Hub says it has æpositive momentumÆ
Hub Group had fourth quarter net profit of $10 million compared to $14.2 million in the fourth quarter of 2008.
Revenue in the fourth quarter was $408 million, 5 percent less than the $430 million in the fourth quarter of 2008. Intermodal revenue decreased 7 percent to $285 million. The decrease was attributable to a 7 percent decrease for price and mix and a 6 percent decrease for fuel, partially offset by 6 percent higher volume. Truck brokerage revenue was down 4 percent to $79 million this quarter. Fourth quarter logistics revenue increased 2 percent to $44 million.
David P. Yeager, chairman and chief executive officer, said, “We are pleased with our fourth quarter results and strong finish to 2009. While 2009 was a challenging year due to the economy, we are starting 2010 with positive momentum.”