The Daily Dash is a quick look at what’s happening in the freight ecosystem. In today’s edition, we highlight the bullish news from the Q1 earnings season, latest reports from Tesla and UPS and more.
The High Five
1. While analysts took down estimates for the first-quarter earnings season, some raised expectations for the full year and 2022 given the overall strength of freight fundamentals, which have been highlighted by tight capacity. The thought was the first quarter was just a minor speed bump on the way to a big year. Todd Maiden’s report
2. Electric carmaker Tesla Inc. reported record net income of $438 million in Q1 on $10.39 billion in revenue, slightly short of analyst expectations for revenue. The company provided no updates on the long-delayed Semi tractor, saying only it is “in the background.” Alan Adler with more
3. UPS Inc. reported first-quarter diluted earnings per share of $5.47, with about half of that coming from a $2.4 billion net benefit from favorable adjustments to its pension costs from COVID-19 relief legislation signed into law last month. Mark Solomon’s story
4. DSV Panalpina announced Tuesday it will acquire the logistics arm of Kuwait-based Agility Public Warehousing for $4.1 billion (1.23 billion KWD). The deal will make it the third-largest freight forwarder globally. Todd Maiden with the details
5. Global e-commerce shipping and logistics company FlavorCloud was founded on the premise of helping local sellers achieve global success. The 3-year-old company announced a $6.3 million Series A investment round led by Mucker Capital. Brain Straight’s report