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Knight-Swift Transportation Holdings Inc A KNX

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Knight-Swift Finishes 2021 on a Strong Note; Freight Backdrop Looks Solid Heading Into 2022

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Diversified trucking and logistics specialist Knight-Swift's fourth-quarter revenue-before-fuel jumped 39% year over year, ahead of our expected run rate due to higher-than-expected rate gains in the for-hire truckload segment and strength in the truck brokerage “power only” offering. Relative to the year-ago period, growth across all segments—including the newly acquired LTL operations—continues to be driven by surging demand rooted in heavy retailer restocking and favorable industrial end markets, while extremely tight TL-market capacity is still supporting excellent spot and contract pricing across all segments.

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Company Profile

Business Description

Knight-Swift Transportation is by far the largest asset-based full-truckload carrier in the United States. About 80% of revenue derives from asset-based truckload shipping operations (including for-hire dry van, refrigerated, and dedicated contract). The remainder stems from truck brokerage and other asset-light logistics services (8%), as well as intermodal (8%), which uses the Class-I railroads for the underlying movement of the firm's shipping containers and also offers drayage services.

20002 North 19th Avenue
Phoenix, AZ, 85027
T +1 602 269-2000
Sector Industrials
Industry Trucking
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 22,900