By SCMR Staff ·
September 21, 2022
Former Coyote, XPO executive brings more than two decades of logistics industry experience to lead rapidly growing LTL business.
By Jeff Berman ·
September 12, 2022
Culver City, Calif.-based Boa Logistics and Flow Cold Storage (Boa), high-growth, third-party logistics (3PL) services providers focused on refrigerated less-than-truckload (LTL) received a majority investment from West Palm Beach, Fla.-based Cambridge Capital, an investor in niche supply chain leaders and the applied supply chain. Cambridge Capital said that this investment—in partnership with Boa’s management—will be instrumental in keeping Boa on its path to expand its dedicated cold-chain freight consolidation platform, as well as to capitalize and leverage its large market opportunity by building on its 50% revenue growth and 130% EBITA over the last year.
By LM Staff ·
September 8, 2022
ODFL reported that revenue per day increased 14.5% annually, driven by an LTL revenue per hundredweight increase, which it said was slightly offset by a 0.9% decrease in LTL tons per day. And it added that the change in LTL tons per day was due to a 2.7% decrease in LTL shipments per day, which was partially offset by a 1.8% increase in LTL weight per shipment.
By LM Staff ·
September 8, 2022
Johns Creek, Georgia-based multi-regional less-than-truckload (LTL) carrier Saia recently announced it has set up shop with a new terminal in the Chicago area, in Franklin Park, Illinois.
By LM Staff ·
August 15, 2022
Less than Truckload (LTL) is equal to the e-commerce task.
By Jeff Berman ·
August 10, 2022
Company officials said that this facility, its West Phoenix Service Center, is “perfectly positioned” to serve the growing Phoenix market, while bringing FedEx Freight’s total door count to almost 26,000.
By SCMR Staff ·
August 5, 2022
Mario Harik has been appointed president, North American less-than-truckload, and will succeed Brad Jacobs as XPO’s chief executive officer once the brokerage spin-off is complete.
By Jeff Berman ·
August 5, 2022
XPO said that Brad Jacobs, Chairman and CEO, will transition to Executive Chairman, as well as Non-Executive Chairman of the spin-off, with acting LTL President and Chief Information Officer Mario Harik will assume the role of XPO CEO, which, at that point, will be a pureplay LTL carrier through the completion of the spin-off and the divestiture of its European business.
By Jeff Berman ·
August 4, 2022
New records were hit for quarterly revenue—at $3.23 billion—up 1.2% annually (and up 11% when excluding the March sale of its intermodal business), with net income—at $141 million—up 19.9%. Operating income—at $230 million—was up 17%. Adjusted EBITDA—at $405 million—increased 18.5% annually, the highest in XPO’s history, well ahead of previous guidance, at $360 million-to-$370 million. And earnings per share—at $1.81—were up compared to $1.00 for the second quarter of 2021, marking the highest for the second quarter ever for XPO. Free cash flow was at $73 million.
By John Schulz ·
August 4, 2022
Yellow posted second quarter operating revenue of $1.424 billion and operating income of $99.2 million, which included a $3.2 million net gain on property disposals. In comparison, operating revenue in the 2021 second quarter was $1.313 billion and operating income was $27 million. Yellow’s net income for second quarter was $60 million, compared with a net loss of $9.4 million in the second quarter of 2021.
By Jeff Berman ·
July 28, 2022
Atlanta-based Nolan Transportation Group (NTG), a provider of non-asset, tech-enabled logistics and brokerage services, and a subsidiary of Transportation Insight, and San Francisco-based freight forwarding and customs brokerage services provider Flexport, said they are collaborating on a strategic partnership focused on integrating their respective technologies, with a focus on “greater visibility across supply chains.”
By Jeff Berman ·
July 25, 2022
The new edition of the Cowen/AFS Freight Index, which was recently released by New York-based investment firm Cowen Inc. and Shreveport, La.-based 3PL and freight audit and payment company AFS Logistics LLC, showed how the duo of higher carrier fuel surcharges and record-high inflation have impacted multiple modes, in tandem with flattening modal growth trajectories, seasonal factors, still-high fuel costs, and softening demand.
By SCMR Staff ·
July 18, 2022
As demand softens and shippers take action to mitigate exposure to high costs, the July Cowen/AFS Index predicts moderate-to-declining quarter-over-quarter growth rates across modes, though year-over-year trends indicate sustained strength.
By Jeff Berman ·
July 15, 2022
Logistics Management Group News Editor Jeff Berman and Tom Madine, CEO of Worldwide Express, a Dallas-based privately held freight brokerage and authorized UPS reseller, spoke about various industry topics at the “Industry Keynote” at the SMC3 Connections ’22 conference in San Diego in late June.
By LM Staff ·
July 14, 2022
June’s shipment reading—at 1.203—fell 2.3% annually, and June expenditures—at 4.665—rose 25.0% annually, slightly below May’s 27.5% annual gain.