Topic
ltl
Logistics July Manufacturing PMI Hits Four-Year High of 55.6; LTL Carriers Report Rising Tonnage
The ISM Manufacturing PMI jumped to 55.6 in July, the highest reading in four years, signaling sustained industrial expansion. LTL carriers reported July tonnage up 5.1% year over year, with ArcBest, XPO, and Old Dominion beating seasonal trends. Shippers face slower supplier deliveries and low customer inventories.
Logistics ArcBest Q2 Earnings: Asset-Based Division Improves 650 Basis Points Sequentially
ArcBest's Q2 2026 earnings showed a 650 basis point sequential improvement in its asset-based operating ratio to approximately 90%, while asset-light operating income rose to just over $6 million. FreightWaves reported that tightening truckload capacity is driving shippers toward the integrated logistics provider, which also launched the ArcBest View digital platform.
Logistics LTL Surges as Truckload Rates Rise: Saia's Record Q2 and $1.6B Investment
Rising truckload prices and tightening capacity are driving shippers to LTL, leading Saia to record Q2 tonnage. The carrier has invested $1.6B in infrastructure and is targeting selective freight. Implications for logistics operators include tighter capacity and potential rate increases.
Logistics Saia’s Softer Q3 Margin Guidance Triggers 12% Share Drop Despite Record Q2 Results
Saia reported record second-quarter earnings but its third-quarter margin guidance disappointed investors, sending shares down 12%. New service centers continue to drag on margins, though they improved 300 basis points in Q2. The carrier implemented a 7.1% general rate increase in July and expects full-year margin improvement at the lower end of its guidance range.
Logistics XPO Q2 Earnings Beat Expectations Behind Strong LTL Performance and AI Efficiency Gains
XPO (NYSE: XPO) reported second-quarter adjusted EPS of $1.70, beating consensus by 23 cents on strong less-than-truckload (LTL) performance. LTL revenue rose 15% year-over-year to $1.43 billion, with the adjusted operating ratio improving 300 basis points to 79.9%. The company credited a better freight mix and AI-driven efficiency initiatives for the record results.
Logistics Old Dominion Plans More Capex, Eyes Sub-70 Operating Ratio After Q2 Improvement
Old Dominion Freight Lines reported a Q2 2026 operating ratio of 70.1%, improving from 74.6% a year earlier, aided by real estate gains. The LTL carrier increased its 2026 capital expenditure budget to $380 million, pulling forward equipment purchases from 2027. CFO Adam Satterfield highlighted sequential improvements in revenue per day (up 14.6%) and tonnage per day (up 4%), while noting the sub-70% OR remains the target.
Logistics Old Dominion nearly breaks 70% operating ratio in Q2 despite lower volumes
Old Dominion reported a Q2 operating ratio of 70.1%, its best in recent years, driven by disciplined yield management. Revenue per hundredweight excluding fuel increased 5.5% to $29.71, while tonnage declined. The carrier also achieved a 99% on-time service rate and a 0.1% claims ratio.
Logistics TFI International Q2: LTL Steady but Truckload Soars on Supply Constraints, CEO Says
TFI International reported strong Q2 earnings with EPS up 41% to $1.65. However, the performance diverged sharply between LTL (18% EBITDA margin) and Truckload (24.1%). CEO Alain Bedard attributed truckload gains to supply constraints, not demand, and said this market dynamic is unprecedented in 30 years. LTL volume surged 7.5% but revenue per shipment fell 2%, leading to cost and service challenges.
Logistics TFI Q2: Truckload Revenue Jumps 12.6%, LTL Operating Ratio Slips 100 Basis Points
TFI International's Q2 2026 results reveal a strong truckload performance with revenue up 12.6% YoY and operating ratio improving to 86.1%, while LTL metrics lagged. Overall net income rose to $136.2 million. Equipment count decreased significantly, signaling potential capacity constraints.
Logistics TL and LTL Rates Set to Hit New Highs in Q3 as Capacity Tightens and Fuel Costs Surge
Truckload and less-than-truckload rate indexes reached new highs in the second quarter, driven by capacity constraints and surging diesel prices. The Q3 outlook from AFS Logistics and TD Cowen points to continued rate increases, with TL rates expected to rise 17.7% above baseline and LTL rates climbing further. Small carriers are sidelined, while large public carriers push through early general rate increases.
Logistics Knight-Swift Opens 4 LTL Terminals, Expanding Network in Phoenix, Olympia, Detroit, and Toledo
Knight-Swift Transportation's LTL business, AAA Cooper, announced the opening of four new terminals in Phoenix, Olympia, Detroit, and Toledo, all opened in May. The expansion adds capacity in existing markets and enters new service areas, furthering the company's national network buildout. The combined platform now has approximately 180 terminals covering about 70% of the U.S.
