HUBG - Hub Group Sees Q1 Revenue Fall 13% Year Over Year to $999M | Benzinga
"Market conditions have remained soft … largely due to excess truckload capacity that is yet to exit the industry" Yeager said during an earnings call with analysts after the market closed on Thursday.
Hub Group reported first-quarter revenue of $999.5 million, a 13% year-over-year (y/y) decline.
The company reported net income of $27 million, a 56% decline compared to the same period in 2023. Earnings per share came in at 44 cents for the first-quarter.
Hub Group's first-quarter revenue fell short of Wall Street forecasts, which expected revenue of $1.07 billion. The earnings per share results exceeded analysts' expectations, which forecast 40 cents per share.
"This trend is counter to many prior cycles and has led to a prolonged trough in the spot market, which has in turn led to a competitive start to bid season as carriers attempt ...