The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). We'll look at Schneider...

The outlook from management teams of several truckload (TL) and transportation companies participating virtually in the Bank of America Transportation and Industrials Conference this week hasn't changed dramatically from their earnings reports a couple of weeks ago. However, sentiment is improving slightly as more of the economy is poised to come back online.Thoughts on the overall market John Kuhlow, interim CFO at J.B. Hunt Transport Services (NASDAQ: JBHT), said some "uncertainty remains," but their strategy and expectations haven't changed. Through the pandemic, the company has seen higher TL volumes year-over-year due to the market's acceptance of its trailer pool service, 360box, but dedicated loads have flattened sequentially since the first quarter when they would normally see a sequential increase. The implication is that dedicated volumes will be lower year-over-year in the second quarter.Werner Enterprises (NASDAQ: WERN) CEO Derek Leathers said the past six weeks have been "bumpy," referring to the dislocation in the supply chain caused by surges in demand from "essential" businesses while shippers in "nonessential" segments have seen a dramatic fall-off. The wild fluctuations have created equipment imbalances in some geographies for the carrier.Outbound Tender Volume Index (USA) – SONAR: OTVI.USAU.S. Xpress (NYSE: USX) CEO Eric Fuller said volumes were consistent through April and into May. Ninety-six percent of the carrier's clients were deemed "essential" and have remained open through the lockdown as many of them provide consumer products serving grocery, discount retail and home improvement stores. The latest week was the carrier's highest revenue week of the year, which in other years would be viewed as in line with the traditional seasonal ramp-up in demand heading into the strongest month of the year, June.Given the drastic volume declines experienced by the trucking sector due to shutdowns in the automotive, big box retail and restaurant sectors, U.S. Xpress' recent volume performance is impressive. However, the carrier has made tractor utilization the priority as revenue per tractor per week was still lower year-over-year during the 2020 first quarter even with the improvement in miles per tractor.Insight into a recovery Werner's dedicated business is heavily tied to discount stores, which remained open. While volumes slowed in April, following a mid-March surge as shelter-in-place mandates spread, the carrier is seeing signs of improvement as a phased reopening is nearing. Leathers believes that the rebound is near, but the second quarter will be tough. He believes carrier failures and continued firmness in TL fundamentals through the back half of the year will present a market that is "considerably better than it has been in a long time."Kuhlow said they are "seeing some encouraging signs and remain optimistic, but that it's still too early to tell. Shelley Simpson, J.B. Hunt's chief commercial officer and head of highway services, said their customers are still making plans around the reopening, noting that "nonessential" customers still have four to seven weeks of inventory that will need to bleed off before shipments increase while "essential" customers are behind on their inventories and will need to catch up.J.B. Hunt's head of dedicated and final mile, Nick Hobbs, said he is seeing "sprouts of green," but retailers will need to move stagnant inventory at deep discounts to get volumes flowing in and out of distribution centers again.Mark Rourke, CEO at Schneider National (NYSE: SNDR), said that entering the COVID-19 downturn they expected the second quarter to be the most difficult of the year, with May being the worst month. He said there has been a bit of a "curl" in activity with positive signs of a potential restart coming from its customers deemed nonessential. He said that when adding next week's automotive manufacturing restart along with produce season, April may prove to be the trough of the downturn.Rates not inflecting positively yet On rates, Fuller said there is still a "quite a bit of pressure" on spot market rates. He said the freight market is improving but noted that a good deal of supply still needs to be purged before rates move higher. Fuller believes recent stimulus payments are acting to prop up some companies that wouldn't have made it otherwise, potentially keeping carrier bankruptcies from being as extreme as they could have been. He said the companies that were teetering before the downturn are still likely to fail, just later than they would have without stimulus. Fuller still expects supply to "rationalize" later in the year and into 2021.Fuller believes that spot rates have hit a floor and won't move materially lower. He noted that rates are already below breakeven levels for some carriers as they don't cover the variable costs associated with moving the load. He doesn't believe spot rates are poised to run higher anytime soon, but said that it only takes a couple of percentage points change in supply or demand to move spot rates 20% to 30%.DAT Longhaul Van Freight Rate (National) – SONAR: DATVF.VNULeathers said spot rates are running 20% to 30% below operating costs for many carriers. Werner currently has more spot exposure than it would like given the lack of backhaul opportunities in some of the busiest markets. As the year progresses, he sees upside to the company's first-half 2020 rate guidance calling for a 5% to 7% decline in revenue per total mile in its one-way segment. He said tractors are being idled and more bankruptcies are likely as spot rates remain depressed and operating costs remain high, specifically referring to spikes in insurance and claims expense.Leathers, too, believes that some carriers have been propped up by government stimulus payments and declining diesel prices but notes that this is only a short-term fix as many of them were on the brink of failure prior to the pandemic. He sees an economic resumption and truck capacity leaving the market as catalysts for "meaningfully" improved spot rates by year end.Rourke said Schneider National has seen a "hardening" in spot rates in the past week after moving lower in April. He believes that rates are "starting to curl" using a line graph analogy. He cited low new-truck builds and higher insurance costs along with a flight to quality from shippers as reasons for capacity exiting and rates eventually climbing.Simpson said spot rates "hit bottom three weeks ago or so and have bounced off of that bottom just slightly" across the one-way portion of J.B. Hunt's network including intermodal, truckload and brokerage. She said spot volumes are "still anemic," but price has improved off of a "fairly low base."Intermodal remains subdued Given headwinds like excess truck capacity that is weighing on spot rates, very low diesel fuel prices and a Chinese restart that hasn't resulted in containers hitting U.S. ports materially, the cost gaps between truck and intermodal has narrowed. As such, intermodal demand is in decline.Total Intermodal Containers (USA) – SONAR: RTOIC.USASimpson said normal seasonal intermodal project shipments haven't materialized and that J.B. Hunt may not see them this year. She said continued pressure from truck is weighing on results in the company's Eastern network. The company didn't provide an update on contractual negotiations through bid season but stated that the long-term operating margin guidance of 11% to 13% still stands.Schneider National reported year-over-year intermodal declines in the upper teens during April. Rourke said there has been sequential improvement in demand in recent weeks, but the declines are still in the mid-teen range year-over-year. They expect the intermodal environment to remain difficult throughout the entire quarter as intermodal loads like specialty retail were deemed nonessential and inbound traffic from Asia remains soft.Once the shutdowns began in China, Rourke said that the company pivoted its intermodal franchise to capture more share in the East and Mexico. Those volumes were up 20% year-over-year during the first quarter, allowing the company to grow intermodal market share in the quarter. Rourke expects the company's growth to continue to outpace the industry for the remainder of the year.Werner has seen some intermodal freight migrate to truck, but Leathers believes that some of it will fluctuate back to rail over time as some of these catalysts reverse.See more from Benzinga * Matternet Readies Cargo Drone For FAA tests * Avianca Receives Preliminary OK For Chapter 11 Bankruptcy * Today's Pickup: How A Canadian Carrier Recession-Proofed Its Business(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Schneider has collaborated with Blue Yonder to deliver a new carrier marketplace within the Blue Yonder transportation management solution.

