Schneider National, Inc. Announces First Quarter 2024 Results
Schneider National, Inc. reported first quarter 2024 results with operating revenues of $1.3 billion, down from $1.4 billion in 2023. The income from operations decreased to $28.7 million from $114.6 million in 2023. Diluted Earnings per Share dropped to $0.10 from $0.55 in the prior year. Adjusted Diluted Earnings Per Share was $0.11. The company updated full-year Adjusted Diluted Earnings per Share guidance to $0.85 - $1.00 and Net Capital Expenditures guidance to $350.0 - $400.0 million.
Updated full year Adjusted Diluted Earnings per Share guidance to $0.85 - $1.00
Net capital expenditures guidance of $350.0 - $400.0 million
Revenue growth in Truckload segment
Decrease in income from operations compared to the same quarter in 2023
Decline in Diluted Earnings per Share from the prior year
Lower gains on the sales of transportation equipment impacting adjusted diluted earnings per share
Insights
-
Operating Revenues
$1.3 billion $1.4 billion
-
Income from Operations
$28.7 million $114.6 million
-
Diluted Earnings per Share
$0.10 $0.11
-
Updated full year Adjusted Diluted Earnings per Share guidance to
$0.85 $1.00
-
Updated full year Net Capital Expenditures guidance of
$350.0 $400.0 million
“The enterprise continued to feel the pressures of the ongoing freight recession in the first quarter,” said Mark Rourke, President and Chief Executive Officer of Schneider. “However, we did recognize some signs of progress in market dynamics and in our commercial efforts, and performance of all segments improved through the quarter.”
“We are taking actions to improve asset productivity, maintain price discipline, and execute on our cost initiatives,” commented Rourke. “The value of our scale, diversity, partnerships, and technology continues to be recognized across our broad shipper base, and our commercial approach is focused on delivering returns commensurate with the value provided. We believe our actions, combined with ongoing operational efforts and strategic investments in our multimodal portfolio, position us well to be advantaged in the recovery.”
Results of Operations (unaudited)
The following table summarizes the Company’s results of operations for the periods indicated.
|
|
Three Months Ended
|
||||||||
(in millions, except ratios & per share amounts) |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
Operating revenues |
|
$ |
1,319.0 |
|
|
$ |
1,428.7 |
|
|
(8)% |
Revenues (excluding fuel surcharge) |
|
|
1,163.1 |
|
|
|
1,249.5 |
|
|
(7)% |
Income from operations |
|
|
28.7 |
|
|
|
114.6 |
|
|
(75)% |
Adjusted income from operations |
|
|
30.0 |
|
|
|
114.6 |
|
|
(74)% |
Operating ratio |
|
|
97.8 |
% |
|
|
92.0 |
% |
|
(580) bps |
Adjusted operating ratio |
|
|
97.4 |
% |
|
|
90.8 |
% |
|
(660) bps |
Net income |
|
$ |
18.5 |
|
|
$ |
98.0 |
|
|
(81)% |
Adjusted net income |
|
|
19.5 |
|
|
|
98.0 |
|
|
(80)% |
Adjusted EBITDA |
|
|
130.7 |
|
|
|
223.4 |
|
|
(41)% |
Diluted earnings per share |
|
|
0.10 |
|
|
|
0.55 |
|
|
(82)% |
Adjusted diluted earnings per share |
|
|
0.11 |
|
|
|
0.55 |
|
|
(80)% |
Weighted average diluted shares outstanding |
|
|
176.6 |
|
|
|
179.1 |
|
|
(2.5) |
Enterprise Results
Enterprise income from operations for the first quarter of 2024 was
Cash Flow and Capitalization
At March 31, 2024, the Company had
The Company’s free cash flow decreased
In February 2023, the Company announced the approval of a
Results of Operations – Reportable Segments
Truckload
Truckload revenues (excluding fuel surcharge) for the first quarter of 2024 were
Truckload income from operations was
Intermodal
Intermodal revenues (excluding fuel surcharge) for the first quarter of 2024 were
Intermodal income from operations for the first quarter of 2024 was
Logistics
Logistics revenues (excluding fuel surcharge) for the first quarter of 2024 were
Logistics income from operations for the first quarter of 2024 was
Business Outlook
(in millions, except per share data) |
Current Guidance |
Prior Guidance |
Adjusted diluted earnings per share |
|
|
Net capital expenditures |
|
|
“As we navigate the challenging freight market conditions that have persisted for far longer than originally contemplated, we are actively managing costs and pursuing margin improvement across our business while continuing to lean into our strategic growth areas of Dedicated, Intermodal, and Logistics,” said Darrell Campbell, Executive Vice President and Chief Financial Officer of Schneider.
