Corpay, previously Fleetcor Technologies, has reduced its full-year earnings forecast for 2024, citing high interest rates and unfavorable foreign exchange rates, according to CEO Ron Clarke. “Both of these macro factors unfortunately will depress our current rest of year,” Clarke said during a call with analysts Wednesday after the market closed. “Additionally, we’re expecting our…
Norfolk Southern’s management has prevailed in its battle to retain control of the Class 1 railroad, with activist shareholder Ancora Holdings winning only three seats on the board of directors Thursday. The results of the shareholder vote announced at the company’s annual meeting did cost board chair Amy Miles her position, as she was not…
The freight recession has officially dragged on longer than the COVID boom, and brokers are feeling the pinch of chronically suppressed margins. While it is tempting to forgo tech upgrades during a downturn in an attempt to save money, this approach will leave brokers at an even greater disadvantage when the market inevitably turns. High-frequency…
Shares of Forward Air plunged 30% in pre-market trading Thursday following a rough first-quarter report that was issued five hours after Wednesday’s market close. Forward (NASDAQ: FWRD) reported a headline net loss of $88.8 million, or $2.35 per share. Excluding one-off costs from the acquisition and integration of Omni Logistics as well as severance expenses…
Unspecified problems with two used aircraft that recently were converted by Boeing to carry cargo have forced Alaska Airlines to open a new freighter service to Los Angeles with smaller Boeing 737-700s from its existing fleet. The service is designed to streamline Alaska’s supply chain since many of the groceries, household goods and medicine shipped…