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Schneider Lags on Q3 Earnings & Revenues, Cuts '24 EPS Outlook
SNDRSchneider National(SNDR) ZACKS·2024-11-06 19:30

Core Insights - Schneider National, Inc. reported disappointing third-quarter 2024 results, with earnings per share (EPS) of 18 cents missing the Zacks Consensus Estimate of 23 cents and declining 10% year-over-year [1][2] - Operating revenues of 1.31billionfellshortoftheZacksConsensusEstimateof1.31 billion fell short of the Zacks Consensus Estimate of 1.33 billion and decreased 2.6% year-over-year [2] Financial Performance - Adjusted operating income decreased 7% year-over-year to 44.3million,withanadjustedoperatingratioof96.244.3 million, with an adjusted operating ratio of 96.2%, down 20 basis points from the prior year [2] - Truckload revenues (excluding fuel surcharge) were 532.2 million, down 1% year-over-year, while truckload revenues per truck per week increased by 2% to 3,971[3][4]−Intermodalrevenues(excludingfuelsurcharge)increasedby13,971 [3][4] - Intermodal revenues (excluding fuel surcharge) increased by 1% year-over-year to 264.7 million, with income from operations rising 41% to 15.7million[4][5]−Logisticsrevenues(excludingfuelsurcharge)fell415.7 million [4][5] - Logistics revenues (excluding fuel surcharge) fell 4% year-over-year to 313.7 million, with income from operations decreasing 11% to 7.6million[5][6]LiquidityandCashFlow−Asoftheendofthethirdquarter,thecompanyhadcashandcashequivalentsof7.6 million [5][6] Liquidity and Cash Flow - As of the end of the third quarter, the company had cash and cash equivalents of 179 million, up from 103.2millioninthepriorquarter,andlong−termdebtof103.2 million in the prior quarter, and long-term debt of 124.7 million [7] - Cash generated from operations was 206.4million,withfreecashflowat206.4 million, with free cash flow at 113.4 million and net capital expenditure of 93million[7]ShareholderReturns−Thecompanyrepurchased3.8millionClassBsharesfor93 million [7] Shareholder Returns - The company repurchased 3.8 million Class B shares for 95.5 million and returned 49.9millionindividendstoshareholderssincethestartoftheyear[8]2024Outlook−SchneideranticipatesadjustedEPSfor2024tobebetween66−72cents,downfromapriorestimateof80−90cents,withtheZacksConsensusEstimateat83cents[9]−Expectednetcapitalexpenditurefor2024is49.9 million in dividends to shareholders since the start of the year [8] 2024 Outlook - Schneider anticipates adjusted EPS for 2024 to be between 66-72 cents, down from a prior estimate of 80-90 cents, with the Zacks Consensus Estimate at 83 cents [9] - Expected net capital expenditure for 2024 is 330 million, revised from a previous range of $300-350 million [9]