Schneider National announced on Wednesday that it missed third-quarter earnings expectations and subsequently lowered its full-year 2024 guidance. The company reported adjusted earnings per share (EPS) of 18 cents, which was 5 cents below the consensus estimate and 2 cents lower than the third quarter of 2023. Schneider attributed these results to several factors, including lower gains on equipment sales and equity investments, which acted as a 4-cent year-over-year headwind. Additionally, elevated insurance costs, stemming from higher premiums and settlement expenses, contributed another 4-cent year-over-year drag.

In response to the quarterly performance, Schneider (NYSE: SNDR) revised its full-year adjusted EPS guidance downwards to a range of 66 to 72 cents, a significant reduction from its previous forecast of 80 to 90 cents. The consensus estimate for 2024 had stood at 82 cents prior to the earnings release.

"We expect modest improvement in the fourth quarter over a year ago driven by continued stabilization across most of our businesses and improved seasonality, as we continue to position the enterprise for a more sustained market recovery," stated CFO Darrell Campbell in a news release on Wednesday.

Key performance indicators for Schneider showed consistent results across all segments during the quarter. Truckload revenue amounted to $532 million, a slight decrease of 0.6% year-over-year. This was primarily due to a 2.6% decline in average trucks in service, which was partially offset by a 1.6% increase in revenue per truck per week (excluding fuel surcharges). Within the truckload segment, Schneider's dedicated unit experienced a 4% increase in truck count, while the network (one-way) fleet saw a 12% year-over-year decline.

The company noted that one-way contract pricing has remained positive throughout the year, with contract rate renewals reaching their highest level since the first quarter.