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Schneider National beats by $0.02, beats on revs; guides FY17 EPS in-line :
- Reports Q1 (Mar) earnings of $0.15 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.13; revenues rose 8.4% year/year to $1.01 bln vs the $1 bln Capital IQ Consensus.
- Adjusted enterprise revenue (excluding fuel surcharge) for the three months ended March 31, 2017 was $916.2 million, an increase of $44.2 million, or 5.1%, compared to the three months ended March 31, 2016. Truckload revenue (excluding fuel surcharge) increased 6.4% compared to first quarter 2016 primarily due to the acquisition offset by lower Truckload volume in the dedicated and for-hire standard businesses. Intermodal revenue (excluding fuel surcharge) decreased 2.0% compared to first quarter 2016. Increased Intermodal volume was offset by reduced revenue per order driven by both a soft pricing environment and increased volume in the east and local west which have shorter lengths of haul. Logistics revenue (excluding fuel surcharge) increased 10.3% compared to first quarter 2016 primarily due to growth in the Company's brokerage business.
- Adjusted EBITDA for the three months ended March 31, 2017 was $112.7 million, a decrease of $3.2 million or 2.8%, compared to three months ended March 31, 2016. The impact of the decrease in income from operations was partially offset by increased depreciation which was due to a larger fleet and the acquisition of Watkins & Shepard, and Lodeso. Adjusted EBITDA as a percentage of adjusted enterprise revenue (excluding fuel surcharge) was 12.3% for first quarter 2017 compared to 13.3% for first quarter 2016.
- Co issues in-line guidance for FY17, sees EPS of $0.92-1.02, excluding non-recurring items, vs. $0.94 Capital IQ Consensus Estimate.
- "We anticipate the market pressures of first quarter 2017 to carry into the second quarter..However, we expect improving market conditions in the second half of 2017 driven both by an improving freight market as well as concerns surrounding the impending ELD mandate. Our breadth of service offerings positions us well to succeed as the market tightens. For 2017, we anticipate net capital expenditures to be in the range of $325 million -- $350 million, which includes $100 million for chassis. Gain on sale of property and equipment is anticipated to remain flat year over year. Further, we anticipate adjusted diluted earnings per share of $0.92 -- $1.02, which includes the impact of increased share count from the recent IPO estimated at $0.10 per share."
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