Trucking companies set revenue records
Summary
The year 2021 should go down in history books as a massive one for the trucking and logistics industry, as a majority of the companies on this list reported some type of record for revenue or income despite a challenging environment marked by labor and equipment shortages as well as regulatory uncertainty. “Our asset-based segments, Expedited and Dedicated, contributed approximately 58% of total revenue in the quarter and performed well in an environment characterized by strong freight demand, an extremely competitive driver market, workforce volatility due to COVID-19, and rising costs. Our Expedited segment grew revenue and produced adjusted margins similar to the fourth quarter last year, with improved pricing and utilization overcoming significant driver pay increases and a smaller available fleet. Our Dedicated segment improved year-over-year and sequentially by producing higher revenue and better margins, progress needed to meet our targeted returns," Covenant Chairman and Chief Executive Officer, David R. Parker, continued. The company projected its dedicated revenues would reach $1 billion in 2022 after it acquired Midwest Logistics Systems, Ltd. “As we look ahead, we anticipate that the supply and demand conditions experienced in 2021 will extend well into 2022,” Mark Rourke, Chief Executive Officer and President of Schneider commented.