Hub Group Reports Record Third Quarter Earnings

October 28, 2008

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Hub Group, Downers Grove, Ill., reported that strong intermodal volume growth contributed to the highest third quarter earnings per share in the company's history.

The company reported record diluted earnings per share for the quarter ended Sept. 30 of $0.45. This represents an increase of 7% compared to last year's third quarter diluted earnings per share of $0.42.

Earnings per share for the third quarter of 2007 included a one-time $1.2 million tax benefit or $0.03 per share. Excluding this benefit, earnings per share increased 15% this quarter. Operating income for the third quarter was $27.3 million, a 10% increase versus operating income for the third quarter of 2007.

Revenue increased 23% to $514.2 million compared to $417.8 million in the third quarter of 2007. Third quarter intermodal revenue increased 22% to $369.7 million. The increase was attributable to a 9% volume increase and a 13% increase in pricing, related primarily to fuel.

Truck brokerage revenue was up 29% to $101.2 million this quarter. Third quarter logistics revenue increased 20% to $43.3 million. Gross margin increased by 10% or $5.7 million to $63.2 million compared to the third quarter of 2007.

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