Schneider National, Inc., a leading transportation and logistics services company, today announced results for the three months ended March 31, 2020.

We hate to say this but, we told you so. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW and predicted a US recession when the S&P 500 Index was trading at the 3150 level. We also told you to short the market and buy […]

Schneider joins forces with Overhaul to deliver greater freight visibility options and advanced security within the freight brokerage segment.

Schneider National, Inc. (NYSE: SNDR) reported adjusted earnings per share of $0.24, well ahead of the consensus forecast of $0.19.Total revenue declined 6.3% year-over-year to $1.12 billion. The bulk of the revenue decline was attributed to the closure of its First to Final Mile (FTFM) offering and the loss of a large customer in the company's import/export segment.The truckload (TL) segment reported an 11.7% year-over-year decline in revenue largely due to a similar decline in average trucks in service due to the closure of FTFM. Revenue per truck per week was 1.3% lower at $3.559. The division's operating ratio improved 340 basis points to 92.2% even with a $7.6 million decline in gains on equipment sales compared to the prior year. Schneider lost $4.8 million on the disposal of equipment in the quarter. However, the closure of FTFM presented a tailwind during the first quarter of 2020 as that division operated at a $12.1 million loss in the comparable period of 2019.Management still expects the second quarter to be the worst of the COVID-19-related downturn, with steady improvement occurring in the back-half of the year. Schneider's TL volumes are down upper single-digit percentages in late April, with intermodal volumes down in the upper teens.Commenting on current trends, Schneider CEO and President Mark Rourke said, "while there is still much to play out, we are starting to see encouraging signs that some impacted customers and suppliers are in the process of reopening or ramping up their operations."View more earnings on SNDRSchneider has suspended its 2020 earnings guidance given the "uncertainty regarding the timing and pace of recovery."Shares of SNDR are down a little more than 1.5% in early trading.The company will host a conference call to discuss these results with analysts and investors today at 10:30 a.m. EDT.Key Performance Indicators – Schneider NationalSee more from Benzinga * UBS Sees April, May Freight 'Falloff' * Trucking Stocks Are Doing About As Miserable As The Broader Stock Market(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

