Radiant Logistics 2Q Net Income Rises 3%
Radiant Logistics Inc. reported net income rose 3% to $2.19 million, or 4 cents per share, in the second quarter as the company absorbed multiple acquisitions.
Revenue at Radiant, based in Bellevue, Washington, increased 92% to $196.2 million, or 92% from $102.3 million in the year-earlier period. The full quarter’s revenue increase reflected the acquisition of Wheels Group, a Canada-based logistics operator, in the past 12 months, as well as 22 days of results from recently acquired Service By Air and one month’s results from recently acquired Highways and Skyways.
Net revenue, or the amount remaining after paying transport costs, increased 54% to $42.7 million.
Net income in the year-earlier period was $2.13 million, or 4 cents per share.
CEO Bohn Crain said in a statement that Service by Air and Highways and Skyways over a full quarter are expected to add about $4.5 million in earnings before interest, taxes, depreciation and amortization, or EBITDA, over a 12-month period. For the second quarter, EBITDA was $6.5 million.
