Green Bay-based logistics company Schneider National reported lower earnings and a decline in revenue in the third quarter. The company faced persistent price pressures and various headwinds during this time.
Decreased Profit and Revenue
Schneider National recorded a profit of $35.6 million, or 20 cents a share, compared to $125.9 million, or 70 cents a share, in the same quarter last year. Adjusted earnings, excluding one-time items, also stood at 20 cents a share. This figure fell significantly short of the FactSet survey's expectation of 37 cents a share.
Furthermore, the company's revenue experienced a 19% decrease to $1.35 billion. Analyst projections had anticipated revenue of $1.38 billion, according to FactSet.
CEO Comments on Challenging Quarter
Schneider National's Chief Executive Mark Rourke acknowledged that the third quarter marked the most challenging phase of the ongoing freight recession. The decrease in earnings and revenue was primarily driven by continuous price pressures, particularly affecting the company's network businesses. Additionally, fuel prices, bad debt, and lower equipment gains also contributed to these declines.