Business
Hub Group, Inc. Reports Third Quarter 2021 Results
Highlights: Record quarterly revenue of $1.1 billion, up 16% as compared to last year, driven by strong demand conditions and the benefits of our continued
About this update from Hub Group, Inc.
[{"type":"text","content":"Highlights: Record quarterly revenue of $1.1 billion, up 16% as compared to last year, driven by strong demand conditions and the benefits of our continued investment in the businessRecord gross margin of $158 million (14.7% of revenue) driven by favorable pricing and yield improvement, combined with our continued focus on operating efficiency, resulted in third quarter operating income margin of 5.6% of revenueRecord net income of $43 million or $1.28 of diluted earnings per share (EPS), which represents year-on-year growth of 73%Generated EBITDA (non-GAAP)1 of $92 million in the quarterExpanded our brokerage and refrigerated transportation offerings through the acquisition of Choptank Transport in OctoberIncreased expected full year 2021 diluted earnings per share to $3.90 - $4.00 OAK BROOK, Ill., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Hub Group, Inc. (NASDAQ:HUBG) announced third quarter 2021 net income of $43 million, or diluted earnings per share of $1.28. Net income for third quarter 2020 was $25 million, or $0.74 per diluted share. “Continued strong freight demand and favorable market conditions, combined with our drive to provide a world-class customer experience, resulted in 16% revenue growth in the quarter compared to Q3 2020. Our ongoing focus on yield improvement and operating efficiency led to record profitability. We reported record quarterly diluted EPS of $1.28, which represents growth of 73% as compared to the prior year. Finally, we are very excited about the additional scale and expanded service offerings from our recent acquisition of Choptank Transport,” said Dave Yeager, Hub Group’s Chairman and Chief Executive Officer. Third Quarter 2021 Results Revenue for the third quarter of 2021 increased by 16% to $1.1 billion compared with $925 million for the third quarter of 2020. Operating income for the quarter was $60 million (5.6% of revenue) versus $34 million (3.7% of revenue) for the third quarter of 2020. EBITDA (non-GAAP)1 for the third quarter was $92 million. Third quarter intermodal revenue increased 17% to $633 million due to a 26% increase in revenue per load, partially offset by an 8% decline in volume due to ongoing challenges with congestion across the supply chain. Intermodal gross margin increased compared to the prior year as higher prices and cost recovery more than offset increased purchased trans...