The US freight recession keeps getting deeper [Business Insider]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: Business Insider
The firm is a bellwether for the freight industry, which has been mired in a post-pandemic recession. A leading freight company is seeing its stock tank after weak trucking volumes led to a first-quarter earnings miss on both profit and sales. JB Hunt shares slid as much as 13% on Wednesday after the company posted a profit of $127.5 million, which was $70.3 million less than it earned in the same period last year. Meanwhile, revenue missed forecasts of $3.11 billion, and instead slumped 9% to $2.94 billion. The bellwether firm's difficulties are not a good look for the broader freight market, which has been toiling through an extensive slowdown since the pandemic years. Driving the contraction are weak sales and an overload of trucks. "Demand remains weak and we're not seeing a breakout, and that's exemplified with what's going on with spot pricing in the market, where pricing is remaining at really historically low levels," Ken Hoexter, Bank of America's senior transportati
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