Financial Health Of Trucking Companies

Discussion in 'Questions From New Drivers' started by Jumpman, May 13, 2021.

  1. Jumpman

    Jumpman Light Load Member

    207
    470
    May 13, 2021
    0
    Is there anyway to see if a specific trucking company is in financial trouble? is this something I should ignore or actually consider when picking a company to drive for?
     
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Frank Speak

    Frank Speak Road Train Member

    4,283
    12,774
    May 3, 2016
    0
    Most aren’t a worry. They make sure they’re good to go by making sure their drivers stay in financial trouble.

    And, remember friend! They’ve got the miles!
     
    Jumpman and slow.rider Thank this.
  4. slow.rider

    slow.rider Road Train Member

    2,005
    4,739
    Apr 4, 2017
    NYC
    0
    If they're public companies traded on a major exchange then they'll be required to release quarterly financials.

    Then again, there was a big one of those called Celadon who recently did a fine job of proving that those reports aren't necessarily accurate....
     
  5. roundhouse

    roundhouse Road Train Member

    2,859
    6,353
    Jul 11, 2018
    0
    EVERY EVERY EVERY company lies about their earnings.
    Enron proved that big time.

    The big red flag with a trucking company is when it has a sudden change of ownership. If the old man that started it 60 years ago does and his kids take over, it’s gonna go downhill. It might take a few years but it will be out of business sooner or later.

    If a trucking company gets bought by a private equity firm, it’s Probabaly gonna be out of business in months and you should start looking for another place to work
     
    bentstrider83, pagan22 and bzinger Thank this.
  6. ConsciousTrucker

    ConsciousTrucker Light Load Member

    60
    87
    Apr 16, 2020
    0
    If you're looking for a financially healthy company with good ethics, Grand Island Express sets the bar #### high.
     
    Jumpman Thanks this.
  7. Jumpman

    Jumpman Light Load Member

    207
    470
    May 13, 2021
    0
    I looked at their website and no mention of pay rates?
     
  8. Arctic_fox

    Arctic_fox Experienced mx13 execrator

    2,960
    12,532
    Sep 16, 2016
    0
    It can be hard to tell with some of these places. Especially fly by nights or small ops. As a rule though. Huge upheavals in managment. The owner dieing off and kids taking over, not buying new trucks at the usual time, switching from experinced only drivers to hireing anyone with a pulse, change over to a much worse health insurance plan, allowing trucks to go long periods without maintaince, or lots of broken down trucks. Selloff of assets, closeing multiple yards suddenly, taking sketchy contracts all of a sudden.

    These and a ton more can be red flags. If your looking for a stable place, try bones transportation out of ottawa ks. Good folks, good pay too.
     
    Jumpman Thanks this.
  9. aussiejosh

    aussiejosh Road Train Member

    4,639
    5,244
    Aug 28, 2009
    Airlie Beach QLd
    0
    New trucks, equipment well maintained are good signs, older worn out trucks and equipment poorly maintained is a good sign they are either not financial or they just don't give a da@#
     
    bentstrider83 and Jumpman Thank this.
  10. Jumpman

    Jumpman Light Load Member

    207
    470
    May 13, 2021
    0
    I asked about the financial health because one of the flatbed companies I am interested in someone posted they were having hard times financially. I think it was Maverick but I might have the name mixed up.
     
  11. LoboSolo

    LoboSolo Heavy Load Member

    737
    4,253
    Jun 21, 2013
    Highway 20
    0
    Go to the truckwash nearest their main yard, and see if they're on the "No Charging Allowed" board of shame. It'll be up on the wall behind the cashier. :)
     
    bentstrider83 and Jumpman Thank this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.