October 2022 Financials | Episode 117
To start off the episode I tell a story about a problem I have never faced with one of our loads and answer a question I get asked all the time by people who are in the process of starting a trucking company. After that, Craig and I talk about the crazy month of October.
What To Expect From Episode 117
October was another tough month. We had two trucks sitting and a third truck that only ran about half as many miles as it should have. That put us nearly 25,000 miles short of where we would like to be and was the biggest impact on our P&L. Here are the numbers:
- Total miles ran – 63,455 (Significant drop)
- Deadhead miles – 4,495 (7.0%, highest we have had in a while)
- Total revenue – $134,281.24 (Lowest in 8 months)
- All-in rate-per-mile – $2.12 (Significant drop, lowest it has been in a really long time. Freight rates were just not good in October. I don’t have November numbers yet, but I am pretty confident November was better, especially the latter half of the month.)
Haulin Assets realized a loss of $20,825.09. Two months in a row with a loss. Is the sky falling? I don’t think so. I think all in all we can get by as long as we don’t average more than one truck off the road. Hiring drivers in a timely manner is crucial. Craig and I dive into the two main reasons I feel like we had such a big loss, a low number of miles, and a freight market that is struggling.
We also talk about a few expenses on the P&L that were outside of normal.
- Adding Truck 09
- Maintenance and repairs