Schneider National announces full year and Q4 2021 results

Schneider

In its Q4 report, Schneider announced 2021 earnings totalling $532.7m, up 86% y-o-y. This was an earnings record according to the company. On December 31, 2021, the company also acquired 100% of the equity interest in Midwest Logistics Systems, a dedicated carrier in the central United States. With the acquisition of MLS, it believes to be on track to generate $1bn in dedicated revenues.

The company also reported its Q4 2021 results, with total revenues up 21% y-o-y when excluding fuel charges and income from operations for the same period up 69% to $178m.

Truckload

Truckload revenues (excluding fuel surcharge) for Q4 2021 were $523.6m, an increase of 11% compared to the same quarter in 2020. Schneider believes this increase is primarily due to effective revenue and network management and new dedicated business, partially offset by a lower Truckload network fleet count and a decrease in miles per tractor due to industry-wide capacity and supply chain constraints. Truckload revenue per truck per week was $4,521, an increase of 18% compared to the same quarter in 2020.

Intermodal

Intermodal revenues (excluding fuel surcharge) for the fourth quarter of 2021 were $317.6m, an increase of $48.3m, or 18%, compared to the same quarter in 2020 primarily due to increased revenue per order. Revenue per order was $2,772, a 20% improvement compared to the fourth quarter of 2020. The Company grew its container fleet by 3,300 units, or 15%, in 2021 to end the year with over 25,000 containers.

Logistics

Logistics revenues (excluding fuel surcharge) for the fourth quarter of 2021 were $547.5m, an increase of $173.1m, or 46%, compared to the same quarter in 2020. Schneider states the increase was in part due to the growth of the Schneider FreightPower platform and its agility in a dislocated freight market. Brokerage volumes grew 23% year over year.

Looking ahead, Mark Rourke, Chief Executive Officer and President of Schneider, commented: “In 2022, we anticipate continued excess demand conditions with gradual supply chain improvement as the year progresses. We expect continued capital allocation toward both organic and inorganic growth opportunities to further differentiate our platform. We also will continue to invest in our drivers and technology, reduce our tractor age of fleet, and support our strategic initiatives to grow dedicated, intermodal, and logistics. We expect a full-year effective tax rate of approximately 25%, and our net capital expenditures guidance for full year 2022 is approximately $450m.”

Source: Schneider