Companies in the news are: ETON, SDC, RRTS, BKYI
We are still in an overall bull market and many stocks that smart money investors were piling into surged through November 22nd. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 52% and 49% respectively. Hedge funds' top 3 stock picks returned 39.1% this year and beat the S&P […]
Roadrunner Transportation Systems, Inc. (NYSE: RRTS) announced that it has sold its flatbed unit, which operates as D&E Transport based in Clearwater, Minnesota. The transportation and asset-light logistics service provider said that the sale of the unit for $30 million in cash was part of its ongoing restructuring plan aimed at focusing on core, less capital-intensive offerings like logistics and asset-light less-than-truckload (LTL) services. "The divestiture of the Flatbed business unit is another step forward in our strategy to simplify our portfolio by focusing on our value-added logistics and asset-light LTL segments," said Roadrunner's CEO Curt Stoelting.
Roadrunner (RRTS) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Roadrunner Announces Sale of Stagecoach Cartage and Distribution
Roadrunner Closes on the Sale of its Prime Distribution Services Business to C.H. Robinson
Roadrunner Freight, a business unit of Roadrunner Transportation Systems, Inc. ("Roadrunner" or the "company") (NYSE: RRTS), has digitized the paper bill of lading process through advanced API connectivity, providing a solution to a common obstacle for Less-Than-Truckload (LTL) shippers. This new integration will enable customers to electronically submit shipping documents and improve the quality of data throughout the pickup request process.
Roadrunner Transportation Systems could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front.
Roadrunner (RRTS) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Roadrunner (RRTS) delivered earnings and revenue surprises of -280.00% and -6.59%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
Roadrunner Transportation Systems Reports 2019 Results
Advancing the transformation to an asset-light business model, Roadrunner Transportation Systems Inc. (NYSE: RRTS) announced that it has sold dry van business segment Stagecoach Cartage and Distribution LLC.Founded in 1986 and based in El Paso, Texas, Stagecoach provides over-the-road, local cartage and warehouse services to the "bulk resin and general freight markets." Stagecoach has 149 power units and 191 drivers, according to the Federal Motor Carrier Safety Administration's SAFER system.Stagecoach Cartage was the first motor carrier permitted access into Mexico under the North American Free Trade Agreement in 2006. The company was acquired by Roadrunner in 2015, reporting financial results through Roadrunner's truckload (TL) segment.Santa Teresa, New Mexico-based third-party logistics (3PL) provider J.H. Rose Logistics LLC purchased Stagecoach.Terms of the transaction were not disclosed.In 2019, Roadrunner narrowed its focus, choosing to pursue asset-light offerings as a means of lowering its capital needs and ending several quarters of significant financial losses. As the restructuring has progressed, the company continues to book losses from a generally weak operating environment, expenses incurred from asset and acquisition write-downs and the costs associated with reorganizing the company.In less than a year, Roadrunner has divested several business units, raising more than $300 million in the process. The bulk of which has been used to lower debt and lease obligations.In September, Roadrunner cut its dry van operations (Rich Logistics) by more than half, resulting in 450 layoffs and the closure of five terminals. In November, it sold its intermodal business (700 power units and 23 terminal locations) to Universal Logistics Holdings Inc. (NASDAQ: ULH) for approximately $51 million in cash.In December, the company divested its flatbed unit for $30 million in cash and in late January of this year, Roadrunner sold its Prime Distribution Services unit to C.H. Robinson Worldwide (NASDAQ: CHRW) for $225 million in cash."The divestiture of our Stagecoach business unit is another step forward in our strategy to simplify our portfolio by focusing on our value-added logistics and asset-light LTL segments," said Roadrunner CEO Curt Stoelting.On Thursday, the company announced that it plans to voluntarily delist from the New York Stock Exchange and deregister from reporting requirements with the U.S. Securities and Exchange Commission.Since that announcement, shares of RRTS have fallen by more than 60%, closing at $2.51 per share Wednesday afternoon.Shares of RRTS are expected to cease trading on the NYSE around April 17. Shares of Roadrunner's stock will continue to trade in the over-the-counter markets.See more from Benzinga * No COVID-19 Found On CMA CGM Marco Polo * Ocean Shipping Services Continue To Deteriorate * Airlines Feel Pressure To Maintain Minimum Level Of Domestic Service(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
If you own shares in Roadrunner Transportation Systems, Inc. (NYSE:RRTS) then it's worth thinking about how it...
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Prime Distribution Services had $108.7 million in revenue in its most recent fiscal year and works with about 140 different customers.
Roadrunner Freight, a business unit of Roadrunner Transportation Systems, Inc. ("Roadrunner" or the "company") (NYSE: RRTS), has announced significant lane enhancements resulting in the reduction of transit times in 322 lanes across 29 major markets. The transit time improvements impact roughly 36 percent of the Roadrunner Freight network. In addition, as a direct result of network enhancements and weekend linehaul operations, shipments picked up on Thursdays and Fridays will deliver one to three days faster than before.
Roadrunner Transportation Systems, Inc. (NYSE:RRTS), which is in the transportation business, and is based in United...
Roadrunner Transportation will be able to take a significant step in improving its balance sheet following its agreement to sell its Prime Distribution Services business to C.H. Robinson Worldwide (NASDAQ: CHRW). The sale of Prime Distribution, which is part of Roadrunner's Ascent division, will be for $225 million in cash. At the end of the third quarter, according to Roadrunner's (NYSE: RRTS) 10-Q report filed with the SEC, the company had just $5.8 million in cash, down from $11.2 million at the end of 2018's third quarter.
Roadrunner Transportation Systems Inc. (NYSE: RRTS) announced that its president and chief operating officer, Michael L. Gettle, is leaving the company. The transportation and asset-light logistics service provider said Gettle will remain with the company over the next few months to assist with the transition of his duties. Mike joined Roadrunner in 2016 and immediately had a positive impact on integrating our operations, establishing improved metrics and accountability and successfully guiding the company during some challenging times.