The strong close to 2017 — in which freight demand soared, capacity tightened and rates jumped to near record highs — boosted revenue and income for the country’s largest carriers in 2017, according to public earnings reports issued by the companies in recent weeks.
Final earnings reports for the year were a stark departure from the same carriers’ mid-year reports, which mostly reported dips in revenue and income compared to the first half of 2016.
Revenue and income climbed for nearly all of the publicly traded carriers, which also drove gains in their shareholder earnings. See the numbers below. (Note: The carriers’ reports vary in terms of what figures they report. Some report operating income and others report net income. Publicly traded carriers not listed below include Celadon, who’s facing an SEC investigation, and P.A.M. Transportation, whose 2017 earnings report was not available on its website or on the NASDAQ site.)
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Covenant Transportation
Revenue 2017: $705 million 2016: $670.7 million Income 2017: $55.4 million 2016: $16.8 million Diluted earnings per share: 2017: $3.02 2016: 92 cents
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Heartland Express
Revenue 2017: $607.3 million 2016: $612.9 million Income 2017: $75.2 million 2016: $56.4 million Diluted earnings per share: 2017: 90 cents 2016: 68 cents