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Kenneth Scott Hoexter

Managing Director and senior equity research analyst at Bank of America Corp. /de/

Kenneth Scott Hoexter is a Managing Director and senior equity research analyst at Bank of America Securities, specializing in airfreight, surface transportation, and marine shipping sectors. He covers major companies including ArcBest, Scorpio Tankers, XPO, and CSX, with a documented track record on TipRanks showing a 47% success rate across 501 ratings and an average return of 1.3% per rating over one-year periods. Hoexter has spent over 26 years in equity research, joining Merrill Lynch (now Bank of America) in January 2002 after previous roles at Goldman Sachs and Lehman Brothers, and has been recognized as an Institutional Investor Magazine All-Star Analyst 19 times across three different sectors—achieving rankings 13 times in Transportation, 3 times in Marine Shipping, and 3 consecutive years in Telecom Services. He holds a B.S. in Finance and Marketing from Lehigh University, serves on the Executive Board of the Lehigh University Wall Street Council, and is registered with FINRA as a broker at BofA Securities.

Kenneth Scott Hoexter's questions to Knight-Swift Transportation Holdings (KNX) leadership

Question · Q3 2025

Kenneth Scott Hoexter (BofA Securities) sought clarification on Knight-Swift's adjusted EPS calculation for Q3, specifically why certain charges were not excluded, and requested more detail on the Q4 seasonal demand outlook, noting mixed messaging regarding peak projects versus broad-based demand. He also questioned the LTL operating ratio balance given prior year startup costs.

Answer

CEO Adam Miller explained that the $0.10 impact from third-party insurance and US Xpress settlements was not adjusted out to maintain historical reporting patterns, unlike impairments. Regarding Q4 demand, Miller clarified that while some peak projects are awarded and executing, broad-based demand has not yet shown typical seasonal growth, and potential unawarded projects are not factored into current guidance. For LTL, Miller attributed the conservative Q4 OR outlook to early quarter softness and the high fixed-cost nature of the business, noting that while DHE had startup costs last year, current softness and channel checks suggest a cautious approach.

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