Shares of Knight-Swift Transportation Holdings Inc. (KNX) jumped more than 5% on Thursday, Jan. 17, after the company announced updated earnings guidance on the back of both increases in general operating revenue as well as cost savings.
Knight-Swift shares rose 8.7%%, to $31.70 by the close of trading on the New York Stock Exchange. Shares rose as high as $31.05 earlier in the session.
The company said in a statement that it now expects adjusted per-share earnings for the fourth quarter of 2018 will come in between 91 cents and 93 cents, up from a range of 71 cents to 75 cents it had previously anticipated.
For the first quarter of 2019, it now expects adjusted per-share earnings of between 52 cents and 55 cents, up from 50 cents to 54 cents. For the second quarter, it anticipates adjusted earnings per share in the range of 62 cents and 66 cents a share.
The updates "are based on several factors that positively affected earnings across the company's reportable segments, including increases in revenue per loaded mile, excluding fuel surcharge, improved safety results, lower fuel costs, and meaningful improvements in the adjusted operating ratios across the Swift reportable segments," the company said.
Knight-Swift is a provider of multiple truckload transportation and logistics services using a nationwide network of business units and terminals in the U.S. and Mexico to serve customers throughout North America.