Hub Group 1Q Profit Halved By Shipping Volume Drop

DOWNERS GROVE, Ill. (AP) — Logistics company Hub Group Inc. said on Wednesday that its profit fell by more than half as shipping volumes dropped.

The company earned almost $6.2 million, or 17 cents per share, during the quarter that ended March 31, down from $13.1 million, or 35 cents per share, during the same period last year. Revenue fell 17.2 percent to $351.7 million, from almost $425 million a year ago.

Analysts surveyed by Thomson Reuters were expecting a profit of 18 cents per share on revenue of $357 million.

The company said intermodal volume decreased 5 percent, with revenue dropping 19 percent to $246 million. Truck brokerage revenue dropped 24 percent to $68 million, and logistics revenue rose 18 percent to $38 million.

Hub shares rose 42 cents, or 2 percent, to close at $21.33 before the results were released.