Hub Group says 2Q revenue down 26%

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Hub Group Inc. on Wednesday, July 22, reported income for the quarter ended June 30 of $8.3 million. Revenue decreased 26 percent to $363 million compared to $491 million.

Intermodal revenue decreased 28 percent to $254 million, which the company attributed to a 10 percent volume decrease and an 18 percent decrease related primarily to fuel. Truck brokerage revenue decreased 28 percent to $72 million. Logistics revenue decreased 9 percent to $37 million. Hub Group ended the quarter with $113 million in cash.

“Each of our business lines continues to generate respectable returns, even in this difficult freight environment,” said David P. Yeager, chairman and chief executive officer of the Downers Grove, Ill.-based company. “Although revenue is down, we continue to focus aggressively on productivity enhancements to reduce our costs while maintaining a high level of customer service.”