“We still believe the cycle is closer to its end than its beginning and anticipate improving conditions as the year progresses; however, we have tempered our outlook on the timing of the recovery. Based on first quarter results and market expectations, our guidance for full year 2024 adjusted diluted earnings per share has been updated to
Non-GAAP Financial Measure
The Company has presented certain non-GAAP financial measures, including revenues (excluding fuel surcharge), adjusted income from operations, adjusted operating ratio, adjusted net income, adjusted EBITDA, free cash flow, and adjusted diluted earnings per share. Management believes the use of non-GAAP measures assists investors in understanding the business, as further described below. The non-GAAP information provided is used by Company management and may not be comparable to similar measures disclosed by other companies. The non-GAAP measures used herein have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of results as reported under GAAP.
A reconciliation of net income per share to adjusted diluted earnings per share as projected for 2024 is not provided. Schneider does not forecast net income per share as the Company cannot, without unreasonable effort, estimate or predict with certainty various components of net income. The components of net income that cannot be predicted include expenses for items that do not relate to core operating performance, such as costs related to potential future acquisitions, as well as the related tax impact of these items. Further, in the future, other items with similar characteristics to those currently included in adjusted net income, that have a similar impact on the comparability of periods, and which are not known at this time may exist and impact adjusted net income.
About Schneider National, Inc.
Schneider National, Inc. and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of surface transportation and logistics solutions in
Our diversified portfolio of complementary service offerings enables us to serve the varied needs of our customers and to allocate capital that maximizes returns across all market cycles and economic conditions. Our service offerings include transportation of full-truckload freight, which we directly transport utilizing either our company-owned transportation equipment and company drivers, owner-operators, or third-party carriers under contract with us. We have arrangements with most of the major North American rail carriers to transport freight in containers. We also provide customized freight movement, transportation equipment, labor, systems, and delivery services tailored to meet individual customer requirements, which typically involve long-term contracts. These arrangements are generally referred to as dedicated services and may include multiple pickups and drops, local deliveries, freight handling, specialized equipment, and freight network design. In addition, we provide comprehensive logistics services with a network of thousands of qualified third-party carriers. We also lease equipment to third parties through our wholly owned subsidiary Schneider Finance, Inc., which is primarily engaged in leasing trucks to owner-operators, including, but not limited to, owner-operators with whom we contract, and we provide insurance for both company drivers and owner-operators through our wholly owned insurance subsidiary.
Conference Call and Webcast Information
The Company will host an earnings conference call today at 10:30 a.m. Eastern Time. The conference call can be accessed by dialing 888-660-6621 toll-free or 646-960-0589 (conference ID: 7923455). A replay will be available after the call through May 9 by dialing 800-770-2030 toll-free or 647-362-9199 with the same conference ID. A live webcast of the conference call can also be accessed on the Investor Relations section of the Company’s website, Schneider.com, along with the current quarterly investor presentation.
