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Carl Fleming has been a truck driver since 1977. But, like many truck drivers, he claims that 2019 has been particularly difficult for him.
Fleming is an owner-operator or truck driver who owns his own truck and is self-employed. He said he earned $ 20,000 less this year than last year.
"My fuel costs have not gone down, nor have my insurance costs," Fleming told Business Insider. "Many small owner-operators have thrown away so to speak or lost everything."
Read more: Truckers warn of "bloodshed" as trucking companies go bankrupt and reduce profit expectations
It's not just truckers fighting. Large trucking companies have consistently missed their target and had to revise their revenue targets this year. (Although, on a positive note, JB Hunt, one of the scouts in the industry, announced results above expectations last week, the announcement led to an increase in stocks in the trucking industry, and Jason Seidl from Cowen called it "glimmer of hope" in an badyst's note.)
But others are waiting for the hard times to come. Morgan Stanley's Ravi Shanker told investors that the bank's transportation team was expecting the second-quarter profits, released in July and early August, to be "mediocre". Morgan Stanley has reduced its estimates in the trucking sector by 4%.
"Although there are some signs of hope in the data and expectations of a 2H rebound, we do not expect the 1H damage to be canceled," wrote Shanker in a statement. a note to investors.
There is not a clear explanation for why a slowdown is hitting the trucking industry at $ 800 million. Analysts and truck drivers pointed to a few reasons why the situation is unstable in 2019.
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