Knight-Swift Transportation Holdings Inc. Announces Robust First Quarter Results for 2024

PHOENIX, April 24, 2024 – Knight-Swift Transportation Holdings Inc. (NYSE: KNX), a leader in North America’s freight transportation sector, today announced its financial results for the first quarter ended March 31, 2024. Detailed financial results are available on the Knight-Swift investor relations website and have been filed with the SEC on a Form 8-K.

The company reported a challenging yet productive quarter, marked by strategic adjustments and robust operational execution. Despite a softer freight market and lower spot market rates, Knight-Swift demonstrated its resilience by implementing effective business strategies that helped maintain its market-leading position.

Financial Highlights and Operational Performance

The first quarter saw Knight-Swift navigate through market fluctuations with strong discipline and strategic foresight. Key financial outcomes and strategic initiatives included:

• Third-Party Insurance Wind Down: The quarter marked the cessation of operations for the third-party insurance segment, leading to an operating loss from this sector. However, the company effectively transferred the majority of the claims risk to another insurance entity, mitigating potential future exposures.
• Earnings Power Across Cycles: The company highlighted its capability to generate industry-leading truckload margins across different market cycles, demonstrating low to mid-twenties margin peaks and managing tougher troughs efficiently.
• Leadership and Strategic Acquisitions: Leadership transitions and strategic acquisitions have played a pivotal role in navigating current market challenges. Adam Miller, with his extensive background in transportation and finance, has taken over as Chief Executive Officer, bringing a renewed focus on cost management and operational efficiency.

Future Outlook

As Knight-Swift continues to navigate a complex and evolving transportation landscape, the company remains committed to leveraging its scale, network efficiencies, and strategic acquisitions to enhance shareholder value and strengthen its market position.

For more detailed information on the quarterly results and strategic initiatives, please visit the Knight-Swift investor relations website: Knight-Swift First Quarter 2024 Conference Call Presentation.