As a result, the rate of head count growth in NAST continues to decline and was down nearly 1% in the quarter. Our technology investments are driving productivity through tools that automate our customer and our carrier interactions and further improve our ability to profitably match both shippers and carriers. Our results are benefiting from new technology that we launched last quarter that allows us to more efficiently move freight within our customer's network from the road to the rail. Within our intermodal service line, net revenues increased 17.3% in the quarter. In our less-than-truckload business, we delivered another quarter of strong performance. We added roughly 4,400 new carriers in the second quarter, which is a 19% increase over last year's second quarter and a 5% sequential improvement versus first quarter of this year. At the same time, we will remain disciplined on pricing and will continue to adjust our pricing to reflect market conditions. In our contractual business, we worked with our customers to adjust pricing to reflect the rising cost environment while continuing to honor our commitments across our portfolio of contractual freight. The gray line represents the net revenue margin for all transportation services. As a reminder, third quarter 2017 net revenue per business day increased 3% in July, 4% in August, and 18% in September. July 2018 global net revenue per business day has increased 20%. Capital expenditures totaled $14.6 million for the quarter, and we continue to expect full year capital expenditures of between $60 million and $70 million, with the majority dedicated to technology. SG&A expenses were up slightly in the quarter to $112 million, primarily driven by increases in occupancy, purchased services and equipment rental and maintenance. Total company net revenues increased nearly $100 million, or 17% in the quarter. Let me begin by recognizing the hard work of the entire Robinson team across our global network in this volatile freight environment. On the supply side, we see high orders for new equipment, driver shortages, and significant logging device impacts on certain lanes and a lot of capacity owners realigning their networks and freight preferences to adjust to the market. We continue to see very high freight demand in the marketplace. Volume trends improved in the quarter with volume growth in most of our service lines. Whether you're looking for a load to get home or consistent freight to fill daily and weekly runs, our network has access to thousands of available loads to keep you busy and profitable. To keep pace with your competitors, and to take advantage of the changing market, your supply chain needs to be agile and global. ch robinson load board relies on API technology to aggregate all other supply chain and information sources into one single location, providing the most streamlined, real-time solution available. |