Knight-Swift Transportation Holdings Inc (NYSE:KNX) cut its adjusted second-quarter EPS guidance from 62 cents-64 cents to 57 cents-58 cents versus a 61 cent estimate. The company also cut third-quarter guidance from 62 cents-68 cents to 54 cents to 57 cents versus a 62 cent estimate.
The company expects adjusted EPS for the fourth quarter to range from 73 cents to 77 cents.
Knight-Swift cites “oversupply of capacity in the truckload freight market that resulted in greater than expected downward pressure on revenue per loaded mile, excluding fuel surcharge."
Knight-Swift shares traded down 4.54% to $34.26 in Wednesday’s pre-market session. The stock has a 52-week high of $39.12 and a 52-week low of $23.27.
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