Knight-Swift (KNX) Soars 7.4% on New President Appointment

We recently published 10 Big Names Already Crushing This February. Knight-Swift Transportation Holdings Inc. (NYSE:KNX) was one of the top performers on Monday.

Knight-Swift saw its share prices jump by 7.37 percent on Monday to close at $59.16 apiece, as investors welcomed the appointment of a new president to support growth and recovery, as the company navigates a challenging market environment.

In a statement, Knight-Swift Transportation Holdings Inc. (NYSE:KNX) named Joe Vitiritto as its new president effective on the same day, February 2.

Prior to his leadership role, Vitiritto has already worked for the group between 2003 and 2020 where he held a variety of operational leadership roles across the organization, until leaving to assume the role of president and CEO for Pam Transport.

Vitiritto’s appointment followed the company’s announcement of a dismal earnings performance last quarter, after swinging to a $6.8 million attributable net loss from a $69.5 million attributable net income in the same period a year earlier.

Total revenues dipped by 0.4 percent to $1.856 billion from $1.86 billion year-on-year.

“The truckload market saw demand that was generally stable, with seasonal project activity occurring in October. The seasonal projects wound down quickly in November, and the lack of the typical broad-based seasonal lift in demand until late in the quarter led to lower truckload volumes than expected. While the spot market tightened in December, pressuring gross margins in the logistics space, it was a reduction in available capacity that seemed to be the primary driver of the tightening market,” Knight-Swift Transportation Holdings Inc. (NYSE:KNX) CEO Adam Miller said.

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Disclosure: None. This article is originally published at Insider Monkey.