Given the way analysts feel about Schneider National right now, this huge implied volatility could mean there's a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected. Implied volatility shows how much movement the market is expecting in the future. Options ...

文章核心观点 - 公司正面临行业性的运输衰退,但预计情况将逐步好转[7][8] - 公司2024年一季度业绩表现不佳,营收和利润均低于预期[4] - 公司下调了全年业绩指引,分析师也相应下调了盈利预测[9][10] - 公司股价在2024年有所下跌,但仍维持股票回购和派息政策[11][13][14][15] 公司概况 - 公司是一家多式联运的运输和物流服务提供商,拥有89年历史,业务范围广泛[2][3] 业务表现 - 卡车运输业务收入小幅增长[5] - 铁路联运业务收入下降7%[5] - 物流业务收入下降15%,主要受到疲弱的货运市场影响[6] 行业展望 - 公司认为行业衰退接近尾声,但复苏时间可能推迟[8] - 分析师预计2025年公司盈利将大幅反弹[10]

财务数据和关键指标变化 - 公司第一季度调整后营业利润下降74%,每股调整后收益从0.55美元下降至0.11美元,主要是由于设备销售收益减少和设备相关成本上升 [1][2][3] - 公司资产负债表保持稳健,第一季度经营现金流为9800万美元,净债务杠杆率为0.4倍 [3][4] 各条业务线数据和关键指标变化 - 卡车运输业务收入保持平稳,但利润下降,主要受网络业务价格和运量压力影响 [2][3] - 专用车队业务收入和效率保持稳定,是公司业务的支柱 [2][3] - 铁路运输业务收入下降7%,利润下降,主要受收费下降和空车调运成本上升影响 [2][3] - 物流业务收入下降15%,利润下降,主要受收费和运量下降影响,但自有车队业务表现相对较好 [2][3] 各个市场数据和关键指标变化 - 西部和墨西哥市场铁路运输业务保持增长,抵消了东部市场的下滑 [4][5] - 公司正在积极拓展墨西哥至德克萨斯州东南部的新铁路运输服务 [4] - 公司正在利用与主要铁路公司的良好关系,提升服务水平和运营效率 [4][5] 公司战略和发展方向及行业竞争 - 公司继续专注于成本管控和资产效率提升,为市场复苏做好准备 [1][3][4] - 公司的多式联运平台优势有助于快速应对市场变化,灵活调配资源 [1][4] - 公司看好铁路运输业务的发展前景,预计未来将快于公路运输增长 [6][7] - 行业竞争仍然激烈,公司将保持定价纪律和商业谈判实力 [4][6] 管理层对经营环境和未来前景的评论 - 公司认为库存去库存基本完成,但客户仍谨慎,对通胀和利率上升存在担忧 [3] - 公司看到需求和运力逐步趋向平衡的积极迹象,但市场复苏时间可能晚于此前预期 [3][4] - 公司将继续执行成本管控和资产效率提升措施,为未来复苏做好准备 [3][4] 其他重要信息 - 公司表彰了5名安全驾驶里程达400万英里的资深司机 [1] - 公司更新了2024年全年调整后每股收益指引为0.85-1美元,资本支出指引为3.5-4亿美元 [3] 问答环节重要的提问和回答 问题1 **Brian Ossenbeck 提问** 询问铁路运输业务在西部和东部市场的表现情况 [4][5] **Jim Filter 回答** 公司在西部和墨西哥市场的铁路运输业务保持增长,抵消了东部市场的下滑,未来有望继续受益于服务水平提升 [4][5] 问题2 **Ravi Shanker 提问** 询问公司是否看到客户更倾向于选择资产型运营商的趋势 [6][7] **Mark Rourke 回答** 公司的多式联运平台和自有车队业务确实给客户带来了优势,体现在物流业务中自有车队业务的抗风险能力 [6][7] 问题3 **Tom Wadewitz 提问** 询问铁路运输业务的竞争格局及公司的应对措施 [4][5] **Mark Rourke 回答** 公司通过与主要铁路公司的战略合作,提升了服务水平和运营效率的差异化优势,为未来增长奠定基础 [4][5]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________ FORM 10-Q _____________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

Schneider National, Inc. Announces First Quarter 2024 Results • Operating Revenues $1.3 billion; $1.4 billion in 2023 • Income from Operations $28.7 million; $114.6 million in 2023 • Diluted Earnings per Share $0.10; Adjusted Diluted Earnings Per Share $0.11 • Updated full year Adjusted Diluted Earnings per Share guidance to $0.85 - $1.00 • Updated full year Net Capital Expenditures guidance of $350.0 - $400.0 million Green Bay, Wis. - May 2, 2024 – Schneider National, Inc. (NYSE: SNDR, “Schneider” or the “ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________ FORM 10-K _____________________________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

Mark Rourke And those are a bit more difficult, at least in the short term, to get through your results, particularly on the back side of a correction. And so -- and perhaps that is a factor that's a bit more pronounced than may have happened in some prior periods like 2009 and some of the other more pronounced downturn. here just prior that there needs to be, and we're confident that there will be a market correction on the pricing side to reflect that. I mean, I guess we'll see what the result is, but do ...

Your next question comes from the line of Ravi Shanker with Morgan Stanley. Ravi Shanker So obviously, 3Q was a really difficult quarter for you and pretty much all your peers. And yet you were saying that supply remains a little bit more resilient than you thought and you aren't quite the exit of capacity in the marketplace. A, are you starting to see that right now. Obviously, you've seen some high-profile bankruptcies and exits, that already seeing that in the mom-and-pop side as well. And second, why do ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________ FORM 10-Q _____________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition per ...

Steve Bindas Turning now to our second quarter results. A reminder to refer to the IR section of our website to review the investor presentation. The second quarter represents what is likely to be the most challenging year-over-year comparison as freight conditions were just beginning to soften in the second quarter of last year. Mark Rourke Question-and-Answer Session Yes. The other piece, Ravi, is just the regulation in California is driving this adaptation of electric vehicles. The end of this year will ...