Knight-Swift Transportation Holdings Inc.’s KNX fourth-quarter 2020 earnings (excluding 10 cents from non-recurring items) of 94 cents per share surpassed the Zacks Consensus Estimate of 91 cents. Moreover, the bottom line surged 70.9% year over year owing to significant improvement in adjusted operating ratio (operating expenses as a percentage of revenues) in all the segments (Trucking, Logistics and Intermodal).Total revenues of $1,278 million beat the Zacks Consensus Estimate of $1,275.9 million and increased 6.8% year over year driven by increase in revenues in the Trucking, Logistics and Intermodal segment.Total operating expenses dropped 1.3% year over year to $1,083.3 million. Adjusted operating ratio improved to 82% from 87.8% in the year-ago quarter. Lower the value of the metric, the better. Knight-Swift’s adjusted operating income increased 64.4% year over year.KnightSwift Transportation Holdings Inc. Price, Consensus and EPS Surprise KnightSwift Transportation Holdings Inc. price-consensus-eps-surprise-chart | KnightSwift Transportation Holdings Inc. Quote Knight-Swift, carrying a Zacks Rank #3 (Hold), exited the fourth quarter with cash and cash equivalents of $156.7 million compared with $159.72 million at the end of 2019. During 2020, the company returned $233.8 million to its shareholders in the form of dividends and through share buybacks. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Segmental ResultsRevenues in the Trucking segment totaled (excluding fuel surcharge and inter-segment transactions) $940.9 million, up 9.2% year over year. Results were driven by 10.5% increase in average revenue per tractor. Average revenue per tractor was strong in the quarter owing to 13.8% rise in revenue per loaded mile (excluding fuel surcharge and intersegment transactions). Adjusted segmental operating income also moved up 63.9% to $195 million. Adjusted operating ratio (operating expenses as a percentage of revenues) improved 690 basis points (bps) to 79.3%.Revenues in the Logistics segment (excluding inter-segment transactions) amounted to $125 million, up 34.8% year over year due to 37.7% increase in brokerage revenues. Both adjusted operating ratio improved 180 bps to 91.2% and segmental operating income climbed 69.5% to $11 million.Revenues in the Intermodal segment (excluding inter-segment transactions) totaled approximately $115 million, up 2.8% year over year as a result of increasing load count and revenue per load by 0.4% and 2.4%, respectively. Segmental adjusted operating ratio improved 470 bps to 94.8%. Segmental operating income was $6 million in the quarter, up more than 100% year over year.2021 GuidanceThe company still expects adjusted earnings per share in the band of $3.20-$3.40 for full year 2021. The midpoint ($3.30) of the guidance is below the Zacks Consensus Estimate of $3.34. Net capital expenditures are anticipated between $450 million and $500 million. Sectorial SnapshotsLet’s take a look at some of the other recently released earnings reports from companies within the Zacks Transportation sector.United Airlines UAL incurred a loss (excluding 6 cents from non-recurring items) of $7 per share in the fourth quarter of 2020, wider than the Zacks Consensus Estimate of a loss of $6.56. Further, operating revenues of $3,412 million lagged the Zacks Consensus Estimate of $3,420.4 million.J.B. Hunt Transport Services JBHT reported earnings of $1.44 per share, which beat the Zacks Consensus Estimate of $1.27. Total operating revenues of $2,737.7 million also surpassed the Zacks Consensus Estimate of $2,514.3 million.Delta Air Lines DAL incurred a loss (excluding $1.34 from non-recurring items) of $2.53 per share in the fourth quarter of 2020, wider than the Zacks Consensus Estimate of a loss of $2.43. Total revenues of $3,973 million topped the Zacks Consensus Estimate of $3,754.5 million.Looking for Stocks with Skyrocketing Upside?Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.See the pot stocks we're targeting >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Delta Air Lines, Inc. (DAL): Free Stock Analysis Report United Airlines Holdings Inc (UAL): Free Stock Analysis Report J.B. Hunt Transport Services, Inc. (JBHT): Free Stock Analysis Report KnightSwift Transportation Holdings Inc. (KNX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research