Knight-Swift Transportation Holdings Inc. (KNX) announced a decline in its third-quarter profit compared to the same period the previous year. However, the results surpassed Wall Street's projections.
The company reported a net income of $30.46 million, translating to earnings of $0.19 per share. This is a decrease from the previous year's third-quarter figures of $60.19 million, or $0.37 per share.
On an adjusted basis, excluding one-time items, Knight-Swift posted earnings of $54.44 million, or $0.34 per share for the quarter.
According to data from Thomson Reuters, analysts on average had projected the company to earn $0.32 per share, with their estimates generally excluding special items.
Quarterly revenue saw a decline of 7.1%, dropping to $1.876 billion from $2.019 billion the previous year.
Financial highlights for Knight-Swift Transportation Holdings Inc. (GAAP):
- Third-quarter earnings: $30.46 million compared to $60.19 million the previous year.
- Earnings per share (EPS) for the third quarter: $0.19 compared to $0.37 the previous year.
- Third-quarter revenue: $1.876 billion compared to $2.019 billion the previous year.
