Most analysts expect a strong second quarter from the trucking industry, carried by particularly bright results from less-than-truckload carriers.Confidence in the less-than-truckload segment _ those specialized haulers that don't always load trucks to capacity _ got a boost last month when YRC Worldwide Inc. and Old Dominion Freight Line Inc. pre-announced that quarterly earnings would be better than previously forecast.
YRC Worldwide, the No. 2 carrier in the segment in terms of market capitalization behind Con-Way Inc., said it expects earnings of between $1.49 and $1.54 per share, compared with previous estimates of $1.45 to $1.50. Analysts surveyed by Thomson Financial presently expect $1.54 per share, on average.
Old Dominion, the segment's No. 4 carrier, raised profit expectations to between 50 cents and 52 cents per share from 43 cents to 46 cents. Analysts surveyed by Thomson Financial presently expect quarterly earnings of 51 cents.
"We've heard similar accounts from other companies in the less-than-truckload segment that haven't pre-reported," said David Ross, an analyst with Stifel Nicolaus.
YRC Worldwide and Old Dominion are slated to report on July 24. Continued...
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