Financial Health Of Trucking Companies

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

  1. Jumpman

    Jumpman Bobtail Member

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    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?
     
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  3. Frank Speak

    Frank Speak Road Train Member

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    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!
     
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  4. slow.rider

    slow.rider Road Train Member

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    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 Heavy Load Member

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    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
     
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  6. ConsciousTrucker

    ConsciousTrucker Bobtail Member

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    If you're looking for a financially healthy company with good ethics, Grand Island Express sets the bar #### high.
     
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  7. Jumpman

    Jumpman Bobtail Member

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    I looked at their website and no mention of pay rates?
     
  8. Arctic_fox

    Arctic_fox Medium Load Member

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    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.
     
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  9. aussiejosh

    aussiejosh Road Train Member

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    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@#
     
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  10. Jumpman

    Jumpman Bobtail Member

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    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 Medium Load Member

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    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. :)
     
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