SCHNEIDER NATIONAL, INC. |
|||||||
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
|||||||
(in millions, except per share data) |
|||||||
|
|
|
|
||||
|
Three Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating revenues |
$ |
1,319.0 |
|
|
$ |
1,428.7 |
|
Operating expenses: |
|
|
|
||||
Purchased transportation |
|
508.7 |
|
|
|
563.1 |
|
Salaries, wages, and benefits |
|
355.1 |
|
|
|
337.8 |
|
Fuel and fuel taxes |
|
107.7 |
|
|
|
113.0 |
|
Depreciation and amortization |
|
102.8 |
|
|
|
91.8 |
|
Operating supplies and expenses—net |
|
153.6 |
|
|
|
147.9 |
|
Insurance and related expenses |
|
31.1 |
|
|
|
24.7 |
|
Other general expenses |
|
31.3 |
|
|
|
35.8 |
|
Total operating expenses |
|
1,290.3 |
|
|
|
1,314.1 |
|
Income from operations |
|
28.7 |
|
|
|
114.6 |
|
Other expenses (income): |
|
|
|
||||
Interest income |
|
(0.8 |
) |
|
|
(2.1 |
) |
Interest expense |
|
4.0 |
|
|
|
4.4 |
|
Other expense (income)—net |
|
0.8 |
|
|
|
(17.0 |
) |
Total other expenses (income)—net |
|
4.0 |
|
|
|
(14.7 |
) |
Income before income taxes |
|
24.7 |
|
|
|
129.3 |
|
Provision for income taxes |
|
6.2 |
|
|
|
31.3 |
|
Net income |
$ |
18.5 |
|
|
$ |
98.0 |
|
|
|
|
|
||||
Weighted average shares outstanding |
|
176.0 |
|
|
|
178.2 |
|
Basic earnings per share |
$ |
0.11 |
|
|
$ |
0.55 |
|
|
|
|
|
||||
Weighted average diluted shares outstanding |
|
176.6 |
|
|
|
179.1 |
|
Diluted earnings per share |
$ |
0.10 |
|
|
$ |
0.55 |
|
|
|
|
|
||||
SCHNEIDER NATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions) |
||||||
|
|
|
|
|
||
|
|
March 31,
|
|
December 31,
|
||
Assets |
|
|
|
|
||
Cash and cash equivalents |
|
$ |
67.3 |
|
$ |
102.4 |
Trade accounts receivable—net |
|
|
573.9 |
|
|
575.7 |
Other current assets |
|
|
429.9 |
|
|
432.8 |
Net property and equipment |
|
|
2,641.0 |
|
|
2,581.7 |
Other noncurrent assets |
|
|
866.7 |
|
|
864.6 |
Total Assets |
|
$ |
4,578.8 |
|
$ |
4,557.2 |
|
|
|
|
|
||
Liabilities and Shareholders’ Equity |
|
|
|
|
||
Trade accounts payable |
|
$ |
274.6 |
|
$ |
241.3 |
Current maturities of debt and finance lease obligations |
|
|
209.4 |
|
|
104.5 |
Other current liabilities |
|
|
259.7 |
|
|
260.4 |
Long-term debt and finance lease obligations |
|
|
96.6 |
|
|
197.6 |
Deferred income taxes |
|
|
587.4 |
|
|
595.7 |
Other noncurrent liabilities |
|
|
209.1 |
|
|
200.9 |
Shareholders’ Equity |
|
|
2,942.0 |
|
|
2,956.8 |
Total Liabilities and Shareholders’ Equity |
|
$ |
4,578.8 |
|
$ |
4,557.2 |
SCHNEIDER NATIONAL, INC. |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||
(in millions) |
|||||||
|
|
|
|
||||
|
Three Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
$ |
97.6 |
|
|
$ |
183.1 |
|
Net cash used in investing activities |
|
(102.1 |
) |
|
|
(156.5 |
) |
Net cash used in financing activities |
|
(30.6 |
) |
|
|
(22.5 |
) |
Net increase (decrease) in cash and cash equivalents |
$ |
(35.1 |
) |
|
$ |
4.1 |
|
|
|
|
|
||||
Net capital expenditures |
$ |
(111.9 |
) |
|
$ |
(120.9 |
) |
Schneider National, Inc. |
||||||||
Revenues and Income (Loss) from Operations by Segment |
||||||||
(unaudited) |
||||||||
|
||||||||
Revenues by Segment |
||||||||
|
|
Three Months Ended
|
||||||
(in millions) |
|
|
2024 |
|
|
|
2023 |
