Thursday, July 23, 2009

Hub Group 2Q profit falls, but earnings beat Street

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Downers Grove, Ill.-based Hub Group Inc. Wednesday reported its second-quarter profit fell 45% due to weakness in all of its transport sectors.

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Revenue from truck brokerage and intermodal segments—both involving freight rail—each fell 28%; Hub Group’s logistics sales revenue declined 9%. Total revenue fell 26% to $363 million, compared with $491 million in the second quarter of 2008; analysts had anticipated revenue of $387.5 million.

But earnings beat analyst consensus expectations of 21 cents per share. The company said it earned $8.3 million, or 22 cents per share, in the second quarter, compared with $15 million, or 40 cents per share, in the comparable quarter a year ago.