Effective July 1, 2023, Knight-Swift Transportation Holdings
Inc. (NYSE: KNX) ("Knight-Swift" or the “Company”) closed on the
previously-announced acquisition of U.S. Xpress Enterprises, Inc.
("U.S. Xpress") following the approval by U.S. Xpress’ shareholders
on June 29, 2023. Upon completion of the transaction, U.S. Xpress
was de-listed from the New York Stock Exchange.
Knight-Swift CEO, Dave Jackson, commented, “We are grateful for
the efforts of so many who worked diligently to bring about such a
significant transaction in the truckload industry. Against the
current backdrop of a particularly difficult business environment,
the chance to add one of the largest brands in our industry, with
significant opportunity to improve earnings, gain customers and
reach more professional drivers, is a compelling part of our plan
to drive higher highs and higher lows across successive truckload
freight cycles. As we have engaged with more of the U.S. Xpress
organization since the announcement, we have even more confidence
that our combined efforts will lead to achievement of the
profitability targets we communicated. Our cross-functional synergy
teams made up of leaders from Knight, Swift, and U.S. Xpress are
off to a great start collaborating on plans to share best
practices, improve operations and leverage economies of scale – and
now they have the green light to fully engage. While the truckload
part of the organization focuses on achieving the goals we have
laid out for U.S. Xpress, our LTL and M&A teams remain focused
on our strategic priority of continuing to build out a nationwide
LTL network.”
Knight-Swift also is providing an update on current market
conditions as management anticipates that consolidated
second-quarter results will be lower than previously expected. This
decline in operating performance is largely driven by the full
truckload market, where persistently soft demand has caused volumes
and pricing to be under greater pressure than originally
anticipated, while costs remain stable on a sequential basis. This
dynamic is expected to drive an estimated 1,100-1,200 basis point
degradation in consolidated operating margins year-over-year for
the quarter. The Company expects to update its annual earnings
guidance to reflect the current operating conditions and outlook as
well as the inclusion of U.S. Xpress for the back half of the year
in conjunction with its scheduled earnings release and presentation
on July 20, 2023.
About U.S. Xpress
U.S. Xpress is based in Chattanooga, Tennessee and generated
approximately $2.2 billion in total operating revenue in 2022 while
serving its blue-chip customer base through a network of
approximately 14 facilities, primarily located across the eastern
United States. U.S. Xpress’ fleet includes approximately 7,200
tractors and 15,000 trailers, including tractors provided by
approximately 900 independent contractors. The company’s highly
skilled workforce includes approximately 7,700 drivers (including
independent contractors), 300 maintenance technicians, and 1,900
non-driver employees.
About Knight-Swift
Knight-Swift Transportation Holdings Inc. is one of North
America's largest and most diversified freight transportation
companies, providing multiple truckload transportation,
less-than-truckload, logistics, and business services to the
shipping and transportation sectors. Knight-Swift uses a nationwide
network of business units and terminals in the United States and
Mexico to serve customers throughout North America. In addition to
operating the country's largest tractor fleet, Knight-Swift also
contracts with third-party equipment providers to provide a broad
range of services to its customers while creating quality driving
jobs for driving associates and successful business opportunities
for independent contractors.
Forward Looking
Statements
This communication contains “forward-looking statements,” within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995 that provides a safe
harbor for forward-looking statements, including statements
relating to the completion of the transaction, all statements that
do not relate solely to historical or current facts, and
expectations, intentions or strategies regarding the future. These
forward-looking statements are generally denoted by the use of
words such as “anticipate,” “believe,” “expect,” “intend,” “aim,”
“target,” “plan,” “continue,” “estimate,” “project,” “may,” “will,”
“should,” “could,” “would,” “predict,” “potential,” “ongoing,”
“goal,” “can,” “seek,” “designed,” “likely,” “foresee,” “forecast,”
“project,” “hope,” “strategy,” “objective,” “mission,” “continue,”
“outlook,” “potential,” “feel,” and similar expressions. However,
the absence of these words or similar expressions does not mean
that a statement is not forward-looking. Statements in this
announcement that are forward looking may include, but are not
limited to, statements regarding the benefits of the proposed
transaction with U.S. Xpress and the associated integration plans,
expected synergies and revenue opportunities, expected branding,
anticipated future operating performance and results of
Knight-Swift, including statements regarding anticipated earnings,
margins, and cash flows. By their nature, all forward-looking
statements are not guarantees of future performance or results and
are subject to risks and uncertainties that are difficult to
predict and/or quantify. Such risks and uncertainties include, but
are not limited to: the risk that there may be unexpected costs,
charges or expenses resulting from the proposed transaction; risks
related to the ability of Knight-Swift to successfully integrate
the businesses and achieve the expected synergies and operating
efficiencies within the expected timeframes or at all and the
possibility that such integration may be more difficult, time
consuming or costly than expected; risks that the transaction
disrupts Knight-Swift’s current plans and operations; risks related
to disruption of each company’s management’s time and attention
from ongoing business operations due to the integration; continued
and sufficient availability of capital and financing; the risk that
the transaction could have an adverse effect on the ability of
Knight-Swift to retain and hire key personnel, to retain customers
and to maintain relationships with its business partners, suppliers
and customers and on its respective operating results and
businesses generally; the risk of pending or future litigation
against the parties to the agreement or their respective directors,
affiliated persons or officers and/or regulatory actions related to
the transaction, including the effects of any outcomes related
thereto; risks related to changes in accounting standards or tax
rates, laws or regulations; risks related to unpredictable and
severe or catastrophic events, including but not limited to acts of
terrorism, war or hostilities (including effects of the conflict in
Ukraine), cyber-attacks, or the impact of the COVID-19 pandemic or
any other pandemic, epidemic or outbreak of an infectious disease
in the United States or worldwide on Knight-Swift’s business,
financial condition and results of operations, as well as the
response thereto by the company; and other business effects,
including the effects of industry, market, economic (including the
effect of inflation), political or regulatory conditions. Also,
Knight-Swift’s actual results may differ materially from those
contemplated by the forward-looking statements for a number of
additional reasons as described in Knight-Swift’s SEC filings,
including those set forth in the Risk Factors section and under any
“Forward-Looking Statements” or similar heading in Knight-Swift’s
most recently filed Annual Report on Form 10-K for the year ended
December 31, 2022, Quarterly Report on Form 10-Q for the quarterly
period ended March 31, 2023, and Current Reports on Form 8-K.
You are cautioned not to place undue reliance on Knight-Swift’s
forward-looking statements. Knight-Swift’s forward-looking
statements are and will be based upon management’s then-current
views and assumptions regarding Knight-Swift’s transaction with
U.S. Xpress, future events and operating performance, and are
applicable only as of the dates of such statements. Knight-Swift
does not assume any duty to update or revise forward-looking
statements, whether as a result of new information, future events,
uncertainties or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230705835211/en/
David Jackson, President and CEO, Adam Miller, CFO, or Brad
Stewart, Investor Relations (602) 606-6349
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