The asset-light transportation and logistics company increased its net loss despite revenues rising 5.2 percent to $558 million.
Roadrunner Transportation Systems Inc. posted a $42 million net loss for the second quarter of 2018, compared to a net loss of $37.9 million for last year’s second quarter, according to the company’s latest financial statements.
The Downers Grove, Ill.-based asset-light transportation and logistics company attributed the widened loss primarily to higher interest costs related to its outstanding preferred stock and a lower income tax benefit, partially offset by the absence of a loss from debt extinguishment of $9.8 million that occurred during last year’s second quarter.
However, revenues for the second quarter of 2018 rose 5.2 percent year-over-year to $558 million.
Roadrunner’s truckload and express services segment posted revenues of $300 million for the second quarter, up 14.1 percent year-over-year, primarily thanks to increased ground and air expedited freight and related brokerage, coupled with a strong demand environment that drove higher rates across most of the segment.
Meanwhile, the less-than-truckload segment’s revenues for the quarter clocked in at $117.2 million, down 3.9 percent year-over-year, due to a decline in shipping volumes, partially offset by higher fuel surcharges and rates.
The Ascent Global Logistics segment recorded revenues of $144.6 million for the quarter, a 2.4 percent dip from last year’s second quarter, due to Roadrunner divesting its wholly owned Unitrans subsidiary.
Roadrunner signed a definite agreement in August 2017 to sell Unitrans to Quick International Courier for $95 million, and Unitrans was successfully divested in September.
Roadrunner posts $42 million loss