|
Truckload |
|
$ |
538.1 |
|
|
$ |
537.0 |
|
Intermodal |
|
|
247.2 |
|
|
|
266.1 |
|
Logistics |
|
|
324.9 |
|
|
|
382.2 |
|
Other |
|
|
94.3 |
|
|
|
92.2 |
|
Fuel surcharge |
|
|
155.9 |
|
|
|
179.2 |
|
Inter-segment eliminations |
|
|
(41.4 |
) |
|
|
(28.0 |
) |
Operating revenues |
|
$ |
1,319.0 |
|
|
$ |
1,428.7 |
|
Income from Operations by Segment |
||||||
|
|
Three Months Ended
|
||||
(in millions) |
|
2024 |
|
2023 |
||
Truckload |
|
$ |
14.9 |
|
$ |
62.6 |
Intermodal |
|
|
7.0 |
|
|
30.0 |
Logistics |
|
|
5.4 |
|
|
18.5 |
Other |
|
|
1.4 |
|
|
3.5 |
Income from operations |
|
$ |
28.7 |
|
$ |
114.6 |
Schneider National, Inc.
Key Performance Indicators by Segment
(unaudited)
We monitor and analyze a number of KPIs in order to manage our business and evaluate our financial and operating performance.
Truckload
The following table presents our Truckload segment KPIs for the periods indicated, consistent with how revenues and expenses are reported internally for segment purposes.
The two operations that make up our Truckload segment are as follows:
- Dedicated - Transportation services with equipment devoted to customers under long-term contracts.
- Network - Transportation services of one-way shipments.
|
|
Three Months Ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Dedicated |
|
|
|
|
||||
Revenues (excluding fuel surcharge) (1) |
|
$ |
341.4 |
|
|
$ |
303.0 |
|
Average trucks (2) (3) |
|
|
6,721 |
|
|
|
5,948 |
|
Revenue per truck per week (4) |
|
$ |
3,963 |
|
|
$ |
3,980 |
|
Network |
|
|
|
|
||||
Revenues (excluding fuel surcharge) (1) |
|
$ |
196.2 |
|
|
$ |
234.1 |
|
Average trucks (2) (3) |
|
|
4,163 |
|
|
|
4,474 |
|
Revenue per truck per week (4) |
|
$ |
3,676 |
|
|
$ |
4,089 |
|
Total Truckload |
|
|
|
|
||||
Revenues (excluding fuel surcharge) (5) |
|
$ |
538.1 |
|
|
$ |
537.0 |
|
Average trucks (2) (3) |
|
|
10,884 |
|
|
|
10,422 |
|
Revenue per truck per week (4) |
|
$ |
3,853 |
|
|
$ |
4,027 |
|
Average company trucks (3) |
|
|
9,166 |
|
|
|
8,477 |
|
Average owner-operator trucks (3) |
|
|
1,718 |
|
|
|
1,945 |
|
Trailers (6) |
|
|
47,880 |
|
|
|
44,499 |
|
Operating ratio (7) |
|
|
97.2 |
% |
|
|
88.3 |
% |
(1) |
Revenues (excluding fuel surcharge), in millions, exclude revenue in transit. |
(2) |
Includes company and owner-operator trucks. |
(3) |
Calculated based on beginning and end of month counts and represents the average number of trucks available to haul freight over the specified timeframe. |
(4) |
Calculated excluding fuel surcharge and revenue in transit, consistent with how revenue is reported internally for segment purposes, using weighted workdays. |
(5) |
Revenues (excluding fuel surcharge), in millions, include revenue in transit at the operating segment level and, therefore does not sum with amounts presented above. |
(6) |
Includes entire fleet of owned trailers, including trailers with leasing arrangements between Truckload and Logistics. |
(7) |
Calculated as segment operating expenses divided by segment revenues (excluding fuel surcharge) including revenue in transit and related expenses at the operating segment level. |
Intermodal
The following table presents the KPIs for our Intermodal segment for the periods indicated.
