Research Library
Below is our research library, listed in reverse chronological order. Please use the search box to look for research on a specific company or topic, or use the Calendar, Archives, or Sector links at left to browse for research from a specific time period or sector. If you are a Wolfe Trahan client and can not access any of the links in our library, please contact to request our PDF decryption plug-in.The Wolfe Monthly Macro Watch: Mixed Signals of Freight Demand
This monthly report summarizes the most recently available Air, Ocean, Rail & Truck freight statistics. Each month, we track 13 series of domestic and international freight data.
CVTI 2Q Earnings: Step In the Right Direction
CVTI reported ($0.17) EPS loss in 2Q:08, ahead of our ($0.20) est and Cons ($0.33). Arguably the loss was more like ($0.12) on an operating basis adjusting for $0.06 tax benefits not realized, offset by $0.01 lower net interest expense. Rev. grew 6% (18% incl fuel), up from 3.5% in 1Q:08 (9% incl fuel) and the EBIT and EPS losses shrunk by 98% and 79% y/y, following larger EBIT and EPS losses in 1Q:08.
TNT 2Q Earnings: Europe Slows in June – Reducing Estimates Materially
TNT reported a clean 2Q EPS of Euro0.56 ($0.87) vs. Cons. Euro0.61 and our Euro0.60 ($0.94), including modest drags from fx and fuel of about (Euro14M pretax or Euro0.03) combined. Revenue, EBIT and EPS changed +4%, -2% and -7% modestly better than +2%, -12% and -12% y/y in 1Q, but with the benefit of 3 extra operating days y/y in Express during 2Q.
UACL 2Q Earnings: UACL Ekes Out Tough QTR Into Strengthening Flat Bed Pricing and Acquisitions
UACL reported 2Q EPS of $0.29 vs our $0.27 and Cons. $0.30. Reported GAAP EPS of $0.22 included a charge for the write-down of financial sector investments of $0.08. Rev, EBIT, and EPS grew by 12%, 3%, and 0.5% similar to 1Q growth of 7%, 2% and 5%. UACL beat our EBIT estimate by $1M or almost $0.04 with drags below the line from Other Income and modest drags from tax rate and share count.
SAIA 2Q Earnings: Improved Costs and Strong Operating Leverage Generate Solid Upside
SAIA reported EPS 125% above Cons and our low expectations into improved tonnage trends and better cost control. Rev., EBIT and EPS changed +9%, -25% and -30% much improved from 7.5%, -79% and -120% y/y during 1Q.
Friday Freight
This weekly report summarizes the most recent views and research of Wolfe Research. Included are (1) three to five snippets or key takeaways from our team's recent channel checks with traffic managers about their experiences with purchasing, competition, and service from Airfreight and Logistics, Rail, and Truck capacity providers; (2) notices of upcoming industry events; (3) key takeaways from some of our notes from the past week; (4) recent stock performance for our transport universe; (5) updated comparison tables for the airfreight and logistics group, railroads, and trucking; and (6) fuel trends for West Texas Crude Oil, On-highway diesel, Rail diesel, and Jet fuel.
On Track, Week 29 Ending July 19: Volumes Remain Slightly Negative
Total Week 29 vols decreased 0.8% y/y, modestly worse than -0.1% and +0.7% the past 2 weeks. Vols are now down 0.1% QTD, improved from -2.4% in 2Q. Our sense is that the recent relative improvement vs. 2Q has been driven by easing comps, continued strong export/commodity demand and likely still some make-up vols following the Midwest floods.
UNP 2Q Earnings: Strong Quarter-Growing Conviction in Our Above Consensus Estimates
UNP reported 8% above Cons. and the midpoint of its prior pre-report, and a penny above the high end of its original guidance range. Upside was driven by solid but in-line rev. growth and impressive cost control and margin improvement. Rev., EBIT and EPS grew 13%, 18% and 20%, each accelerated from 11%, 10% and 16% during the first quarter.
BNI 2Q Earnings: Operating Leverage to Strong Pricing Lacking Without Volumes
BNI reported continuing 2Q EPS of $1.34, above Cons. of $1.32 and our $1.30, but aided by the removal of a $0.03 personal injury accrual. This also compares with BNI's pre-report of $1.30 and its original target of $1.38-$1.43. Rev., EBIT and EPS grew by 17%, 7% and 11%, decelerated from 17%, 13% and 18% during 1Q.
HUBG 2Q Earnings: Solid Quarter as Business Model Faces Inflection
HUBG posted $0.40, a penny above Cons. and in line with our high-end estimate. Net Rev., EBIT and EPS grew 4%, 9% and 15%, pretty much in line with our estimates of 2%, 9% and 16%. This also compares with 1%, 15% and 22% growth during 1Q. Arguably, a one-time strike cost HUBG almost $0.02 in 2Q.
