Knight-Swift Transportation Benefitting From U.S. Xpress Synergies: Massive Integration Wins Lie Ahead But Does It Warrant A ‘Buy’ Rating?

Knight-Swift Transportation’s Q4 2024 results reflect a mixed performance with several moving parts across different segments. The company reported a slight decline in consolidated revenue excluding fuel surcharge, down 0.9% year-over-year, but achieved a significant improvement in adjusted operating income of 127%, or $59.4 million. Q4 GAAP earnings per diluted share were $0.43, with adjusted EPS at $0.36. The consolidated adjusted operating ratio improved by 350 basis points year-over-year, despite being flat sequentially.