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Orders (1) |
|
|
100,494 |
|
|
|
100,745 |
|
Containers |
|
|
26,849 |
|
|
|
27,735 |
|
Trucks (2) |
|
|
1,413 |
|
|
|
1,536 |
|
Revenue per order (3) |
|
$ |
2,442 |
|
|
$ |
2,628 |
|
Operating ratio (4) |
|
|
97.2 |
% |
|
|
88.7 |
% |
(1) |
Based on delivered rail orders. |
(2) |
Includes company and owner-operator trucks at the end of the period. |
(3) |
Calculated using rail revenues excluding fuel surcharge and revenue in transit, consistent with how revenue is reported internally for segment purposes. |
(4) |
Calculated as segment operating expenses divided by segment revenues (excluding fuel surcharge) including revenue in transit and related expenses at the operating segment level. |
Logistics
The following table presents the KPI for our Logistics segment for the periods indicated.
|
|
Three Months Ended
|
||||
|
|
2024 |
|
2023 |
||
Operating ratio (1) |
|
98.3 |
% |
|
95.2 |
% |
(1) |
Calculated as segment operating expenses divided by segment revenues (excluding fuel surcharge) including revenue in transit and related expenses at the operating segment level. |
Schneider National, Inc.
Reconciliation of Non-GAAP Financial Measures
(unaudited)
In this earnings release, we present the following non-GAAP financial measures: (1) revenues (excluding fuel surcharge), (2) adjusted income from operations, (3) adjusted operating ratio, (4) adjusted net income, (5) adjusted EBITDA, (6) free cash flow, and (7) adjusted diluted earnings per share. We also provide reconciliations of these measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Management believes the use of each of these non-GAAP measures assists investors in understanding our business by (1) removing the impact of items from our operating results that, in our opinion, do not reflect our core operating performance, (2) providing investors with the same information our management uses internally to assess our core operating performance, and (3) presenting comparable financial results between periods. In addition, in the case of revenues (excluding fuel surcharge), we believe the measure is useful to investors because it isolates volume, price, and cost changes directly related to industry demand and the way we operate our business from the external factor of fluctuating fuel prices and the programs we have in place to manage such fluctuations. Fuel-related costs and their impact on our industry are important to our results of operations, but they are often independent of other, more relevant factors affecting our results of operations and our industry. Free cash flow is used as a measure to assess overall liquidity and does not represent residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt.
Although we believe these non-GAAP measures are useful to investors, they have limitations as analytical tools and may not be comparable to similar measures disclosed by other companies. You should not consider the non-GAAP measures in this report in isolation or as substitutes for, or alternatives to, analysis of our results as reported under GAAP. The exclusion of unusual or infrequent items or other adjustments reflected in the non-GAAP measures should not be construed as an inference that our future results will not be affected by unusual or infrequent items or by other items similar to such adjustments. Our management compensates for these limitations by relying primarily on our GAAP results in addition to using the non-GAAP measures.
Adjustments to arrive at non-GAAP measures are made at the enterprise level, with the exception of fuel surcharge revenues, which are not included in segment revenues.
Revenues (excluding fuel surcharge)
We define “revenues (excluding fuel surcharge)” as operating revenues less fuel surcharge revenues, which are excluded from revenues at the segment level. Included below is a reconciliation of operating revenues, the most closely comparable GAAP financial measure, to revenues (excluding fuel surcharge).
|
|
Three Months Ended
|
||||
(in millions) |
|
2024 |
|
2023 |
||
Operating revenues |
|
$ |
1,319.0 |
|
$ |
1,428.7 |
Less: Fuel surcharge revenues |
|
|
155.9 |
|
|
179.2 |
Revenues (excluding fuel surcharge) |
|
$ |
1,163.1 |
|
$ |
1,249.5 |
Adjusted income from operations
We define “adjusted income from operations” as income from operations, adjusted to exclude material items that do not reflect our core operating performance. Included below is a reconciliation of income from operations, which is the most directly comparable GAAP measure, to adjusted income from operations. Excluded items for the periods shown are explained in the table and notes below.
