Hub records sharp 1st quarter profit drop
Hub Group Inc. said Thursday it had first quarter profit of $6.2 million, 53 percent less than the $13.1 million it earned in the same 2008 period.
Revenue for the quarter was $352 million, down 17 percent from $425 million in the first quarter of 2008. By segment, Hub said intermodal revenue was $246 million, down 19 percent; truck brokerage revenue was $68 million, down 24 percent; and logistics revenue was $38 million, up 18 percent.
David P. Yeager, chairman and chief executive officer, said the company was able to “maintain our market share and generate strong cash flow, despite the challenging freight market. We remain focused on providing excellent service to our customers as we drive multiple initiatives to improve efficiency and increase productivity. We are confident that we have the right strategy and team to weather this current economic downturn and thrive when conditions improve.”