09:50 AM EDT, 04/17/2024 (MT Newswires) -- Knight-Swift Transportation Holdings ( KNX ) shares were down more than 7% in recent Wednesday trading after the company lowered its adjusted earnings guidance for Q1 and Q2, citing continued challenges in the full truckload industry against the backdrop of softer volume and pricing headwinds.

The company said it now expects Q1 adjusted EPS of $0.11 to $0.12, compared with $0.37 to $0.41 anticipated previously, adding that the updated range includes a $0.08 loss for the third-party insurance business that ceased operation at the end of the quarter. Q2 adjusted EPS is now anticipated in the range of $0.26 to $0.30 versus Knight-Swift's prior guidance range of $0.53 to $0.57, it said.

Analysts polled by Capital IQ expect normalized earnings of $0.30 per share during Q1 and $0.49 per share in Q2.

Knight-Swift also said the impact of a weather disruption in January on its volumes and operating costs was greater than initially expected.