Hub Group Reports Higher 3Q Profit

Third-party logistics company and freight broker Hub Group’s third-quarter profit rose 23%, despite a drop in revenue and intermodal volume.

Net income rose to $16.6 million or 42 cents a share, from $13.5 million or 33 cents a year ago. Revenue fell 3.3% to $417.8 million, the company said late Monday.

Hub Group said it dropped plans to acquire DNJ Transportation, which was planned for this month, due to certain conditions not being met.
 
Intermodal revenue fell 4.9% to $303.3 million, due to a 2% volume decline and a 3% decline related to pricing, the company said.

Truck brokerage revenue was flat at $77.1 million, and logistics revenue rose 4.1% to $37.4 million.

Hub Group also narrowed its full-year earnings outlook to $1.39 to $1.44 per share, from its earlier guidance of $1.36 to $1.46 a share.