Radiant Logistics Inc. reported a profit of $1.35 million on Nov. 9, up from the $172,490 loss it reported one year ago.
The results for the company’s fiscal first quarter, which ended Sept. 30, reversed four consecutive quarters of losses for the third-party logistics provider. Earnings per share were 3 cents in the quarter versus a fraction of a cent loss one year ago.
Revenue declined 9.4% to $195.1 million year-over-year, but after the cost of purchasing transportation was deducted, it fell only 3.4% to $49 million. The Bellevue, Washington, company came out ahead because expenses dropped 7% to $45.6 million, including lower personnel, general and administrative expenses and transition and lease termination costs.
However, the company posted lower adjusted net income that factored in depreciation and amortization, loan fees, legal costs and other one-time expenses.
Adjusted net income dropped to $4 million, or 8 cents, compared with $4.2 million, or 9 cents and for the prior-year period.
The company fell 2 cents short of the earnings forecast, based on a Bloomberg News consensus survey of analysts. However, the company beat estimates in both net income categories.
Radiant Logistics ranks No. 48 on the Transport Topics Top 50 list of the largest logistics companies in North America.