|
|
Three Months Ended
|
||||
(in millions) |
|
2024 |
|
2023 |
||
Income from operations |
|
$ |
28.7 |
|
$ |
114.6 |
Amortization of intangible assets (1) |
|
|
1.3 |
|
|
— |
Adjusted income from operations |
|
$ |
30.0 |
|
$ |
114.6 |
(1) |
Amortization expense related to intangible assets acquired through recent business acquisitions. As we finalized our purchase accounting adjustments related to intangible assets, and to better reflect our ongoing operations, we made the decision to exclude the related amortization expense from non-GAAP earnings beginning in the fourth quarter of 2023. |
Adjusted operating ratio
We define “adjusted operating ratio” as operating expenses, adjusted to exclude material items that do not reflect our core operating performance, divided by revenues (excluding fuel surcharge). Included below is a reconciliation of operating ratio, which is the most directly comparable GAAP measure, to adjusted operating ratio.
|
|
Three Months Ended March 31, |
||||||
(in millions, except ratios) |
|
|
2024 |
|
|
|
2023 |
|
Total operating expenses |
|
$ |
1,290.3 |
|
|
$ |
1,314.1 |
|
Divide by: Operating revenues |
|
|
1,319.0 |
|
|
|
1,428.7 |
|
Operating ratio |
|
|
97.8 |
% |
|
|
92.0 |
% |
|
|
|
|
|
||||
Total operating expenses |
|
$ |
1,290.3 |
|
|
$ |
1,314.1 |
|
Adjusted for: |
|
|
|
|
||||
Fuel surcharge revenues |
|
|
(155.9 |
) |
|
|
(179.2 |
) |
Amortization of intangible assets |
|
|
(1.3 |
) |
|
|
— |
|
Adjusted total operating expenses |
|
$ |
1,133.1 |
|
|
$ |
1,134.9 |
|
|
|
|
|
|
||||
Operating revenues |
|
$ |
1,319.0 |
|
|
$ |
1,428.7 |
|
Less: Fuel surcharge revenues |
|
|
155.9 |
|
|
|
179.2 |
|
Revenues (excluding fuel surcharge) |
|
$ |
1,163.1 |
|
|
$ |
1,249.5 |
|
|
|
|
|
|
||||
Adjusted operating ratio |
|
|
97.4 |
% |
|
|
90.8 |
% |
Adjusted net income
We define “adjusted net income” as net income, adjusted to exclude material items that do not reflect our core operating performance. Included below is a reconciliation of net income, which is the most directly comparable GAAP measure, to adjusted net income.
|
|
Three Months Ended
|
|||||
(in millions) |
|
2024 |
|
2023 |
|||
Net income |
|
$ |
18.5 |
|
|
$ |
98.0 |
Amortization of intangible assets |
|
|
1.3 |
|
|
|
— |
Income tax effect of non-GAAP adjustments (1) |
|
|
(0.3 |
) |
|
|
— |
Adjusted net income |
|
$ |
19.5 |
|
|
$ |
98.0 |
(1) |
Our estimated tax rate on non-GAAP items is determined annually using the applicable consolidated federal and state effective tax rate, modified to remove the impact of tax credits and adjustments that are not applicable to the specific items. Due to the differences in the tax treatment of items excluded from non-GAAP income, as well as the methodology applied to our estimated annual tax rates as described above, our estimated tax rate on non-GAAP items may differ from our GAAP tax rate and from our actual tax liabilities. |
Adjusted EBITDA
We define “adjusted EBITDA” as net income, adjusted to exclude net interest expense, our provision for income taxes, depreciation and amortization, and certain items that do not reflect our core operating performance. Included below is a reconciliation of net income, which is the most directly comparable GAAP measure, to adjusted EBITDA.
