Overview
- The company posted Q3 EPS of $1.76 on revenue of $3.05 billion, topping estimates as operating income rose 8% year over year.
- Shares jumped roughly 12% after hours and premarket, then finished Thursday up about 22% as investors repriced the outlook.
- Management said about $20 million of costs were removed in the quarter and that total annual savings could ultimately exceed $100 million.
- Intermodal revenue fell 2% but the unit’s operating ratio improved to 91.8% on better network balance and fewer empty moves, while dedicated margins also improved.
- Final Mile revenue declined 5% with operating income down 42%, truckload and brokerage delivered mixed results, analysts lifted price targets, and the company disclosed $230 million in Q3 buybacks with $107 million authorization remaining.