Hub Group reports record revenue, profit

 
Posted8/5/2022 2:29 PM

OAK BROOK -- Transportation and logistics company Hub Group Inc. announced net income of $103 million in its fiscal year second quarter, and diluted earnings per share of $3.03. Net income for the same quarter last year was $27 million, or 78 cents per diluted share.

Revenue for the second quarter increased by 43% to $1.4 billion compared with $1.0 billion in the second quarter of 2021.

 

Truck Brokerage revenue grew 90% in the quarter to $266 million due to the acquisition of Choptank Transport, the company said, as well as higher revenue per load.

Intermodal and Transportation Solutions revenue increased 41% to $873 million. Intermodal volume increased 1% and revenue per load increased 44%, the company said.

Hub Group delivered record revenue and profit for the quarter and expects a strong finish to 2022, but acknowledges some level of uncertainty as it looks forward to 2023, said Dave Yeager, chairman and CEO.

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