Hub Group has announced its financial results for the quarter ended September 30, 2014. It reported revenue of $913.39m, an increase of 3.33% over the third quarter of 2013. The company also recorded operating income of $7.68m, a fall of 75.47% on the corresponding quarter of 2013. Accordingly Hub Group’s margin stood at 0.84%.
The fall in operating income was largely the result of one-time costs of $10.3m for driver settlements and related costs and a non-cash impairment charge of $11.9m associated with the write off of software development costs.
The increase in revenue was in part the result of the Hub segment’s revenue increase of 2% to $692m. Within the division growth came primarily from an 18% increase in Unyson Logistics revenue to $147m. This offset a 2% decrease in intermodal revenue to $461m and flat truck brokerage revenue. The revenue increase was further boosted by an increase in the mode segments revenue of 13% to $245m.
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