Hub reports increase in 3rd quarter earnings
Hub Group reported third quarter net profit of $16.9 million up slightly from $16.6 million in the same 2007 period.
Hub's revenue increased 23 percent to $514.2 million compared to $417.8 million in the third quarter of 2007. Intermodal revenue increased 22 percent to $369.7 million. The company said the increase was attributable to a 9 percent volume increase and a 13 percent increase in pricing, related primarily to fuel.
Truck brokerage revenue was up 29 percent to $101.2 million this quarter. Third quarter logistics revenue increased 20 percent to $43.3 million.
Commenting on the results, David P. Yeager, vice-chairman and chief executive officer of Hub Group, said 'Strong intermodal volume growth contributed to the highest third quarter earnings per share in the company's history. Our asset light business model continues to give us the ability to perform well in both strong and weak freight markets.'