Hub Group Reports Lower 1Q Profit, Citing Weather
Hub Group Inc. said its first-quarter profit slipped from a year ago, citing “extreme weather in many markets,” although its revenue improved.
Net income fell to $12 million, or 33 cents a share, from $15.4 million, or 42 cents, in the comparable period last year. Revenue rose 10% to $848 million.
Its Hub segment’s revenue rose 10% to $653 million, with intermodal revenue up 2% to $435 million on a 2% higher volume.
Truck brokerage revenue increased 3% to $84 million, and its Unyson Logistics unit’s revenue jumped 64% to $134 million.
“Results for our intermodal and truck brokerage business lines were impacted by challenging market conditions as well as unfavorable mix,” Chairman and CEO David Yeager said.
“While this negatively impacted our financial results, we are pleased with the way our organization responded to these challenges,” he said in a statement.
Hub Group is ranked No. 29 on the Transport Topics Logistics Top 50 list of North American logistics firms.
