GREEN BAY, Wis. — Schneider National managed to succeed where many any carriers did not in 2008, posting revenues of $3.7 billion, up from $3.4 billion in 2007. The company was also able to continue its 74-year streak of positive financial results by achieving its earnings plan in 2008.
“The transportation and logistics industry faced tremendous challenges in 2008 – from unprecedented fuel price volatility to unusual weather dynamics to the continuing freight recession,” said John Brenholt, chief financial officer at Schneider National. “We were successful in light of all these challenges due to the commitment and creativity of our associates. Schneider associates continue to find ways to aggressively manage costs while focusing on operational excellence and improving service to our customers.
“There’s no doubt that these market conditions are some of the most difficult we’ve seen in decades,” said Brenholt. “Carriers are exiting the industry due to the environment, and many competitors are reducing the size of their fleets and running fewer trucks. Schneider is responding to industry challenges in a different manner; we’re expanding our core services and making decisions to help control our destiny in what’s looking like a very difficult 2009.”
Despite its strong performance last year, Schneider officials have noted that current soft freight volumes and rates will affect the company’s success in 2009.
Officials say Schneider will be implementing contingency plans this week in an effort to protect associates, customers and the company from the faltering economy. Plans include suspending pay increases in 2009 for all associates and deferring funding for retirement plans and 401(k) company-matches until year-end.
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