PGT Bulletin — Q1 2023 Edition
The PGT Bulletin addresses current issues within the trucking industry that impact PGT Holdings Inc. (PGT Trucking, Inc.; Southern Pines Trucking; Liedtka Logistics LLC; and PGT Services), our customers and the supply chain. PGT closely monitors these concerns and works to implement innovative solutions for our customers, advancing transportation through the Future of Flatbed®.
As we enter a period of post-pandemic recovery, there is potential for a return to more normal market dynamics in 2023. However, high inflation, rising interest rates, supply chain issues and other geopolitical risks continue to fuel uncertainty in the economy, likely impacting consumer buying patterns in the near term.
Early 2023 results have been better than expected, as customers in the major industries we service are beginning to see more price stability in their products, leading to a more predictable supply and demand equation. Additionally, PGT has maintained strong asset utilization following the traditional holiday slowdown, thanks in part to minimal weather disruptions in our primary network. Expectations are for a steady Q1 2023, including an anticipated increase during spring construction season. The outcome for the remainder of the year is unclear, as there is still the potential for a mid-year slowdown or even recession. The Federal Reserve will likely continue to aggressively combat inflation, and if consumers significantly reduce spending as a result, PGT customers will see a lowered demand for their products.
Meanwhile, rising costs continue to plague the trucking industry, making it difficult for carriers to maintain an appropriate level of service. PGT remains focused on partnering with customers who push us to differentiate our transportation solutions. When PGT delivers on our commitments, we show our customers the value created in our service-based approach.
Key Industry Issues
On the Horizon
- PGT Trucking delegates will attend the annual Truckload Carriers Association convention, Truckload 2023: Orlando, to celebrate being named a 2023 Best Fleets to Drive For®.
- Find PGT Trucking at AISTech 2023!
- Laurence Cox, Vice President, Sustainability, will present “The Future of Transportation: How technology and innovation will revolutionize shipping strategies within the metals industry.”