Hub: Earnings off 45%, but still “respectable”

Hub: Earnings off 45%, but still “respectable”

Hub: Earnings off 45%, but still “respectable”

   Hub Group Inc. said it had second quarter net profit of $8.3 million, 45 percent less than the $14.97 million earned in the same 2008 period.

   Hub Group’s revenue decreased 26 percent to $363 million compared to $491 million in the second quarter of 2008. Second quarter intermodal revenue decreased 28 percent to $254 million. The decrease was attributable to a 10 percent volume decrease and an 18 percent decrease related primarily to fuel. Truck brokerage revenue decreased 28 percent to $72 million this quarter. Second quarter logistics revenue decreased 9 percent to $37 million.

   “Each of our business lines continues to generate respectable returns even in this difficult freight environment,” said David P. Yeager, chairman and chief executive officer. “Although revenue is down, we continue to focus aggressively on productivity enhancements to reduce our costs while maintaining a high level of customer service.”