Truckload carrier Marten Transport added to this week’s trucking earnings calamity, coming in short of consensus on first-quarter earnings per share and revenue, and suffering a 570-basis-point decline in its operating ratio. Marten (NASDAQ: MRTN) posted GAAP earnings per share of 12 cents, which SeekingAlpha said was 2 cents less than the consensus forecast. That is a miss of about 14.3% compared to the consensus of 14 cents per share. Revenue of $249.67 million was short of consensus by $14.2 million, according to SeekingAlpha. Nor did Marten eke out operational gains amid revenue declines ..read more

Truckload carrier Pam Transportation Services announced an operating loss for a second straight period in what it described as an “extremely challenging” first quarter. Pam (NASDAQ: PTSI) reported net earnings per share of 1 cent compared to 23 cents in the same period a year ago. The result was below a lone analyst’s 7-cent estimate. Gains generated from equity holdings were $3 million higher year over year (y/y), which produced a 10-cent tailwind to the EPS number. The carrier booked a loss on the sale of equipment versus a $577,000 gain in the 2023 first quarter, which was a 3-cent headwin ..read more

Under pressure: Contract rate cuts heat up based on Q1 bid feedback (Photo: Jim Allen/FreightWaves) A headwind for spot rates is coming from large carriers taking lower contracted volumes, in a strategic bid to cut losses and accept more freight during later RFPs this year. When juggling year-round bids, it’s a smart play to not lock in record-low contracted rates for one year, and roll the dice for the Q2 bid. For Knight-Swift and other large carriers, the current down market is a great time to evaluate their customer mix and identify the ones still asking for rate cuts. Reducing volumes wit ..read more

WASHINGTON — Regulators are moving ahead with plans for a new registration system that will help the government keep better track of motor carriers and freight brokers. The Federal Motor Carrier Safety Administration will be asking the White House Office of Management and Budget to review and approve a request to collect new information that will inform the FMCSA Registration System (FRS). FRS will replace the current Unified Registration System (URS), according to a Federal Register notice scheduled for Friday. FMCSA and the states use operating-authority registration information to track mo ..read more

Mexico was the United States’ top trading partner in February, with two-way trade increasing 11% year over year (y/y) to $67 billion, according to the latest data from the Census Bureau. It was the second consecutive month and 12th of the past 14 months Mexico has been No. 1. Canada was the second-ranked U.S. trade partner in February at $62 billion, followed by China at No. 3 with $44 billion in two-way commerce. Mexico’s exports to the U.S. increased 13% y/y to $40.2 billion in February. The top three Mexican exports were passenger vehicles ($3.8 billion), auto parts ($3 billion) and commer ..read more

CSX unveiled its first hydrogen-powered locomotive on Tuesday following a partnership with CPKC designed to foster innovation and a clean environment. According to a press release from CSX, the hydrogen locomotive was converted from an existing diesel locomotive using a conversion kit developed by CPKC. This allowed the locomotive’s frame, cab, trucks and additional parts to be reused. Corey Davis, CSX alternative fuels and energy management director, noted that reusing these parts avoided introducing new carbon emissions into the environment. “This is the first locomotive that’s actually 100 ..read more

A Florida-based auto hauler, Proficient Auto Transport, is the lead company in the process of rolling up several other auto haulers with plans to take itself public in an initial public offering. In a prospectus filed with the Securities and Exchange Commission and made public last week, Proficient Auto Logistics was introduced as the name of the company that will acquire five auto haulers at the time the IPO goes through: Delta Automotive Services, Deluxe Auto Carriers, Sierra Mountain Group, Tribeca Automotive and Proficient Auto Transport, whose Jacksonville-based management is behind the ..read more

WASHINGTON — Joe Kramek has been appointed president and CEO of the World Shipping Council to replace the retiring John Butler, the container shipping lobby group announced on Wednesday. Kramek has been WSC’s director of U.S. government relations since March 2021. “I am deeply honored to assume the role of president and CEO, building on the foundation laid by John Butler,” Kramek said. “Together with the dedicated team at WSC, I look forward to addressing the evolving needs of the shipping industry and continue driving positive change.” Joe Kramek (left) and John Butler. Source: WSC Butler, w ..read more

The Federal Aviation Administration has issued a preliminary fine of $2.9 million against Aeromicronesia Inc., a cargo airline based in Guam that does business as Asia Pacific Airlines, for safety violations related to pilot training and equipment. Asia Pacific Airlines provides scheduled and ad hoc charter service between Guam, the Marshall Islands, Micronesia, the Northern Mariana Islands, American Samoa, Palau and Honolulu. It has five Boeing 757-200 converted freighters on its registry, but two of them have been parked for more than three months, according to aircraft tracking sites. The ..read more

Shortly after announcing its $17 million raise in March, Gather AI, an inventory management solutions provider that uses drone technology, launched two new offerings on Tuesday to elevate its ability to help warehouse operators find underutilized space. The initial solution, location occupancy, harnesses computer vision data collected by Gather AI drones. It accurately gauges available space and promptly notifies managers when products can be consolidated, optimizing space utilization. The location occupancy feature is finding space for more storage. (Photo: Gather AI) The second addition is ..read more