Business
Hub Group, Inc. Reports Fourth Quarter and Full Year 2021 Results
Highlights: Strong freight demand conditions, combined with the attractive value proposition of our service offerings, led to record quarterly revenue of $1.3
About this update from Hub Group, Inc.
[{"type":"text","content":"Highlights: Strong freight demand conditions, combined with the attractive value proposition of our service offerings, led to record quarterly revenue of $1.3 billion, up 32% as compared to last year; full year revenue grew 21% to a record $4.2 billionRecord quarterly and annual gross margin of $213 million (16.9% of revenue) and $600 million (14.2%), respectively, driven by favorable pricing and yield management, combined with our continued focus on operating efficiency, resulted in fourth quarter and full year operating income margin of 9.3% and 5.6% of revenue, respectivelyRecord diluted earnings per share (EPS) of $2.48 in the quarter and $5.06 for the full yearGenerated net income of $84 million and EBITDA (non-GAAP)(1) of $152 million in the quarter, and ended the year with solid liquidity and a conservative capital structureIntroduced full year 2022 outlook, including expected revenue of $4.9 - $5.1 billion and diluted EPS of $5.90 - $6.30 OAK BROOK, Ill., Feb. 08, 2022 (GLOBE NEWSWIRE) -- Hub Group, Inc. (NASDAQ:HUBG) announced fourth quarter 2021 net income of $84 million, or diluted earnings per share of $2.48. Net income for fourth quarter 2020 was $22 million, or $0.67 per diluted share. “In our 50th year in business we delivered record revenue and profit as our organization continues to position itself to support our customers through innovative supply chain solutions. Revenue grew 32% in the quarter due to exceptionally strong freight demand. Our ongoing focus on yield improvement, operating efficiency and fixed cost leverage led to record profitability. We reported record quarterly diluted EPS of $2.48, which is nearly four times the prior year’s EPS. As 2022 begins, we continue to see robust demand from our customers and favorable market conditions. We continue to make investments in our business to support our customers’ needs for capacity, service, and innovative solutions,” said Dave Yeager, Hub Group’s Chairman and Chief Executive Officer. Fourth Quarter 2021 Results Revenue for the fourth quarter of 2021 increased by 32% to $1.3 billion compared with $953 million in the fourth quarter of 2020. Gross margin for the quarter was 16.9% of revenue, as compared with 11.1% last year. Operating income was $118 million (9.3% of revenue) versus $31 million (3.3% of revenue) in 2020. EBITDA (non-GAAP)1 for the quarter ...