Knight-Swift Transportation Q3 Profit Misses Street, Cuts FY Outlook; Shares Slip 5%

(RTTNews) - Shares of Knight-Swift Transportation Holdings Inc. (KNX) slipped 5% in extended session on Wednesday after the company's third quarter earnings missed Street view as well as lowered its full year outlook.

Third-quarter net income was $194.8 million or $1.21 per share, down from $206.2 million or $1.23 per share last year.

Adjusted earnings for the quarter were $205.0 million or $1.27 per share, down from $217.1 million or $1.30 per share last year.

Revenues for the quarter rose 15.5% to $1.896 billion from $1.642 billion last year.

Analysts polled by Thomson Reuters expected earnings of $1.32 per share, on revenues of $1.90 billion. Analysts' estimates typically exclude one-time items.

Looking forward to full year 2022, the company now expects adjusted earnings of $5.17 to $5.22 per share, down from prior outlook of $5.30 to $5.45 per share. Analysts currently estimate earnings of $5.37 per share for the year.

KNX closed Wednesday's trading at $49.44, down $0.51 or 1.02%, on the NYSE. The stock further slipped $2.44 or 4.94% in the after-hours trading.