On its first quarter 2020 earnings conference call, truckload (TL) carrier Schneider National, Inc. (NYSE: SNDR) management team said they expect the second quarter to be the trough of the COVID-19-related downturn. They said that billed miles in its TL division are down in the upper single-digit percentage range currently.Management expects the current softness to continue into mid- to late May until businesses deemed "nonessential" are able to come back online, likely leading to recovery in June. In the carrier's press release CEO and President Mark Rourke stated, "while there is still much to play out, we are starting to see encouraging signs that some impacted customers and suppliers are in the process of reopening or ramping up their operations."The company's intermodal unit is faring a little worse as import volumes from Asia have receded. Intermodal volumes were down in the upper teens as April closed, but management noted that demand appears to have plateaued and that volumes appear to be "rebuilding."  Contractual renewals have been delayed somewhat. Management said that they are seeing awards in TL come in with share gains of 5% to 8% with slightly lower pricing. The share gains in intermodal have been a little better than in trucking, but pricing has been slightly lower as well.The Green Bay, Wisconsin-based company withdrew its full-year 2020 earnings guidance of $1.25 to $1.35 per share due to uncertainty around the timing of a recovery.First Quarter 2020 Schneider reported adjusted earnings per share of $0.24, well ahead of the consensus forecast of $0.19.Total revenue declined 6.3% year-over-year to $1.12 billion. The revenue decline was largely due to the closure of its First to Final Mile (FTFM) unit and the loss of a large customer in the company's import/export segment. Key Performance Indicators – Schneider NationalView more earnings on SNDRThe TL division reported an 11.7% year-over-year decline in revenue to $469 million as average trucks in service declined by a similar amount due to the closure of FTFM. Lower pricing was also noted as a headwind. Revenue per truck per week was 1.3% lower at $3.559.The company's TL operating ratio (OR) improved 340 basis points to 92.2%. The first quarter result included a $7.6 million year-over-year decline in gains on equipment sales as used truck prices have declined significantly compared to the prior year period. Schneider booked $4.8 million in losses and impairments on the disposal of equipment. The closure of FTFM was a tailwind as that division operated at a $12.1 million loss in first quarter 2019.Intermodal revenue was flat year-over-year at $238 million as volumes improved 3% and revenue per load was down 4%. Schneider continues to take market share in a declining intermodal market. U.S. container volumes on the Class I railroads were 7% lower year-over-year in the first quarter. Schneider's rail partner in the West, BNSF Railway—Berkshire Hathaway Inc. (NYSE: BRK-A)—reported a 5.9% decline, while its rail partner in the East, CSX Corporation (NASDAQ: CSX), reported a modest 0.4% improvement.The decline in revenue per order was attributed to an increase in freight mix to favor the East, which has shorter lengths of haul. Higher rail purchased transportation costs weighed on the division's 93.2% OR, 160 basis points worse year-over-year.Logistics revenue declined slightly, but the division's OR backed up 240 basis points to 98.2%. "Continued brokerage net revenue compression," as brokerage competition remains fierce and providers are forced to pay up when the market tightens and rates increase to honor contractual commitments, were the culprits.The carrier ended the quarter with more than $1 billion in liquidity ($650 million in cash and investments, as well as $376 million in available credit capacity) compared to only $327 million in debt. Net capital expenditures (capex) expectations were lowerded to $260 million from original guidance of $310 million. The carrier plans to maintain equipment replacements, but will trim some discretionary projects. Schneider recorded net capex of $307 million in 2019 and $332 million in 2018.Shares of SNDR are off 1% in midday trading.See more from Benzinga * Schneider Bests Analyst Forecasts, Current Volumes Move Lower * UBS Sees April, May Freight 'Falloff' * Trucking Stocks Are Doing About As Miserable As The Broader Stock Market(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Schneider earned the 2020 CIO 100 Award for Innovation for its leadership in utilizing technology to enhance business processes.

Schneider announced that its Board of Directors declared a quarterly cash dividend of $0.065 per share on its Class A and Class B common stock.

Joining me on the call today are Mark Rourke, president and chief executive officer; and Steve Bruffett, executive vice president and chief financial officer. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from current expectations.

Schneider National, Inc. (NYSE:SNDR), which is in the transportation business, and is based in United States, received...

Schneider announced its successful recertification with the American Chemistry Council’s (ACC) Responsible Care Management System®.

Schneider National (SNDR) delivered earnings and revenue surprises of 26.32% and -0.01%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

Schneider National, Inc. announced it will report its first quarter 2020 results pre-market on Thursday, April 30, 2020.

Schneider National, Inc. announced participation in the Bank of America Transportation and Industrials Conference on Tuesday, May 12, 2020.

Schneider continues to optimize its customers' networks and save costs within their supply chains.

Schneider National (SNDR) 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.

Lower volumes as well as fuel surcharge revenues and COVID-19 led issues hurt Schneider's (SNDR) first-quarter performance. Nevertheless, higher operating income is a positive.

Schneider has improved the carrier experience by adding capabilities from TriumphPay and Transflo.