Hub Group profit dropped 42 percent in 2009 to $34.3 million as the recession cut deeply into intermodal volume. Revenue was down 19 percent for the year to $1.5 billion.
The Downers Grove, Ill.-based asset light freight transportation management company saw the pace of decline slow in the fourth quarter ended Dec. 31. Revenue for the quarter was down just 5 percent to $407.9 million, and net profit fell 30 percent to $10 million.
Fourth quarter intermodal revenue decreased 7 percent to $285 million. The decrease was attributable to a 7 percent decrease for price and mix and a 6 percent decrease for fuel, partially offset by 6 percent higher volume, the company said.
Truck brokerage revenue was down 4 percent to $79 million in the quarter. Fourth quarter logistics revenue increased 2 percent to $44 million.
"We are pleased with our fourth quarter results and strong finish to 2009. While 2009 was a challenging year due to the economy, we are starting 2010 with positive momentum,” said David P. Yeager, chairman and chief executive officer.
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