Roadrunner Transportation Systems Reports 2016 Third Quarter Results

Roadrunner Transportation Systems, Inc. (NYSE: RRTS), a leading asset-light transportation and logistics service provider, today reported financial results for the three and nine months ended September 30, 2016.

Revenues for the quarter ended September 30, 2016 increased to $532.2 million from $497.2 million for the same quarter in 2015. Operating income was $18.9 million, compared to $14.4 million for the prior year quarter. Diluted earnings per share available to common stockholders was $0.21 for the third quarter of 2016, compared to $0.15 for the third quarter of 2015.

Operating income for the third quarter of 2016 included a $4.9 million gain from the sale of a non-core business and $2.1 million of downsizing costs, which together resulted in a $0.05 benefit to diluted earnings per share. Results for the third quarter of 2015 included an $0.08 charge associated with the termination of certain independent contractor ("IC") lease purchase guarantee programs.

Revenues for the nine months ended September 30, 2016 were $1,481.3 million compared to $1,504.1 million for the nine months ended September 30, 2015. Operating income was $38.1 million, compared to $72.4 million in the prior year period. Diluted earnings per share available to common stockholders was $0.33 for the nine months ended September 30, 2016, compared to $0.91 in the prior year period.

Operating income for the nine months ended September 30, 2016 included $8.1 million of downsizing costs and a $4.9 million gain from the sale of a non-core business, which together resulted in a $0.05 negative impact to diluted earnings per share. Results for the nine months ended September 30, 2015 included an $0.08 charge associated with the termination of certain IC lease purchase guarantees.

Roadrunner's EBITDA, a non-GAAP financial measure, was $28.6 million for the third quarter of 2016, compared to EBITDA of $22.8 million for the third quarter of 2015. EBITDA, excluding a $4.9 million gain from the sale of a non-core business and $1.5 million of downsizing costs, was $25.2 million for the quarter ended September 30, 2016. EBITDA, excluding a $5.0 million charge associated with the termination of certain IC lease purchase guarantee programs, was $27.8 million for the quarter ended September 30, 2015.

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