What caused SNDR's earnings decline in 2024?

Schneider National's earnings decline in 2024 can be attributed to several key factors: 1. **Freight Recession and Lower Freight Demand**: Schneider National faced declining earnings due to lower freight demand and two recent accident claims. This led to a decrease in revenue and profit margins. 2. **Freight Volume Decline**: There was a decrease in truckload revenues, excluding fuel surcharges, which fell by 1% year-over-year. This decline was due to lower network volumes, increased insurance expenses, and reduced gains on sales of transportation equipment, although Dedicated growth partially offset this decline. 3. **Intermodal Segment Challenges**: The Intermodal segment faced challenges with a 4% decline in revenues, primarily due to lower brokerage revenue per order. This was influenced by muted freight conditions and an 8% lower brokerage volume compared to the previous year. 4. **Strategic Initiatives and Corporate Developments**: While Schneider National has been actively managing its capital allocation, there was a reduction in net capital expenditures for the year, which was revised to a range of $350.0 - $400.0 million from the prior estimate of $400.0 - $450.0 million. In summary, the decline in earnings for Schneider National in 2024 was primarily due to a combination of factors including freight recession, lower freight demand, freight volume decline, challenges in the Intermodal segment, and strategic initiatives.