Hub Group reported profit in the third quarter of 2013 totaling $18.6 million, inching up year-over-year from $18.5 million.
Total quarterly revenue for the U.S. domestic freight transportation provider was $883 million, from $804.9 million in the third quarter of 2012. The Hub segment’s revenue increased 10 percent year-over-year to $679 million, and intermodal revenue increased 5 percent to $467 million on a 5 percent improvement in volume. Truck brokerage revenue rose 1 percent to $88 million, and revenue from Unyson Logistics jumped 42 percent to $124 million. The Mode division’s revenue was $217 million, up 9 percent.
“As explained in our earnings update, results for the quarter for our intermodal and truck brokerage business lines were impacted by challenging market conditions as well as unfavorable mix,” said David P. Yeager, chairman and CEO of Hub Group, in a written statement. “We will continue to deliver the highest degree of customer service during this peak season and remain optimistic about our opportunities for future growth.”
Earnings per diluted share for the third quarter of 2013 were within the expected range of 48 cents to 51 cents, a downgrade from an earlier projection of 52 cents to 57 cents, which was announced by the company earlier this month. That lowered guidance was part of a larger trend, as other U.S. domestic transportation companies — Werner Enterprises, Knight Transportation and Swift Transportation — also cut their forecasts.
- Hub Group Cuts Guidance for Third Quarter
- Werner Enterprises Downgrades 3Q Expectations
- Knight Transportation Lowers 3Q Expectations
In the first nine months of the year, net income totaled $52.6 million, versus $49.1 million from January to September in the previous year. Revenue was $2.5 billion, compared with $2.3 billion in the year-ago period.