Roadrunner Transportation Systems reported a $7.4 million net profit in the second quarter, as the trucker’s total revenue leaped 30.4 percent to $208.3 million.
The asset-light motor carrier’s net revenue jumped 46.8 percent from a year ago to $51.9 million, pushed up by increased volume, higher rates and surcharges. The second quarter profit was a dramatic reversal from a $6.2 million net loss a year ago.
Roadrunner was the fastest growing less-than-truckload carrier in 2010.
The Cudahy, Wis.-based company posted a $2.8 million profit in 2010, compared with a $2 million loss in 2009, raising its revenue 30.8 percent to $632 million. Roadrunner raised $148 million in an initial public offering in May 2010.
In the second quarter, Roadrunner built on its strong first quarter results, increasing revenue 21.7 percent quarter-to-quarter and lifting its net profit 68.2 percent.
Roadrunner, which hauls LTL, truckload and intermodal freight primarily using owner-operators, expanded sales and profit despite sluggish freight demand.
The $632 million company restructured its management in the quarter to reflect its diversification, naming a president for its LTL and truckload operations
LTL yield, or revenue per hundredweight, rose 11.3 percent year-over-year. Excluding fuel surcharges, yield was up 5 percent, signaling higher pricing.
Roadrunner said LTL volume was flat year-over-year in April and May, although it rose 4.6 percent in June, which was a good month for many carriers. LTL tonnage increased 2.7 percent for the quarter, and shipments were up 3.4 percent. But LTL revenue rose 14.2 percent from a year ago to $121.4 million.
The truckload segment was the star of the quarter, however, increasing revenue 82.7 percent to $68.7 million thanks to higher rates, more loads and acquisitions.
Contact William B. Cassidy at firstname.lastname@example.org. Follow him on Twitter at @wbcassidy_joc