Trucking executives are ready for a market turnaround. During Q3 earnings calls, C-suite leaders provided some optimism that the freight cycle could turn this quarter or early next year.
Addressing investors and answering analyst questions, executives with Ryder System, Schneider National and Werner Enterprises noted potential improvements in the freight cycle, highlighting some encouraging signs amid ongoing market challenges.
Carriers have been struggling against sluggish consumer demand and murky forecasts, following retailers’ destocking in the wake of COVID-19 demand spikes. At the same time, some carriers continue to exit the market, bringing relief to companies struggling with elevated rates.
How much of a demand uptick the upcoming holiday season could bring remains unclear. A short-term forecast model in the dry van spot market suggested the boost may fall short of other projections in the freight market, DAT Chief of Analystics Ken Adamo noted on a Nov. 7 market update.
Here’s what top trucking executives had to say about the current freight cycle during Q3 earnings calls.