Knight-Swift Transportation Holdings shares recovered Friday after what was initially perceived as disappointing second-quarter results posted after the close Thursday.
The motor carrier company reported $1.55 billion in revenue, 20% less year-over-year and below Street expectations of $1.6 billion, and adjusted earnings of $0.49 per share, missing projections of $0.55 per share.
Revenue from its truckload segment totaled $829.4 million, down 15.5% from a year earlier.
Knight-Swift also shrank its full-year earnings guidance to a range lower than what analysts had predicted, which the company attributed to lower demand and an increase in driver turnover, both of which hurt volume.
For 2023, the company now expects adjusted earnings between $2.10 and $2.30 per share, compared to its previous estimate of $3.35 to $3.55 per share.
Its stock tumbled 3% after hours on Thursday but has since swung to a gain of 0.4% Friday afternoon to $56.07.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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