Hub Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Non-Cash Impairment Charge for the Fourth Quarter Ended December 31, 2013; Provides Earnings Guidance for the Year 2014
January 29, 2014 at 02:30 am IST
Share
Hub Group Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net income of $16.5 million or $0.45 per basic and diluted share compared to $18.8 million or $0.51 per basic and diluted share a year ago. Diluted non-GAAP earnings per share were $0.50 compared to $0.51 per share in last year. Revenue was $885.3 million compared to $801.0 million a year ago. Operating income was $27.3 million compared to $31.6 million a year ago. Income before provision for income taxes was $26.9 million compared to $31.4 million a year ago. Capital expenditures were $45 million.
For the year, the company reported net income of $69.1 million or $1.87 per diluted share compared to $67.95 million or $1.83 per diluted share in last year. Diluted non-GAAP earnings per share were $1.92 for the year compared to $1.83 per share in last year. Revenue was $3,373.9 million compared to $3,124.1 million a year ago. Operating income was $113.7 million compared to $112.4 million a year ago. Income before provision for income taxes was $112.6 million compared to $111.3 million a year ago. Net cash provided by operating activities was $117.4 million compared to $92.9 million a year ago. Purchases of property and equipment were $110.9 million compared to $56.9 million a year ago. This capital expenditure includes $59 million on containers, $26 million on the new corporate headquarters, $14 million for tractors and trailers, and the remainder for technology.
The company reported non-cash impairment charge of $2.9 million related to changing the trade name of Comtrak Logistics to Hub Group Trucking.
For the year 2014, the company expects diluted earnings per share will be within the current analyst range of $2.01 to $2.15. Estimated capital expenditures for 2014, excluding any new container purchases, are between $60 million and $80 million.
Hub Group, Inc. is a supply chain solutions provider, which offers comprehensive transportation and logistics management services. The Company operates through two segments: Intermodal and Transportation Solutions (ITS), and Logistics. Its ITS segment includes its intermodal and dedicated trucking. Its Logistics segment includes full outsource logistics solutions, transportation management services, freight consolidation, warehousing and fulfillment, and final mile delivery services. Logistics also includes its brokerage business which provides third-party truckload, less-than-truckload (LTL), flatbed and temperature-controlled needs. The Companyâs service offerings include a full range of freight transportation and logistics services, some of which are provided by assets the Company owns and operates, and some of which are provided by third parties with whom it contracts. The Company serves range of industries, including retail, consumer products, automotive and durable goods.
Hub Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Reports Non-Cash Impairment Charge for the Fourth Quarter Ended December 31, 2013; Provides Earnings Guidance for the Year 2014