Logistics Analysts Raise TL, LTL Estimates Ahead of Q2 Earnings Season as Trucking Upcycle Gains Steam
Ahead of Q2 earnings season, analysts at Deutsche Bank and Morgan Stanley have raised expectations for truckload and less-than-truckload carriers. Deutsche Bank's Richa Harnain forecasts median EPS growth of 15% in Q2 and 21% in Q3, with LTL operators leading the way. Morgan Stanley's Ravi Shanker raised estimates by 5% but downgraded his industry view to in-line, citing stretched valuations.
Logistics LTL carrier Mountain Valley Express shutting down operations in three states
Mountain Valley Express, a regional less-than-truckload carrier, has ceased operations as of July 7, 2026. The Manteca, California-based company had 13 terminals across California, Arizona, and Nevada, and operated 277 power units. The shutdown follows a restructuring in late 2024 that included 105 layoffs.
Logistics June Manufacturing Data Shows Sixth Month of Expansion, Supporting LTL Demand Growth
The ISM Manufacturing PMI registered 53.3 in June, marking a sixth consecutive month of expansion. The new orders subindex remained strong at 56, supporting less-than-truckload demand. LTL carriers like ArcBest are raising rates amid rational pricing and excess capacity.
Logistics Saia Launches REV Initiative to Accelerate Transit, Expand Services and Boost Visibility
Saia launched REV, a company-wide initiative focused on faster transit times, expanded logistics and final-mile capabilities, and enhanced real-time tracking. The initiative responds to growing customer demand for speed, predictability, and transparency in freight.
Logistics Why the Best LTL Carriers Are Built, Not Bought: Old Dominion's Operational Mastery
Old Dominion Freight Line has been ranked the #1 National LTL Carrier for Quality for 16 consecutive years by Mastio & Company. The company's consistent performance is underpinned by proactive fleet maintenance, advanced load planning technology, and integrated workforce training, setting it apart from carriers that treat price as the primary differentiator.
Logistics FedEx Freight Forecasts 4-6% Revenue Growth as Standalone Company After Spinoff
FedEx Freight, now an independent company after spinning off from FedEx Corp. on June 1, reported a 4.8% revenue increase to $2.4 billion in its fiscal fourth quarter. The less-than-truckload carrier expects 4% to 6% revenue growth for the remaining seven months of the year, with an operating margin of 9% to 9.5%. Despite a 5.9% decline in average daily shipments, revenue per shipment rose 11.5% to $415.22.
For a third month in a row, Saia opens new terminals in Duluth and Columbia
Less-than-truckload carrier Saia has opened new terminals in Duluth, Minnesota and Columbia, Missouri, marking the third consecutive month of network expansion. The company did not open any new terminals in 2025 but had ten openings in 2024, partly from real estate acquired after Yellow Corp's bankruptcy. CEO Frederick Holzgrefe noted $1.8 billion invested in network and fleet over 36 months.
Logistics LTL's All-In Rate Hits Multi-Year High, but Fuel Surcharge Masks Base Rate Cuts
LTL all-in revenue per hundredweight has reached its highest level in five years, but the gain is entirely driven by fuel surcharges. Base rates remain flat to negative, with carriers cutting rates across freight classes to compete for volume. The Yellow liquidation in mid-2023 created a floor for LTL pricing, while the recent recovery in truckload contract rates signals a broader freight cycle turn.
Amazon's LTL Gap: Buying Forward Air Could Solve Expedited Tier
Amazon launched a national economy LTL network, but lacks a premium expedited tier. FreightWaves argues that acquiring Forward Air — which operates a scheduled, airport-centric road feeder network — would instantly fill that gap and create a formidable competitor to incumbents like Old Dominion and FedEx Freight.
Logistics Amazon's LTL Entry Unlikely to Disrupt Market
Amazon's expansion into the less-than-truckload (LTL) market is not expected to significantly disrupt existing carriers, according to analysts. Despite Amazon's asset-light model and extensive network, the market's high barriers to entry and established players' strong service offerings limit immediate impact.
Logistics Old Dominion's May Update Shows LTL Market Recovery
Old Dominion Freight Line reports a 12.3% year-over-year increase in revenue per day for May, reflecting an improving less-than-truckload (LTL) market. Despite a slight decline in tonnage, the company benefits from rising diesel prices and heavier shipment weights.
Logistics FedEx Freight's New Path as Standalone LTL Carrier
FedEx Freight has officially become a standalone less-than-truckload (LTL) carrier, trading under the ticker FDXF. This strategic move allows FedEx Freight to focus on LTL services, aiming for growth in revenue and operating income.