Knight-Swift Transportation Stock Gains On Q3 Beat, Raised FY21 EPS Outlook

Knight-Swift Transportation Holdings Inc KNX reported third-quarter FY21 revenue growth of 35.7% year-over-year to $1.64 billion, beating the consensus of $1.51 billion. Revenue, excluding truckload fuel surcharge, improved 32.8% to $1.51 billion.
Revenue by segments: Truckload $933.2 million (+3.4% Y/Y), Logistics $221.37 million (+130% Y/Y), Intermodal $112.75 million (+14.1% Y/Y) and LTL (Less-than-Truckload) $167.9 million.
Adjusted EPS improved to $1.30, compared to $0.79 in 3Q20, beating the consensus of $1.07.
The operating income increased by 63.2% Y/Y to $270.09 million, and adjusted operating income increased by 54.6% Y/Y to $283.11 million. The operating margin expanded by 277 bps to 16.4%.
Segment operating ratios: Truckload 77.8% a 350 bps improvement, Logistics 87.6% a 980 bps improvement, Intermodal 91.5% a 820 bps improvement and LTL 87.5%.
The average revenue per tractor increased by 6.8% Y/Y to $52,231 in the Truckload segment. Revenue per load increased by 43.1% Y/Y to $2,513 and gross margin expanded by 710 bps to 18.1% in the Logistics segment.
Intermodal Average revenue per load increased by 25.9% Y/Y to $2,902, and load count declined 9.3% Y/Y to 38,856.
Knight-Swift generated cash from operating activities year-to-date of $817.52 million, compared to $655.02 million a year ago.
The company’s unrestricted cash and available liquidity had a balance of $1.1 billion, and net debt was at $1.8 billion as of September 30, 2021.
FY21 Outlook: Knight-Swift expects Adjusted EPS of $4.50 - $4.55 (previous view $3.90 - $4.05) versus the consensus of $4.01.
Price Action: KNX shares are trading higher by 3.25% at $52.40 on the last check Wednesday.

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