results support the higher end of its third-quarter guidance, with revenue trending to a 10% year-over-year increase to $1.55 billion, in line with consensus. CEO Marty Freeman cited consistent demand and strong service as drivers of the yield improvement. The report is seen as a bellwether for the less-than-truckload industry, indicating carriers are prioritizing pricing discipline over volume.

RXO, a leading provider of asset-light transportation solutions, has entered into a preferred partnership with Enterprise Purchasing Group (epg), the world's leading group purchasing organization for logistics procurement and supply chain optimization. Under the agreement, RXO becomes epg's official full-truckload and less-than-truckload provider, making epg the only logistics GPO to offer RXO's services. Members of epg will gain access to pre-negotiated competitive pricing, RXO's network of over 125,000 carriers and approximately 1.7 million trucks, more than 125 LTL providers, and RXO's proprietary RXO Connect platform for seamless shipment processing. Lou Amo, president of RXO's freight brokerage business, and Scott Campbell, CEO of epg, both expressed enthusiasm about the partnership, highlighting the combined benefits of capacity, technology, and purchasing power.

MPJ Logistics or MPJ reported a net profit of 51.1 million baht for the second quarter of 2026, a new record high, increasing by 69.2% compared to the same period last year. Mr. Jeerasak Manatrakul stated that in the second half of the year, the company will continue the growth momentum from the first half, employing intensive cost management strategies combined with continuous revenue inflow to enhance stable and sustainable profitability in the long term.

MPJ reported a net profit of 51.1 million baht for the second quarter of 2026, up 69.2% from the same period last year, marking a new record high. This reflects the expansion of its customer base and comprehensive logistics services. Mr. Jeerasak Manatrakul, Chief Executive Officer, stated that the second-half outlook remains positive despite market challenges. The company will enhance efficiency and strictly control costs, while integrating management systems with steady revenue streams to boost profitability and support long-term growth.

MPJ Logistics Public Company Limited (MPJ) reported a net profit of 51.1 million baht for the second quarter of 2026, setting a new record high, an increase of 69.2% compared to the same period last year. Mr. Jeerasak Manatrakul stated that in the second half of the year, the company will continue the growth momentum from the first half, while intensifying cost management strategies combined with steady revenue streams to enhance stable and sustainable profitability in the long term, reflecting its status as a high-value growth stock worth watching.

Changjiu Logistics established Shenzhen Qianhai Changjiu Yuanhang Supply Chain Management Co., Ltd. on August 31, 2026, with a registered capital of 10 million yuan. The legal representative is Zhu Jingwei, and the registered address is located in the Qianhai Shenzhen-Hong Kong Cooperation Zone. The company is a wholly-owned subsidiary of Changjiu Logistics, with a business scope including supply chain management, international freight forwarding, maritime international freight forwarding, and international ship agency. Changjiu Logistics stated that the subsidiary will leverage Qianhai's international hub to meet the international logistics needs of Chinese automobile exports and strengthen its international supply chain service capabilities.

ASAP, or Synergetic Auto Performance Public Company Limited, expects clear business growth in the third quarter of 2026, as its subsidiary, Eternity At One Company Limited, which is the distributor for CHANGAN electric vehicles, has a large number of orders awaiting delivery. By the end of the first half, the backlog of orders for various models, such as the NEVO Q05, totaled over 3,000 units, with deliveries to be made gradually until the end of this year. The company maintains its target of selling 14,500 electric vehicles in 2026, following the successful launch of the NEVO Q05, a 100% electric SUV produced in Thailand with a starting price of 599,900 baht. Revenue this year is expected to grow by about 70% from the previous year, supported by other businesses such as insurance and car rental. Regarding the government's plan to raise import duties on fully assembled vehicles, the company believes it will not affect CHANGAN's business, as it already has a production plant in Rayong, Thailand. The company is also expanding its commercial vehicle business through the MAXUS Commercial brand, aiming to open a total of 12 showrooms by 2027.

Deutsche Bank has issued a bullish catalyst call on Saia, predicting the trucking and transportation stock is poised to rally. Analyst Richa Harnain and his team view Saia's upcoming August tonnage update and third-quarter earnings results as potential catalysts for the shares to push higher. Harnain noted that Saia's 8% volume-growth forecast is above expectations, and historical precedent shows Saia has outperformed peers more than 70% of the time following GRI-related volume disruptions. He also stated that Saia's cost-per-shipment growth since 2023 has been broadly in line with key peers, suggesting the investment debate centers on pricing recovery rather than a structural cost disadvantage. Deutsche Bank has set Q3 estimates for Saia ahead of consensus due to better pricing execution and volume growth, and expects evidence of sustained revenue-per-shipment improvement to lead to a more constructive view on the stock.

Mr. Thanet Mekintarangkul, Chief Executive Officer of Euroasia Total Logistics Public Company Limited (ETL), revealed that in the second half of 2026, the company expects business to improve, starting to adjust the proportion of transport work in product groups that generate appropriate revenue and profit, rather than just increasing volume. For example, electronics products benefit from the relocation of production bases to Thailand and investment in the Eastern Economic Corridor. The company is also increasing the share of temperature-controlled container solutions (Cold Chain Supply Solution) and preparing to launch the ONE Price service model, which includes transport and temperature-controlled warehousing. The goal is to increase the use of refrigerated containers to 200 per month to distribute goods across Southeast Asia and China. Meanwhile, the company is expanding its transport network from China and ASEAN to Central Asia, such as Kazakhstan, Uzbekistan, Mongolia, and Georgia, with plans to connect to Russia and Eastern Europe, in cooperation with partners and increasing multimodal transport—road, rail, sea, and air—to offer more options to customers. For the first half of 2026, the company had service revenue of 1,083 million baht, up 27%, and a net loss of 33.6 million baht, while maintaining an average cross-border transport volume of 2,000 trips per month. It expects continued growth in the second half according to targets.

