Shares of Knight-Swift Transportation (NYSE:KNX) surged more than 11% intra-day today after the company reported its Q3 results. The company's earnings per share (EPS) came in at $0.41, beating the Street estimate of $0.36. Revenue also outperformed, rising 6.5% year-over-year to $2.02 billion, exceeding the Street estimate of $1.9 billion.

CEO David Jackson highlighted that freight demand remains stable in the truckload market and relatively strong in the less-than-truckload (LTL) market. However, there is notable pressure on truckload rates and costs due to the ongoing rationalization of truckload oversupply as the industry moves towards equilibrium.

For full-year 2023, Knight-Swift Transportation expects adjusted EPS to be in the range of $2.10 to $2.20, slightly adjusted from the previous range of $2.10 to $2.30, but still above the Street estimate of $2.07.