All right. Thanks, Jason, and good morning, everyone. To answer the first question, the lower consolidated rate improvements were actually a result of business mix and in economic environment that was less robust than we had originally anticipated.
As we mentioned in the letter, we achieved rate improvements of 3.3% in the over-the-road linehaul service and we also lowered our guidance to 3%, 3.5% now that we had two quarters of actual results under our belt and have better perspective on the trends, as well as the mix impact of growing our dedicated service offering for the remainder of the year and the decline in dedicated rates was also a result in a change of business mix within the dedicated service offering.
Jason BatesCan you provide some color on how rates trended throughout the second quarter on a monthly basis?Richard StockingYeah. Well, again, we don’t disclose the monthly details behind our rate per mile. I can’t say that the trend was positive and that it built throughout the quarter and we will continue to work on that momentum for the remainder of the year.Jason BatesWhat is your view on spot pricing? Are there any regions that pricing has been weaker or stronger?Richard StockingYeah. As we’ve stated in the past, we really don’t participate very much in the spot market. However, we do provide a service to our customers that’s more in line with repositioning, which we actually charge extra to reposition those trucks.And we have seen that market remain relatively consistent on a year-over-year basis and we strongly believe that the repositioning need that our customers have will continue in the third and fourth quarter as it did last year.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV