Business
Hub Group, Inc. Reports First Quarter 2020 Results
Highlights: Profit improvement initiatives and our diversified model contributed to our net income of $13.2 million or $0.40 in diluted earnings per share in
About this update from Hub Group, Inc.
[{"type":"text","content":"Highlights: \n Profit improvement initiatives and our diversified model contributed to our net income of $13.2 million or $0.40 in diluted earnings per share in the first quarter; EBITDA (non-GAAP)1 for the quarter was $50.3 million; net income includes $2.5 million, or $0.07 per share, for severance, consulting and donation expenses in the quarterContinuing to provide world-class service levels and solutions to our customers, including supporting our retail and consumer goods customers whose businesses have been impacted by the COVID-19 pandemicSolid liquidity position with $277 million of cash and cash equivalents, and $219 million of unused and available borrowings under our revolving line of credit as of March 31, 2020Asset light operating model and focus on cost control resulted in Net Cash provided by Operating Activities of $41 million Donated approximately $5 million of Hub equipment to support COVID-19 emergency responders, of which $0.2 million was in March and the remainder in April OAK BROOK, Ill., April 30, 2020 (GLOBE NEWSWIRE) -- Hub Group, Inc. (NASDAQ:HUBG) announced first quarter 2020 net income of $13.2 million, or diluted earnings per share of $0.40. Included in net income was $2.5 million, or $0.07 per share, of severance expense ($1.6 million), consulting expense ($0.7 million) and donation expense ($0.2 million). Net income for the first quarter 2019 was $23.9 million, or $0.71 per diluted share. Update on Recent Performance and Liquidity “As an essential business, Hub Group is working aggressively to manage through the impact of the COVID-19 pandemic. We have maintained our focus on providing a world-class customer experience, while ensuring the health and safety of our employees,” said Dave Yeager, Hub Group’s Chairman and Chief Executive Officer. “Logistics is a foundational part of the economy and our team is doing an amazing job during this challenging period, particularly in servicing our customers whose businesses have been impacted by the pandemic. Some of our top customers include retailers and consumer goods companies who have experienced strong demand for their essential products, while other customers have closed their businesses, which we hope will be temporary. We have been intensely focused on driving efficiency in our organization and improving our cost structure, including by decreasing ou...