Shipments

August imports, at 2.88 million TEU (Twenty-Foot Equivalent Units), were down 12% annually, and were ahead of July’s 2.53 million TEU and June’s 2.43 million TEU. This marked the 13th consecutive month of annual declines. On a year-to-date basis through August, imports are down 14.8% annually, at 18.82 million TEU.

August’s shipment reading, at 1.143, fell 10.6% annually and up 1.9% compared to July, and August expenditures, at 3.459, were down 25.0% annually, in line with August’s 24.4% decline, and were up 1.1% compared to July.

Truckload was the only segment to see a gain for shipment volumes, up 1.9% sequentially, and down 1.4% annually. LTL was off 2.8% sequentially and 5.8% annually, with intermodal down 2.4% sequentially and 16.4% annually. Other modes were down 0.2% sequentially and 11.5% annually.

July’s shipment reading—at 1.122—was down 8.9% annually and down 2.2% compared to June. July expenditures, at 3.423, were down 24.4% annually, in line with June’s 24.5% annual decline and were off 2.8% compared to June.

June’s shipment reading, at 1.147, was down 4.7% annually and down 1.6% compared to May. June expenditures, at 3.520, saw a 24.5% annual decline, steeper than May’s 15.7% decline, and were off 2.6% compared to May.

Quarterly revenue—at $21.9 billion—was down 10.3% annually, and adjusted operating income—at $1.8 billion—fell 21%. Adjusted earnings per share came in at $4.94, down 28% annually and topping Wall Street expectations, at $4.85.

May’s shipment reading—at 1.166—was down 5.6% annually and up 1.9% compared to April. May expenditures—at 3.614—saw a 15.7% annual decline and were down 6.8% compared to April.

The company said it invested roughly $18 million into this new facility, which will be comprised of more than 125 full-time employees. And it added that a key driver for this facility is to meet growing demand in the Kansas City region and process more domestic volume and ship throughout the U.S.

On a year-to-date basis, April’s 15% decrease was preceded by an 11% January decrease, a 20% February decrease, and a 23% March decrease. Home furnishings imports fell 33% in April, compared to a 45% drop-off in March, and household appliances and consumer electronics saw matching 13% decreases. Textiles and apparel were off 37% annually, compared to a 37% March decrease.

April’s shipment reading, at 1.144, was down 2.4% annually and was off 1.0% compared to March, and the expenditures reading, at 3.877, fell 14.0% annually and was down 1.0% compared to March.

The report’s first quarter shipment index value—at 111.7—was down 0.8% compared to the fourth quarter and fell 6.1% annually, marking the fourth consecutive quarter of annual shipment declines. And the freight spend index value—at 269.9—was down 0.2% compared to the fourth quarter and was down 0.3% annually. The reading saw its first annual decline going back to the third quarter 2020.

March’s shipment reading—at 1.155—was down 4.0% annually and fell 1.0% compared to February. The March expenditures reading—at 3.961—was down 12% annually and fell 1.5% below February’s 4.020 reading.

January’s shipment reading—at 1.124—saw a 4.3% annual increase and up 1.3% compared to December. Expenditures—at 4.096—saw a 1.7% annual increase and were down 3.2% compared to December.

Fourth quarter freight shipments—at 113.0—were down 4.6% compared to the third quarter, for the largest sequential decline since the first quarter of 2021, and were down 7.1% annually, marking the largest annual decrease since the third quarter 2020. For expenditures, the fourth quarter reading—at 272.3—was off 0.2% compared to the third quarter and was up 1.8% annually. The annual gain represented its lowest increase since the third quarter 2020.

December’s shipment reading—at 1.161—was down 3.9% annually, and December expenditures—at 4.231—fell 4.3%.