Business rebounded in a big way for the largest U.S. less-than-truckload carriers and truckload carriers in 2014, with trucking revenue spiking as the U.S. economy got stronger.
Reports released by SJ Consulting Group show revenue for the 25 largest LTL carriers rose 9.1 percent last year while the 25 largest truckload carriers increased revenue 8 percent. Combined, the 50 trucking companies increased revenue 8.5 percent to more than $60 billion in 2014.
The 2015 Top 25 LTL and Truckload reports rank carriers by revenue and underscore the broad improvement in the U.S. economy reflected by several indicators last year.
The latest rankings reveal a stronger concentration of revenue among the largest LTL carriers, while carriers not on the Top 25 LTL list saw revenue decline 6.6 percent in 2014. The Top 25 LTL companies represented 91.1 percent of total LTL industry revenue of $35.4 billion in 2014, SJ Consulting data show, compared with 89.4 percent of $33 billion in 2013.
The number of LTL carriers with more than a billion dollars in revenue increased by one last year, as Southeastern Freight Lines raised revenue to slightly more than $1 billion. The 11 LTL carriers with more than $1 billion in annual revenue increased combined sales 13 percent last year to $27.3 billion, about 77 percent of total LTL industry revenue.
Since the end of the recession, the LTL carriers in the billion-dollar-plus revenue category have increased combined revenue by 70.8 percent or $11.3 billion, according to the rankings.
The 10 truckload carriers with more than $1 billion in annual revenue increased that take 6.5 percent in 2014, to $17.7 billion, a small percentage of total truckload industry revenue. In 2013, SJ Consulting data indicate those 10 carriers had 8 percent of the total truckload industry revenue of $321.7 billion reported by the American Trucking Associations.
A complete report on the Top 25 LTL and TL rankings will be published by JOC.com March 23.