Hub Group has announced financial results for the full year ended December 31, 2014. The company reported revenue of $3.57bn, an increase of 5.85% year-on-year. It also recorded full year operating income of $83.88m, a decline of 26.26% compared to 2013’s result. Accordingly Hub Group’s margin stood at 2.35%.
The increase in the company’s revenue was driven by top line growth in both the Hub and Mode segments. This growth was itself supported by favourable market conditions in the US.
The decline in operating income was primarily the result of one of charges. Those charges included costs of $10.3m for driver settlements and related costs, a non-cash impairment charge of $11.9m associated with the write off of software development costs and the one-time $1.5m benefit related to changes in state tax apportionment.
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