Knight-Swift Transportation Holdings said Thursday its projected Q1 earnings would take a hit, reducing adjusted earnings per share by 20 cents or more.
The trucking giant gave limited details on the largest factor, saying in a news release that it involved “claims development in our less-than-truckload (LTL) segment, primarily related to a large unfavorable arbitration award on a 2022 incident.”
In other areas, the carrier also noted January weather and March diesel price spikes would also hurt earnings.
Nevertheless, the “truckload market continues to tighten, and the bid environment is rapidly evolving while our leading presence in the one-way market grows increasingly valuable to shippers,” CEO Adam Miller said in a statement.
Additional impacts to earnings involved deferring warehousing project business and a setback with Mexico tax reimbursement from previous years, the company said.
“All things considered, we are more optimistic about the earnings opportunity for our businesses over the next several quarters than we were three months ago,” Miller said.
The company will report its Q1 earnings on April 22.
