Knight Transportation Provides Revised Earnings Guidance
Monday, April 10, 2017 7:02:00 AM ET
Knight Transportation, Inc. (KNX )("Knight"), one of North Americas
largest and most diversified truckload transportation companies, today
provided an update on its guidance for the first and second quarter of
Based on preliminary results, Knight now expects earnings per diluted
share will range from:
$0.16 to $0.18 for its first quarter ended March 31, 2017, compared
with its prior estimates of $0.24 to $0.27; and
$0.24 to $0.27 for its second quarter ending June 30, 2017 (excluding
costs associated with the recently announced merger transaction),
compared with its prior estimates of $0.27 to $0.30.
A number of factors negatively impacted the first quarter of 2017, which
has resulted in expected earnings below original estimates. The quarter
started off with a seasonally weak January and February, but began to
improve in March. The strength we experienced in March was not enough to
offset the slow start to the quarter. Revenue per loaded mile decreased
year over year by approximately 2.4%, which was more than originally
expected. We also experienced a decline in miles per tractor of
approximately 1.0%, which negatively impacted results. Rising fuel
expense in the first two months of the quarter, lower gain on sale of
revenue equipment, higher insurance and claims expense, rising
maintenance costs, and costs associated with the recently announced
merger transaction also negatively impacted the first quarter of 2017.
Dave Jackson, President and Chief Executive Officer stated, "Although we
are disappointed in our first quarter results, we are encouraged by the
strength we experienced in March. Our leadership has enhanced our focus
on cost control measures and we expect meaningful improvements in our
results in the coming quarters. In what has proven to be a difficult
environment, we expect capacity to continue to exit the market, leading
to more favorable dynamics in the coming quarters."
First Quarter 2017 Earnings Conference Call
Knight expects to release its 2017 first quarter earnings on Wednesday,
April 26, 2017, after market close. Knight will be holding a live
conference call with analysts and investors to discuss the earnings
release, the results of operations, and other matters after its earnings
press release on Wednesday, April 26, 2017, at 4:30 pm EST. (Please note
that, since the call will begin promptly as scheduled, you will need to
join a few minutes prior to that time.) Slides to accompany this call
will be posted on the companys website and will be available to
download just prior to the scheduled conference call. To view the
presentation, please visit http://investor.knighttrans.com/events,
"First Quarter 2017 Conference Call Presentation."
The public will be able to listen and participate in the conference call
telephonically by dialing (855) 733-9163. An audio replay of the
conference call will be posted on the Companys website for at least
seven (7) days after the meeting (www.knighttrans.com/shareholders/audio).
The Company assumes no responsibility to update any information posted
on its web site.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements generally may be identified by their use of terms or phrases
such as "expects," "estimates," "anticipates," "projects," "believes,"
"plans," "intends," "may," "will," "should," "could," "potential,"
"continue," "future," and terms or phrases of similar substance.
Forward-looking statements are based upon the current beliefs and
expectations of our management and are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified, which
could cause future events and actual results to differ materially from
those set forth in, contemplated by, or underlying the forward-looking
statements. Accordingly, actual results may differ from those set forth
in the forward-looking statements. Readers should review and consider
the factors that may affect future results and other disclosures by the
Company in its press releases, stockholder reports, Annual Report on
Form 10-K, and other filings with the Securities and Exchange
Commission. We disclaim any obligation to update or revise any
forward-looking statements to reflect actual results or changes in the
factors affecting the forward-looking information.
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SOURCE: Knight Transportation, Inc.
Knight Transportation, Inc.
President and CEO
Adam Miller, 602-269-2000