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Knight-Swift Transportation Holdings Inc KNX

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Morningstar’s Analysis

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Robust Demand and Rates Offset Weather and Driver Headwinds in Knight-Swift’s Q1; Fairly Valued

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Truckload and logistics specialist Knight-Swift posted 10% revenue-before-fuel growth (year over year) in the first quarter, slightly below our expected run rate due to utilization pressure from unseated tractors. Relative to first-quarter 2020, however, growth across all segments was driven by surging freight demand rooted in heavy retailer restocking, while extremely tight truckload-market capacity is supporting robust spot and contract rate gains across the board, including intermodal.

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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.

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

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