Business

Hub Group reports income, revenue gains

Posted October 31, 2022 11:00 pm

OAK BROOK - Hub Group Inc. said net income in its fiscal year third quarter was $87 million, or $2.61 diluted earnings per share. Net income in the same quarter of 2021 was $43 million, or $1.28 per diluted share.

Revenue for the third quarter of 2022 increased by 26% to $1.4 billion compared with $1.1 billion in the same period last year, the company said.

"Our team continues to perform at a high level in today's environment, delivering 26% revenue growth and a substantial improvement in profitability as we support our customers with high service levels and innovative supply chain solutions," said Dave Yeager, Hub Group's chairman and chief executive officer.

During the quarter, Hub Group acquired TAGG Logistics for $103 million in cash, which expanded its solutions offering to include omni channel fulfillment capabilities. The company also repurchased $110 million of its stock as part of a capital allocation strategy.

"We expect a strong finish to 2022 but acknowledge some level of uncertainty as we look forward to 2023," Yeager said.

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