|
|
Three Months Ended
|
||||
(in millions) |
|
2024 |
|
2023 |
||
Net income |
|
$ |
18.5 |
|
$ |
98.0 |
Interest expense, net |
|
|
3.2 |
|
|
2.3 |
Provision for income taxes |
|
|
6.2 |
|
|
31.3 |
Depreciation and amortization |
|
|
102.8 |
|
|
91.8 |
Adjusted EBITDA |
|
$ |
130.7 |
|
$ |
223.4 |
Free cash flow
We define “free cash flow” as net cash provided by operating activities less net cash used for capital expenditures.
|
|
Three Months Ended
|
||||||
(in millions) |
|
2024 |
|
2023 |
||||
Net cash provided by operating activities |
|
$ |
97.6 |
|
|
$ |
183.1 |
|
Purchases of transportation equipment |
|
|
(123.3 |
) |
|
|
(143.1 |
) |
Purchases of other property and equipment |
|
|
(12.0 |
) |
|
|
(12.5 |
) |
Proceeds from sale of property and equipment |
|
|
23.4 |
|
|
|
34.7 |
|
Net capital expenditures |
|
|
(111.9 |
) |
|
|
(120.9 |
) |
Free cash flow |
|
$ |
(14.3 |
) |
|
$ |
62.2 |
|
Adjusted diluted earnings per share (1)
|
|
Three Months Ended
|
||||
|
|
2024 |
|
2023 |
||
Diluted earnings per share |
|
$ |
0.10 |
|
$ |
0.55 |
Non-GAAP adjustments, tax effected |
|
|
0.01 |
|
|
— |
Adjusted diluted earnings per share |
|
$ |
0.11 |
|
$ |
0.55 |
(1) Table may not sum due to rounding. |
||||||
Special Note Regarding Forward-Looking Statements
This earnings release contains forward-looking statements, within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current expectations, beliefs, plans, or forecasts with respect to, among other things, future events and financial performance and trends in the business and industry. The words “may,” “will,” “could,” “should,” “would,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “prospects,” “potential,” “budget,” “forecast,” “continue,” “predict,” “seek,” “objective,” “goal,” “guidance,” “outlook,” “effort,” “target,” and similar words, expressions, terms, and phrases among others, generally identify forward-looking statements, which speak only as of the date the statements were made. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks, and uncertainties. Readers are cautioned that a forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement.
The statements in this news release are based on currently available information and the current expectations, forecasts, and assumptions of the Company’s management concerning risks and uncertainties that could cause actual outcomes or results to differ materially from those outcomes or results that are projected, anticipated, or implied in these statements. Such risks and uncertainties include, among others, those discussed in Part I, Item 1A, “Risk Factors,” of the Company’s Annual Report on Form 10-K filed on February 23, 2024, subsequent Reports on Form 10-Q and 8-K, and other filings we make with the
The Company undertakes no obligation to publicly release any revision to its forward looking statements to reflect events or circumstances after the date of this earnings release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501288700/en/
Steve Bindas, Director of Investor Relations
920-357-SNDR
investor@schneider.com
Source: Schneider SNDR
FAQ
<p>What were Schneider National, Inc.'s operating revenues for the first quarter of 2024?</p>
Schneider National, Inc.'s operating revenues for the first quarter of 2024 were $1.3 billion.
<p>What was the income from operations for Schneider National, Inc. in the first quarter of 2024?</p>
The income from operations for Schneider National, Inc. in the first quarter of 2024 was $28.7 million.
<p>What was the change in Diluted Earnings per Share for Schneider National, Inc. in the first quarter of 2024?</p>
The Diluted Earnings per Share for Schneider National, Inc. in the first quarter of 2024 was $0.10, down from $0.55 in the prior year.
<p>What is the stock symbol for Schneider National, Inc.?</p>
The stock symbol for Schneider National, Inc. is SNDR.
<p>What is Schneider National, Inc.'s updated full-year Adjusted Diluted Earnings per Share guidance?</p>
Schneider National, Inc.'s updated full-year Adjusted Diluted Earnings per Share guidance is $0.85 - $1.00.