Euroasia Total Logistics Public Company Limited (ETL) has unveiled its plan for the second half of 2026, expressing confidence in the continued recovery of cross-border transport business. In the first half, the company reported revenue of 1,083 million baht, up 27%, but still recorded a net loss of 33.6 million baht. The company will adjust its strategy to focus on high-margin electronic goods and temperature-controlled containers, rather than merely increasing volume. It aims to increase the use of refrigerated containers to 200 per month and launch the ONE Price service, which bundles transport and temperature-controlled warehousing costs. Additionally, it will expand its route network from China and ASEAN to Central Asia, Russia, and Eastern Europe, while efficiently managing empty trips and costs. Mr. Thanet Mekintarangkul, Chief Executive Officer, stated that the company will select suitable jobs and increase the use of temperature-controlled containers to build strong revenue and profits in the long term.

Fulin Transportation released its 2026 interim report, with total operating revenue of 405 million yuan and net profit attributable to the parent company of 316 million yuan. Net cash inflow from operating activities was 57.43 million yuan, down 18.50% year on year. The company's latest asset-liability ratio was 24.53%, gross margin was 16.74%, ROE was 15.65%, and diluted earnings per share was 1.01 yuan. The number of shareholders was 17,500, and the top ten shareholders held 38.93% of total share capital.

Youon Technology released its 2026 interim report. First-half operating revenue was 322 million yuan, up 66.5% year on year, while net loss attributable to the parent narrowed to 15.35 million yuan from a loss of 65.48 million yuan in the same period last year. Second-quarter revenue was 200 million yuan, up 82.4% year on year, and net loss attributable to the parent narrowed to 10.25 million yuan from a loss of 40.85 million yuan a year earlier. As of the end of the second quarter, the company's total assets were 4.165 billion yuan and net assets attributable to the parent were 3.412 billion yuan. The company said revenue from public bicycles and shared mobility services rose significantly, but net operating cash flow was negative 11.95 million yuan, down 134.8% year on year, mainly due to increased procurement for operations. Management plans to strengthen collection of receivables, improve cash flow, deepen synergies with shareholder resources, and expand business growth channels.

Jiangxi Changyun released its 2026 interim report. Total operating revenue was 596 million yuan, and net profit attributable to the parent company was 5.8791 million yuan, an increase of 130,900 yuan compared with the same period last year, achieving growth for four consecutive years and rising 2.28% year on year. Net cash inflow from operating activities was 176 million yuan, up 9.8909 million yuan year on year, rising for two consecutive years with an increase of 5.95%. The company's asset-liability ratio was 72.65%, down 1.35 percentage points from the previous quarter and down 2.43 percentage points from the same period last year. Gross margin was negative 15.12%, up 5.44 percentage points from the previous quarter. Return on equity was 0.62%, and diluted earnings per share was 0.02 yuan. Total asset turnover ranked eighth among peers that have disclosed results, and inventory turnover ranked ninth, up 2.67% year on year. The number of shareholders was 12,200, and the top ten shareholders held 52.13% of total share capital.

Euroasia Total Logistics Public Company Limited, or ETL, has unveiled its plan for the second half of 2026, expressing confidence in the continued recovery of cross-border transport business. The company is adjusting its strategy to focus on high-margin electronics and temperature-controlled container segments, while expanding its route network to Central Asia, Russia, and Eastern Europe. In the first half of the year, the company reported revenue of 1,083 million baht, up 27%, but a net loss of 33.6 million baht. It maintains an average transport volume of 2,000 trips per month and is preparing to launch the ONE Price model, aiming to increase refrigerated containers to 200 per month.

Werner Enterprises reported second-quarter 2026 adjusted earnings of 22 cents per share, matching the Zacks Consensus Estimate, while revenues of $933.9 million surpassed expectations by 0.2% and surged 24% year over year. The growth was driven by a 36% increase in Truckload Transportation Services revenues to $702.6 million, partly offset by a decline in Werner Logistics revenues. Adjusted operating income jumped 67% to $27.6 million, with the adjusted operating margin expanding 80 basis points to 3%. The company updated its 2026 guidance, now expecting TTS average truck count growth of 16-18%, down from the prior 23-28% range, and raising full-year net capital expenditures to $215-$250 million from $185-$225 million. Shares have risen 6.1% since the earnings report, outperforming the S&P 500, and the consensus estimate has shifted upward by 10.86% in the past month.

Fulin Transportation released its 2026 semi-annual report, achieving operating revenue of 405 million yuan, down 0.06% year on year. Net profit attributable to shareholders of the listed company was 316 million yuan, up 174.79% year on year. Second-quarter net profit was 251 million yuan, up 282% quarter on quarter, versus the company's earlier guidance range of 204 million to 269 million yuan.