The trucking operation Hub Group has reported a 22% drop in first quarter income compared to the same time last year while revenue increased 10%.
Income totaled $12 million for the period ending March 31 compared to $15.4 million for the first quarter of 2013. Diluted earnings per share was 33 cents for the quarter compared to 42 cents a year earlier.
Hub Group's revenue increased to $848 million from $769 million during the period.
First quarter intermodal revenue increased 2% to $435 million on a 2% increase in volume. Truck brokerage revenue increased 3% to $84 million this quarter. First quarter logistics revenue increased 64% to $134 million.
"The first quarter of 2014 was marked by a truly challenging operating environment due to the extreme weather in many markets,” said David P. Yeager, chairman and CEO. “While this negatively impacted our financial results, we are pleased with the way our organization responded to these challenges."
The Hub Group is an asset light freight transportation management company providing intermodal, truck brokerage and logistics services.
For more financial details log on to the Hub Group website.