Knightswift Transportation Holdings Inc. (KNX) 10-K Annual Report Thu Feb 28 2019

Knight-Swift Transportation Holdings Inc. (NYSE: KNX) ("Knight-Swift"), North America's largest truckload transportation company, today reported fourth quarter 2018 net income attributable to Knight-Swift of $151.7 million and Adjusted Net Income Attributable to Knight-Swift of $162.9 million. Our GAAP earnings per diluted share were $0.86 for the fourth quarter of 2018, compared to $2.50 for the fourth quarter of 2017. Included in the fourth quarter 2017 results was an income tax benefit of $364.2 million (or $2.03 per diluted share), representing management's estimate of the net impact of the Tax Cuts and Jobs Act enacted during that quarter.

Our Adjusted EPS was $0.93 for the fourth quarter of 2018, compared to $0.52 for the fourth quarter of 2017.

Key Financial Highlights

We are pleased with our fourth quarter 2018 results and the progress made across all of our reportable segments. Our trucking segments, which include Knight Trucking, Swift Truckload, Swift Dedicated, and Swift Refrigerated, operated on a combined basis at an 80.9% Adjusted Operating Ratio. Swift's average operational tractor count remained stable during the fourth quarter at 14,737. The Swift Truckload segment's profitability significantly improved, achieving a 75.9% Adjusted Operating Ratio, while Swift's other reportable segments also achieved meaningful improvement on a year-over-year basis. The Knight Trucking segment continued to operate efficiently with an Adjusted Operating Ratio of 78.1%. Our asset-light businesses, which include Knight Brokerage, Knight Intermodal, Swift Logistics, and Swift Intermodal, together operated at an 89.3% Adjusted Operating Ratio during the fourth quarter of 2018.



	Quarter Ended December 31, ⁽¹⁾
	2018		2017		Change
	(Dollars in thousands, except per share data)
Total revenue	$	1,394,640	$	1,359,420	2.6	%
Revenue, excluding fuel surcharge	$	1,242,625	$	1,218,188	2.0	%
Operating income	$	206,777	$	143,771	43.8	%
Adjusted Operating Income ⁽²⁾	$	221,658	$	156,112	42.0	%
Net income attributable to Knight-Swift	$	151,696	$	447,564	(66.1	)%
Adjusted Net Income Attributable to Knight-Swift⁽²⁾	$	162,856	$	94,002	73.2	%
Earnings per diluted share	$	0.86	$	2.50	(65.6	)%
Adjusted EPS⁽²⁾	$	0.93	$	0.52	78.8	%

_________________


(1)	For information regarding comparability of the reported results due to mergers and acquisitions, refer to footnote (1) of the Condensed Consolidated Income Statements (Unaudited), in the schedules following this release.


(2)	See GAAP to non-GAAP reconciliation in the schedules following this release.

Dividend — The company previously announced a quarterly cash dividend of $0.06 per share to stockholders of record on December 3, 2018, which was paid on December 27, 2018.

Revenue — Total revenue increased 2.6% for the fourth quarter of 2018 from the fourth quarter of 2017. Revenue, excluding fuel surcharge, increased 2.0% for the fourth quarter of 2018 from the fourth quarter of 2017. The year-over-year increase was largely driven by improvements in average revenue per tractor and growth in our asset-light businesses.

The following information was filed by Knightswift Transportation Holdings Inc. (KNX) on Tuesday, January 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Knightswift Transportation Holdings Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.25: Material Contract

Exhibit 10.26: Material Contract

Exhibit 10.38: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: KNX
CIK: 1492691
Form Type: 10-K Annual Report
Accession Number: 0001492691-19-000012
Submitted to the SEC: Thu Feb 28 2019 11:28:00 AM EST
Accepted by the SEC: Thu Feb 28 2019
Period: Monday, December 31, 2018
Industry: Trucking No Local

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Knightswift Transportation Holdings Inc. (KNX) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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