Business

Hub Group reports drop in shipping revenue

Posted July 30, 2023 11:00 pm

OAK BROOK - Hub Group Inc. said its second quarter net income was $47 million, or a diluted earnings per share of $1.44. Net income for second quarter last fiscal year was $103 million, or $3.03 per diluted share.

The company continued to focus on return of capital with $100 million of shares repurchased in the quarter, Hub Group said. It ended the quarter with cash and cash equivalents of $342 million.

"Challenging market conditions have persisted throughout 2023 that have impacted demand for our services," said Phil Yeager, Hub Group's president and chief executive officer. "We are seeing the benefits of our strategy to diversify and expand into less cyclical and non-asset-based services, with our Logistics Segment contributing nearly half of our operating income in the quarter, which has helped offset softer profitability at our (Intermodal and Transportation Solutions) Segment."

Hub Group offers comprehensive freight transportation and logistics management solutions, with 6,000 employees across the globe.

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