North-American transport management company, Hub Group, has announced major growth through its Q2 2022 results.
The company’s revenue for the second quarter of 2022 increased by 43 per cent to $1.4 billion USD, compared with $1 billion USD in the second quarter of 2021.
Second quarter Intermodal and Transportation Solutions revenue increased by a staggering 41 per cent to $873 million USD.
Second quarter Logistics revenue also saw a major increase by 18 per cent to $263 million USD due to company growth and final mile and consolidation services.
Hub Group CEO, Dave Yeager, said the company expects a strong finish to 2022 following its positive Q2 results.
“Our team continues to perform at a high level in today’s environment, delivering record revenue and profit as we support our customers with high service levels and innovative supply chain solutions,” he said.
“Our focus on yield improvement and operating efficiency led to record quarterly diluted EPS of $3.03, which is nearly four times the prior year’s diluted EPS.
“We continue to remain focused on a disciplined cost and capital structure, while supporting our customers with great service and investing for growth, enabling our success in a variety of market conditions.”
Hub Group also saw a generated net income of $103 million USD and an EBITDA of $174 million USD.
Gross margin for the quarter was 17.6 per cent of revenue, compared with 12.3 per cent last year.
Operating income was reported at $138 million USD compared to $37 million USD year-on-year.
In other news, a supply chain pilot data-sharing project, according to the US Transportation Department (USDOT), aims to ease bottlenecks at congested US ports.