Reports Q3 revenue $1.877B, consensus $1.91B. Adam Miller, CEO of Knight-Swift (KNX), commented, “The market in the third quarter largely played out as expected prior to hurricane Helene and the impending port strike curtailing volumes across our asset-based businesses in the last week of the quarter. While we remain cautious on the market, we continue to observe positive signs, including a continuation of seasonal patterns with some project activity underway in the fourth quarter, achieving rate increases in more recent truckload bid awards, sequentially improving our average truckload revenue per mile over the second quarter, and seeing customers reducing their usage of brokers in efforts to improve cargo security as well as the ongoing stability of their supply chains. Our average spot rate remains higher than our average contractual rate, though both are still at unsustainable levels. We believe that scale, service, and freight security are becoming more of a differentiator.”
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