The top fleets in trucking and logistics have reported earnings for the calendar year 2021, and while that chapter should go down in history as an all-time great for revenue, future generations may also remember it as the time when just about nobody could buy a truck.
With the semi-conductor shortage exacerbated by supply chain delays and consumer demand at an all-time high for automobiles, the pandemic-era has introduced a perfect storm of factors that have sent used truck prices skyrocketing, forced difficult pricing decisions on suppliers, and delayed deliveries of Class 8 trucks to just about every fleet.
But even in the face of severe shortages constraining freight capacity, almost every single fleet posted a strong quarter with revenue growth, likely due to pandemic-related disruptions pushing more freight onto the spot market, where rates have soared and put upward pressure on contract rates.
Here's a quick rundown of how some fleets are doing in the hunt for new equipment, according to their 2021 earnings reports.
J.B. Hunt, one of the biggest intermodal carriers, relies heavily on not just tractors, but trailers and chassis, which carry much of their containerized freight. The chassis shortage did appear to ding the company's bottom line, but somehow they pulled ahead on tractor count.
J.B. Hunt's 26% jump in intermodal revenue had to contest with "ongoing network fluidity challenges driven by rail restrictions and customer detention of equipment," as well as "weather, derailments and COVID-related labor shortages and disruptions."
But, despite the setback on chassis and trailers, the company ended the "current period ended with 11,172 trailers and 2,235 tractors, compared to 8,567 and 1,769 respectively for the prior year period." Notably, J.B. Hunt didn't acquire any other fleets, so acquiring nearly 500 tractors in 2021 marked an impressive feat.
