Trucking stocks are seeing notable weakness during trading on Wednesday, as components C.H. Robinson Worldwide Inc. (CHRW) and Old Dominion Freight Line (ODFL) are posting steep losses after reporting their quarterly results.
The weakness in the trucking sector is reflected by the 3.3 percent loss currently being shown by the Dow Jones Trucking Index. With the loss, the index has fallen to a two-month intraday low.
C.H. Robinson Worldwide Inc. is one of the worst performers in the sector, falling by 4.8 percent, and it also hit its worst intraday level in two months.
The weakness comes after C.H. Robinson reported net income of $0.62 per share for the fourth quarter, just short of forecasts for $0.63 per share. Revenues also missed projections, coming in at $2.32 billion, while analysts expected revenues of $2.34 billion.
Old Dominion Freight Line is also under pressure, falling by 4.9 percent and hitting its worst price in over two months earlier on.
The slide comes even though the firm posted fourth quarter net income of $0.39 per share, higher than the $0.17 per share last year. On average, analysts expected the company to report earnings of $0.38 per share.
Revenue rose to $398.97 million from $310.92 million in the same quarter last year and was well ahead of forecasts for $384.23 million.
Con-Way Inc. (CNW) is also under pressure, falling by 3.6 percent. Con-Way is scheduled to release its fourth quarter financial results after the close of trading.
JB Hunt Transport Services Inc. (JBHT) is also trading lower, seeing a loss of 1.1 percent, although it remains in a range.
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