0001692063-26-000037
SEC filingQ2盈利强劲增长，上调全年指引，市场改善驱动运营杠杆释放。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Operating Revenues | $1,568.7M | $1,420.5M | +10% |
| Revenues (excluding fuel surcharge) | $1,328.3M | $1,282.0M | +4% |
| Income from Operations | $71.4M | $55.0M | +30% |
| Adjusted Income from Operations | $73.2M | $56.8M | +29% |
| Operating Ratio | 95.4% | 96.1% | 70 bps |
| Adjusted Operating Ratio | 94.5% | 95.6% | 110 bps |
| Net Income | $49.7M | $36.0M | +38% |
| Adjusted Net Income | $51.0M | $37.4M | +36% |
| Adjusted EBITDA | $180.0M | $166.3M | +8% |
| Diluted EPS | $0.28 | $0.20 | +40% |
| Adjusted Diluted EPS | $0.29 | $0.21 | +38% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Adjusted Diluted EPS | $0.90 - $1.10 | Non-GAAP |
| FY2026 | Net Capital Expenditures | $350 - $400 million | N/A |
简评
Schneider National 二季度业绩显著改善，营收同比增长10%至$1,568.7M，净利大增38%至$49.7M，摊薄EPS $0.28(+40%)。管理层将强劲盈利归因于过去数年实施的纪律性收入管理、成本削减及生产力举措，使企业得以把握改善的市场环境。CEO Jim Filter 指出，非合规运力退出市场的正面影响比预期更快显现，公司对持续释放运营杠杆充满信心。分板块看，Truckload 营业利润+28%至$51.4M，Logistics 营业利润+53%至$12.1M，Intermodal 营业利润+14%至$18.4M，三大板块营业比率均同比改善。
利润率方面，调整后营业比率改善110个基点至94.5%，调整后营业利润+29%至$73.2M，反映定价、生产力及燃油附加费回收的积极贡献。CFO Darrell Campbell 表示，基于二季度业绩及市场预期，全年调整后EPS指引由$0.70-$1.00上调至$0.90-$1.10，净资本开支指引由$400-$450M下调至$350-$400M，主要因拖车设备支出减少。资本返还方面，公司维持每季$0.10股息，并于1月批准$150M新回购计划，截至6/30已回购$5.2M。资产负债表稳健，现金$292.7M，总债务及融资租赁$396.5M。